A Recovery Phrase, 12 Words Backup or Seed Phrase represents the same thing and has many more names in the cryptocurrency ecosystem which may be misleading.
LOBSTR Vault uses the term 'Recovery Phrase'.
Recovery Phrase is a list of 12 or 24 words that represent the single secret piece of data that is used to generate both the public and private key of your account.
You are the only one who has access to your Recovery Phrase.
You will need these words to restore access to your LOBSTR Vault account in case your phone is lost or stolen.
Your 12 or 24-word Recovery Phrase is stored in an encrypted manner on the device you install LOBSTR Vault on.
We do not store your Recovery Phrase on our servers, nor do we have any access to it.
The order of the words in the Recovery Phrase is very important!
Make sure to write down the Recovery Phrase in the correct order without any spelling mistakes:
- Start from the word in the top left corner and follow the line to the last word
- Transition down to the next line and start with the first word on the left
- Continue until every word is written down
Write down these 12 words on a piece of paper or print them using a secure printer.
A smart move is to create multiple copies of your Recovery Phase and store it in multiple locations to prevent an inadvertent loss.
You will not be able to access your account without your Recovery Phase. Entering the phrase incorrectly will result in you not being able to access your account as well.
A loss of your Recovery Phrase will also result in losing control of your main account, as you will not be able to sign outgoing transactions due to the lack of required signatures.
Anybody else who discovers the phrase can access your signer account, so it must be kept safe like your other valuables. It must not be stored in any electronic or digital form.
Do not email or screenshot the Recovery Phrase.