The mnemonic phrase is also commonly referred to as a seed phrase, recovery phrase, backup phrase, mnemonic seed and private keys (in some cases). These terms are often used interchangeably to describe the same concept of a list of words that can be used to restore access to a non-custodial wallet.
What Is A Mnemonic Phrase?
A mnemonic phrase is a list of words that serves as a backup and recovery method for a non-custodial wallet. When a user creates a wallet, they are provided with a mnemonic phrase consisting of 12 or 24 words. These words are randomly generated and must be kept secure.
The purpose of a mnemonic phrase is to allow users to restore access to their wallet if their device is lost, stolen, or damaged. By entering the correct sequence of words, the wallet can be recovered and the funds can be accessed again.
It is crucial to keep the mnemonic phrase offline and in a secure location to prevent unauthorized access. If someone gains access to the mnemonic phrase, they can potentially steal the funds in the wallet. To enhance security, some wallets offer the option to add a mnemonic passphrase, which adds an additional layer of protection to the mnemonic phrase. Coinosh provides this feature to help users further secure their private keys.
What Is A Mnemonic Passphrase?
A mnemonic passphrase is an additional password phrase that can be used to secure a mnemonic phrase (a set of 12-24 words) in non-custodial wallets like COINOSH. It adds an extra layer of security to the wallet by requiring both the mnemonic phrase and the passphrase to access the funds.
By using a mnemonic passphrase, even if someone gains unauthorized access to the mnemonic phrase, they will not be able to access the wallet without also knowing the passphrase. It's like adding a second password or two-factor authentication to the wallet.
The passphrase is typically a single word that can be easily remembered. It is important to choose a strong and unique passphrase to ensure the security of the wallet. With the mnemonic phrase and passphrase combined, users can protect their funds even if the mnemonic phrase is compromised or seen by others.