Seed-phrase
Seed-phrase, or Mnemonic phrase, or Secret phrase on the Decimal network is a set of 24 words in English language which contains all the information necessary to access the wallet.
Seed-phrase is a sequence of 12, 18 or 24 words of the BIP39 standard. This standard contains a dictionary of 2,048 words and BIP32 key generation protocols-44-49-84-141. Having a seed phrase from the wallet, you can access funds in almost any non-custodial (decentralized) wallet application. Accordingly, the reliability of the LED phrase storage is a top priority for the cryptocurrency user.
The difference between a private key and a seed phrase
In some wallets, access to funds is carried out through a private key, which is a sequence of alphanumeric characters.
The private key provides access to only one specific address of the coin, while the seed-phrase gives full control over all addresses of coins that were generated in the wallet. In simple words, the seed phrase contains all the private keys from all the addresses in the wallet at once. The process of extracting a private key from a seed-phrase is quite simple. Keep your seed-phrase in a safe place! If someone gets access to it, it is equivalent to losing the wallet. Besides, you can’t change it.
See also