What is the most secure way to store tokens, if you are to roll out an ICO or similar? I know there are many ways, i.e. sharding the private key but what is the best practice right now? If I assign the total supply of a token to the msg.sender, what is the best way for me to ensure that my private key is protected.
Here are my thoughts on this topic:
Don't store your private key or mnemonic on your machine if it is connected to the internet. This is a great target for hackers.
Over the years I have seen many different approaches. For example:
- Hardware Wallets
- Paper Wallets
However a cheaper option is storing the private key as an encrypted (password protected) text file on an USB-Stick. Keep in mind to unplug the stick when not in use. A downside to this is that in case your PC has a virus hackers still get your private key.
Another cheap alternative would be to just print your private key onto a sheet of paper (Make sure to hide it well).