Keystore is the encrypted private key, but it is inconvenient to write down and remember. Moreover, users tend to think it’s secure to store it over the network and make transactions. This will lead to Keystore leakage and greatly increase the risk of asset theft.
The private key is a serial of string. It’s also inconvenient to write down and save. Once a letter is incorrect, it’s difficult to correct and retrieve.
Compare to Keystore and private key, it’s more simple to use mnemonic to manage multi-chain wallets. Users only need to back up a set of mnemonic phrases to manage the assets of multiple chains.
A mnemonic cannot be retrieved once it has been lost. As a result, after creating a wallet, immediately back up the mnemonic to avoid asset loss due to device unavailability.
A mnemonic is a private key that is not protected by encryption. As soon as someone gets your mnemonic, they can control your wallet. You need to pay attention to network isolation and anti-loss measures.
Try to utilize physical media backup for backing up mnemonic words, such as a handwritten copy on paper or a "mnemonic box" that is fireproof, waterproof, and corrosion resistant.
Verify the accuracy of the backup mnemonic. It is advised to cross-validate to make sure the mnemonic is accurate.