**IMPORTANT NOTE**
Secret Recovery Phrase option and Social Login option are mutually exclusive methods of wallet creation. They are not interchangeable. If you have created via the secret recovery phrase and lost access, importing via email will not generate the same addresses that you had.
Understanding web3 wallets, security and accessibility should be necessary knowledge to get the best user experience. Ronin Wallet, among other wallets, offers users different options to create and manage their wallets. Among these options are creating a wallet using a secret recovery phrase or via email/social accounts. Understanding the nuances between these methods can help users make informed decisions about their wallet management strategies.
Secret Recovery Phrase Wallet (Traditional)
When creating a Ronin wallet using a secret recovery phrase, users are essentially employing a traditional method of wallet creation. Here’s how it works:
Wallet Generation: Users initiate the process by tapping on "Continue with Recovery Phrase" within the app. This prompts the generation of a new wallet where the secret recovery phrase is provided as the master key to your wallet.
Securing Secret Recovery Phrase: After the wallet is created, users are prompted to back it up manually by securing a safe copy of the provided secret recovery phrase -- make sure to secure it as losing the secret recovery phrase will lose you wallet access. Users can choose between manual backup, where they write down the recovery phrase, or cloud backup, which stores the recovery phrase securely online.
Email/Social Login Wallet (MPC Wallet)
Contrastingly, users can opt to create a Ronin wallet using their email address or social media accounts. Email/Social Login wallets are also called MPC wallets because they use MPC technology for the wallet security and accessibility. The MPC technology makes your wallet keyless -- meaning that you will not have access to your account's private keys nor a secret recovery phrase.
Here’s a breakdown of the unique key points in the Ronin MPC wallet:
Wallet Generation: Users decide whether to use their email address or a social account (e.g., Apple, Google, or Facebook) to create their wallet. It then creates a Ronin wallet with a single address bound to the email that was used.
Setting Recovery Password: Users are required to set a recovery password for the wallet. It’s crucial to understand that forgetting this password can result in permanent loss of access to the wallet and its assets.
Key Differences and Considerations
Number of Wallet Addresses
Users creating wallets via secret recovery phrase can create multiple wallet addresses. Whereas, those opting for email/social account creation are limited to one wallet per account.
Backup Procedures
With secret recovery phrase wallets, users have full control over their backup since the keys are asked to be manually saved in a secure location. On the other hand, email/social account wallets rely on external social media services -- losing access to the social media account that you use for your wallet will potentially lose you access to your wallet.
Secret Recovery Phrase vs Recovery Password
Traditional wallets are provided a 12-word secret recovery phrase that serves as your wallet's master key. Email/social account wallets asks you to create your own recovery password.
Keyless vs Traditional
Secret recovery phrase method gives you the option to access your private keys for you to export it to different web3 wallets like Metamask or Trust. Email/Social Login wallets are keyless in which you do not have access to the private keys, meaning you cannot export your address to a different wallet other than your Ronin wallet. This is for additional security purposes as to make it impossible for anyone to just export your account's private keys and bypass your social login.
In conclusion, both methods offer distinct advantages and considerations in terms of security, convenience, and accessibility. Users should weigh these factors carefully to choose the option that aligns best with their needs and preferences. Whether opting for the familiarity of a secret recovery phrase or the convenience of email/social account login, safeguarding wallet access remains paramount in web3 space.