Purpose
This article explains the concept of a Recovery or Seed Phrase and emphasizes the crucial role it plays in securing users' cryptocurrency wallets.
Assumptions Made
This article assumes the reader understands the information in the following articles:
Procedure
A recovery seed phrase is an incredibly important list of words that serves as a way to recover access to a wallet. The recovery seed phrase for the $GALA wallet is a 12-word phrase. Here is an example of a recovery seed phrase:
Word 1 Word 2 Word 3 Word 4 Word 5 Word 6
Word 7 Word 8 Word 9 Word 10 Word 11 Word 12
This recovery seed phrase is a unique, randomly generated set of words given to users after creating a wallet.
It is imperative that users write down their recovery seed phrase and store it in a secure location that only they have access to, such as a locked safe. If a recovery seed phrase is lost or destroyed, there is nothing that Gala Games and Entertainment can do to recover it. Gala Games and Entertainment does not have access to your recovery seed phrase. The responsibility of keeping it safe is on the user.
There are several other ways to refer to a recovery seed phrase, including:
1. 12-word Backup Phrase
2. Backup
3. Recovery Phrase
4. Mnemonic Seed
Anyone in possession of the recovery seed phrase has access to the funds and items stored within a wallet; protecting this seed phrase is an extremely important part of being a responsible blockchain user. The blockchain is not like a bank; if a seed phrase is forgotten or a malicious actor gains access to it, there is nothing that anyone can do about it, and that includes Gala Games and Entertainment.
This is why users must manage and safely store their passwords, transfer codes, and recovery seed phrases.