How to Create a wallet with recovery phrase?

What is a Recovery phrase?

The seed phrase, or as it's known in CasperDash, your Secret Recovery Phrase (SRP), is one of the main technologies that underpins CasperDash and other user account-related apps in the crypto realm.

Your Secret Recovery Phrase serves as the mathematical foundation for all of your accounts. The SRP may be compared to a keychain since it can carry as many private keys as you desire, and each key controls a different account.

If you want a technical explanation, here it is: The definition of seed phrases as we know them now was standardized for use in Bitcoin and is known as Bitcoin Improvement Proposal 39, or BIP-39. In simple terms, a number of words are chosen at random from a certain set of words. A seed phrase in CasperDash consists of 12 words.

What is a Private key?

In cryptography, a private key, often referred to as a secret key, is a variable that works with an algorithm to encrypt and decode data. Only those parties with permission to decode the data should have access to secret keys. In symmetric cryptography, asymmetric cryptography, and cryptocurrencies, private keys are crucial.

A private key is often a lengthy, difficult-to-guess sequence of bits that is produced randomly or pseudo-randomly. How readily an attacker may use a brute-force assault, where they test out several keys until the appropriate one is found, depends on the complexity and length of the private key.

How to create a wallet with Recovery phrase?

This must be the easiest thing that you have ever heard about. Nonetheless, it contains extreme risks for your assets if you don’t know how to keep them safe. Let’s go find out!

Step 1: Download CasperDash extension (For PC Browsers) or CasperDash Mobile Wallet (For Mobile)

Step 2: Open CasperDash (Of course)

Step 3: Choose “Create new wallet” to get things started

Step 4: Save your 12-word recovery phrase somewhere safe and make sure you are the only one who knows. You should also learn the phrase by heart.

Step 5: Now it’s time for double check. Make sure you have learnt the phrase and pick the right answers corresponding to the word order.

Step 6: You’re almost there! Time to set your pin code and be ready for the world of Defi on Casper Network.