Adding 12 word recovery phrases to Bancor wallets
Bancor wallets now include the standard 12 word phrase recovery option to allow for better security and additional recovery options in cases where users fail to locate their password.
We incorporated this additional step at the end of the current wallet creation process in order to optimize the user experience given the existing complexity of the flow. Here’s how it works -
Step 1: Set Password
When creating a wallet on the Bancor app, you will be asked to set a password. This password should be complex enough to provide additional security. That said, you should always try to create a password that is easy for you to remember yet very hard to guess by malicious users or bots.
Step 2: 12 Word Mnemonic Phrase
After saving your password, you will be presented with a 12 word mnemonic phrase, which is a widely-used method for accessing your wallet directly in cases where you forget your password.
You can use these 12 words with every wallet provider and receive immediate access to the wallet, hence we advise to keep this information safe and secure (preferentially offline and not as a digital file on your computer.)
If you select the option to print your wallet recovery phrase and store it offline in a safe deposit, you will have all the information needed (as in the demo image below) to access and recover your wallet.
Step 3: Confirm Recovery Phrase
Before you can proceed to your wallet, you are required to re-confirm the phrase. This is the last phase in the process and is designed to ensure that you have received and confirm the accurate recovery phrase and will be able to produce it correctly if needed.
By adding the 12 word mnemonic recovery phrase to Bancor wallets, we are moving one step closer to providing a decentralized wallet product and experience that is suited for the long tail of users. As always, we look forward to your feedback and suggestions.