Coldkeys

The coldkey is your wallet on the chain. It is used for tao storage and transferring tao to and from others. Coldkeys can have hotkeys for performing tasks on chain.

Coldkey uses

• Funds in your coldkey can be transferred in and out of your coldkey.
• Subnets are registered on a coldkey, using the funds on that coldkey.
• Delegation to validators. The tao on your coldkey can be delegated to the hotkey of a validator.

Create a coldkey wallet

In the btcli:btcli wallet create

Using Polkadot JS extension:

1. Create new account

   

In all cases, you will be provided with a 12 word mnemonic/seed phrase. it is very important to keep this phrase in a safe place.

3. This will generate a coldkey public hash/public key that looks like 5E6yV6xPjFrYv167nXaMhdmZUwMR5QM1M9jJhL85QPhi2DYc. For Bittensor, all keys will begin with a 5.

Coldkey security

Your coldkey public key (5E6yV6xPjFrYv167nXaMhdmZUwMR5QM1M9jJhL85QPhi2DYc) is public and can be searched on taostats to display you your balance, transactions, etc. Who owns the coldkey is anonymous.

Others can send tao to your cold key, but only you can withdraw from your coldkey.

Your mnemonic phrase allows you to add your coldkey into wallet applications. You can import existing coldkeys into wallet apps, etc. However, anyone can add a wallet with the 12 word phrase, including scammers. If you believe your coldkey has been compromised, you can perform a coldkey swap.

Coldkey swap

A coldkey swap moves your coldkey's balance, stake and owned subnets to a new coldkey. It takes two steps with a 5-day wait between them, so a thief who gets your mnemonic can't move your funds instantly, and you can see the swap coming:

1. Announce. Call announce_coldkey_swap with the hash of the new coldkey. This costs 0.1 TAO, charged only on the first announcement.
2. Wait 5 days (36,000 blocks).
3. Swap. Call swap_coldkey_announced with the new coldkey. Its hash must match the announcement.

While a swap is announced, the coldkey can't do anything except the swap calls and MEV-shield encrypted submissions. Staking, transfers and all other calls are rejected with ColdkeySwapAnnounced.

• Dispute. If you didn't make the announcement, call dispute_coldkey_swap. This freezes the coldkey completely, including the swap, until root resets it with reset_coldkey_swap.
• Change or cancel. One day after the swap becomes executable, you can re-announce to a different coldkey (no second fee) or cancel with clear_coldkey_swap_announcement. A disputed swap can't be cleared this way.
• Locked stake. The swap fails if the new coldkey already has active conviction locks.

Hotkeys

Hotkeys are connected to the cold key, and used for performaing transactions on chain. See Hotkeys for details.