If there is an update of token standard (e.g ERC20 token), what need to be done to my ethereum (ether) in my self-custodial wallet and my hardware wallet?
My thought:
I do not need to do anything even if I leave my ethereum token unattended for ten or more years in a hardware wallet(which I do not update for ten or more years). I only need to keep the private key safe. Is my thought correct? Any help is appreciated. Thank you
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1 Answer
Yes you correctly understood. Your assets are as safe as your keys or seed phrase. Keep laminated paper copies of your private keys or seed phrase in fireproof safes on multiple locations and you can just HODL until you decide to participate.
I personally engraved them by myself on stainless steel, it should last a few centuries if no chlorhydrique acid rain happens...
But don't forget that you can use your assets like in eth2 stacking or lend them instead of letting them do nothing.
answered Mar 27, 2021 at 8:27
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My thought: owning ethereum can be interpreted as owning the ledger record entry in the blockchain and the entry is signed by my private key. Is this correct?– user68817Commented Mar 27, 2021 at 8:51
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Yes you can phrase it like that. You must own the private key matching the account address to be able to sign an outgoing transaction for this account. Commented Mar 30, 2021 at 6:40