I am preparing to move my ADA from Coinbase to a new wallet using Daedalus. Once that is done, I want to store the seed phrase offline and delete the application. For the next few years, I plan to just send funds to the wallet without ever spending.
I am confused because I keep finding conflicting information with regards to what data is necessary to make an idiot-proof paper backup and my technical understanding is rather limited. My goal is to include all the information necessary to recover the wallet.
My understanding is that the mnemonic alone is not sufficient. The paper backup needs:
- the 24 word mnemonic seed phrase
- the currency name,
- the type of wallet,
- the application used,
- the derivation path,
Now there is some redundancy in that
24 words signifies
Shelley era. Which leaves me with:
- the 24 words mnemonic seed phrase
- the application name,
- the derivation path, e.g.
Regardless of whether I wait until the Basho era and regardless of whether Daedalus still in use at that point, will these three pieces of information be everything I need?
Sorry for the beginner question and thank you for your time!