Backup Your Recovery Phrase

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What is a Seed Phrase / Secret Recovery Phrase?

A Seed Phrase, or Secret Recovery Phrase, is a list of words that serve as a master key to your cryptocurrency wallet. Generated when you create a new wallet, this phrase, typically comprising 12, 15, 18, or 24 random words, allows you to recover your wallet and its assets if you somehow lose access. It's vital to keep this phrase secure and private, as anyone with access to it can control your assets, and losing it, coupled with forgetting your password, can result in permanent loss of access to your wallet (and loss of funds). Essentially, your Seed Phrase is your wallet's ultimate backup and should be treated with utmost security.

VESPR: An Approach Aimed At Adoption

VESPR is unique in that it doesn't ask you to back up your seed phrase prior to creating a wallet. This is to streamline the onboarding process for new users.

Here are some crucial aspects to understand about the VESPR Wallet:

• The Secret Recovery Phrase (SRP) is the master key to your wallet. If someone acquires this, they gain full access to your wallet. VESPR Wallet does not store your SRP; you are the sole custodian of your wallet. Representatives from VESPR Wallet will never request your SRP, even in a customer support context. If anyone asks for it, they're likely attempting to defraud you or steal your funds.

• Your SRP is used locally to generate private keys, one for each account/address. Accounts are stored on the blockchain, and these private keys unlock those accounts.

• If you uninstall the app, the local data is deleted (with the vault being a notable exception), but any transactions made with VESPR Wallet will have been recorded on the blockchain. Hence, these transactions should be visible both on a block explorer and in another instance of VESPR Wallet, provided you restore using the same SRP. This means that as long as you have your SRP, you can always uninstall VESPR Wallet and restore your wallet.

• VESPR can house a large number of separate wallets. We refer to each wallet as their own "account". We believe this approach simplifies the user experience rather than allowing the user to access "sub-accounts" of a single wallet.

• You can import accounts from other Cardano-compatible technologies into a VESPR Wallet. To do this, the private key of that specific account is used. However, this account will not be automatically restored by VESPR Wallet in another instance; you will have to manually re-add it. Therefore, if you have manually imported accounts, make a note of their private keys, just as you did your seed phrase, to be able to re-import them in the future.

Continue to Backup RP: Part I to begin the backup process.