How To Keep Your Assets SAFE

How to keep your assets SAFE — MetaMask Guide?

If you are storing all your assets in a single wallet then we urge you to change this to better protect your own assets in the event of an accident.

Now, let’s begin.

How’s your wallet situation right now?

  1. You possess only 1 wallet for all of your assets and use that wallet for every project.

  2. You have many different wallets but you don't use them accordingly

  3. You use 1 wallet for each project and keep most of your funds in the main wallet

What’s the best solution?

The best solution that we can suggest for you is to divide your assets into multiple wallets, using one wallet per project accordingly, and it is important to always keep in your mind that the funds that are NOT used have to stay in the main wallet that doesn’t interact with any contract or platform.

In some cases, your main wallet could be an offline wallet such as Ledger (or in a well-known centralized wallet like Binance Wallet.

Why should you have multiple wallets?

There are many advantages when you possess multiple wallets, here are some reasons:

  • More privacy.

  • More security.

You should know that there are certain ways in which your funds could be stolen:

  • Your wallet can be hacked from outside.

  • Your funds can be stolen if you allow a scam project to spend your tokens.

What’s the spending allowance?

This is mentioned in order to use the functions of a contract you first have to give it permission to access your tokens.

It applies to anything that you might need to perform many times in the process of investing in the Cougar Optimizer platform.

  • Farming

  • Staking

  • Providing liquidity

  • Swapping tokens

  • And so on…

By having many different wallets and using ONLY ONE wallet per project - you can keep the funds that you don’t find the need to invest SAFE because once other wallets didn’t allow the spending on the specific project, especially your main wallet. It should never accept or perform the interaction with any contract that you're not known for or considered it might potentially withdraw your funds.

Please always remember that one is just for sending/receiving tokens and keeping your assets well-preserved.

You find it hard to manage many wallets?

Within MetaMask mechanism you can create your wallets in just a few simple clicks and one click away you'll be able to manage your wallet in the safest and secure way possible as long as you follow the exact instruction.

If you need to be switching via computers (or Mobile Apps) then it only takes you a few minutes to import all of your wallets back into MetaMask.

How do you do it?

Step 1. Create the main wallet.

Creating a brand new wallet right now it’s safer than using your old one as the main one (obviously). Let’s do it!

  • Install the MetaMask extension if you don’t have it already. (MetaMask.io)

  • Create a new wallet with a new seed phrase.

  • Save the seed phrase on a piece of paper. (Please NEVER forget to miss this step)

Step 2. Create new wallets, one for each project that you wanted to invest

Please keep in mind that you have transferred all of your tokens to the “Main Wallet”, so now let’s create a new wallet for each project.

  • Click on your wallet’s identical image.

  • Click on “Create Account”.

  • Choose a name for it. (You may want to to use the following: “Project Name” + “Wallet” e.g. CGO + Wallet)

You're on, you just created a new wallet that’s going to be used only for the following Cougar Optimizers project. You can now transfer your tokens from the Main Wallet to the Project CGO Wallet.

Example:

  • Your $CGS in your Cougar Ecosystem wallet.

  • Your $CGX in your Cougar Exchange wallet.

  • Your $CGO in your Cougar Optimizers Wallet.

Conclusion

With just a few steps and a little bit of management you can keep your funds safe.

This method is what I personally use.

Let’s recap:

  • Have a main wallet that never interacts with any project.

  • Have one wallet per project.

  • Keep the funds you don’t use on the “Main Wallet”.

  • Keep high valuable funds in Binance or Ledger.

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