However, I personally have reservations about this idea of storing seed phrases as colors.
A seed phrase is just a piece of random information, you can convert it into different formats like text, pictures, emojis, or mp3 files, but that is not going to make it less random, especially if we assume that a good source of entropy was used to create it in the first place.
It raises concerns about the safety of the conversion process and the risk involved in using an online tool to handle sensitive information like seed phrases.
Obviously, you should never insert your real private keys into any online forms, it is okay, however, to use web applications for testing and demonstration purposes. Fortunately, this tool is fully open source, which means you can verify the code, copy it on your machine and run it locally without risking exposing sensitive information.
Instead, I believe it's safer to stick to the traditional method of storing seed phrases.
I would like to hear your thoughts on this matter. Do you trust this new approach, or do you prefer the old method of storing seed phrases? Let's share our opinions on this
When it comes to the security and safety of financial data, it is always better to stick to standard practices that are time-tested, well-reviewed, and widely adopted. For example, two months from now, a malicious developer may decide to slightly change the encoding algorithm to make all existing color backups impossible to decode. Given the low adoption of this encoding scheme, you are risking to lose access to your funds because an old version of code may be unavailable.