Private Key
A private key is a 64-character hexadecimal string composed of letters and numbers. After creating a wallet, you can export the private key by entering your password. Each account has only one private key, which cannot be modified. Typically, a wallet contains a paired private key and public key. Using the private key, a public key can be generated through a specific algorithm, and from the public key, a wallet address can be derived—a process that is irreversible.
To transfer assets from Wallet A to Wallet B on any wallet platform, simply import the private key and set a new password. For example, if you lose your phone, you can recover your assets by importing the private key.
Seed Phrase (Mnemonic Phrase)
Seed phrases were introduced because private keys, being 64-character strings, are difficult to remember and prone to errors when written down. To make it easier for users to record and recall, private keys are simplified into a 12-word mnemonic phrase, with each word separated by a space. Seed phrases serve the same function as private keys—importing a wallet only requires entering the seed phrase and setting a new password. Like private keys, each wallet has only one unique seed phrase, which cannot be modified.
Wallet Password
When creating a wallet in TokenPocket, you must set a password of at least 8 characters. The wallet password is primarily used to manage the wallet, such as approving transactions or importing a wallet via private key/seed phrase. The password can be changed or reset. If you forget the original password, you can import the wallet using the private key or seed phrase and set a new password.
To better distinguish these concepts, you can use a bank account analogy:
Private Key = Bank Account Number + ATM PIN
Seed Phrase = Bank Account Number + ATM PIN
Wallet Password = ATM PIN
