Private Key / Secret Recovery Phrase / Keystore
The private key is 64 random hex characters. Each wallet has only one immutable private key. Whoever owns the private key has control over the assets. Thus, it is extremely important to keep your private key safe and do not tell anyone.
When backing up the private key, users need to pay extra attention to the distinction between upper and lower case.
The Secret Recovery Phrase is composed of 12 words. The "Secret Recovery Phrase" and "Private Key" have the same function. The main purpose of the "Secret Recovery Phrase" is to simplify the wallet backup process, as the private key is a complicated string of numbers and letters which are prone to error when backing up.
The Secret Recovery Phrase may support multiple languages, including English, Simplified Chinese, Japanese, French, etc. but O3 only uses an English thesaurus. If the Secret Recovery Phrase that you backed up is not from the English thesaurus, it may be incompatible when importing into the wallet, but the private key and Keystore are the same.
- Make sure you back up the Secret Recovery Phrase. If you forget the wallet password, or want to change the password, you need to use the Secret Recovery Phrase reset the password (the private key can also be imported to reset the password);
- Remember not to use screenshots or photos when backing up the Secret Recovery Phrase. It is recommended to use a physical medium, such as copying by hand, keep the backup in a place that you think is safe, and away from third parties;
- Never use email or other instant messaging methods to send your Secret Recovery Phrase.
It can be understood as the encrypted "private key", which is also related to the password of the wallet. If the wallet password is changed, the Keystore also changes accordingly. When importing a wallet with Keystore, the corresponding password is still needed. Therefore, the Keystore needs to be backed up with the password, but remember to store separately.