When creating a wallet, you need to set a password of at least 8 characters. The wallet password is used to manage the wallet, e.g. to transfer funds, and must be entered when importing a wallet with a private key/seed phrase. The password set takes effect on your device only and ApolloX does not store your password. Therefore, kindly take note that the passwords you have set cannot be changed or reset. If the original password is forgotten, you are not able to retrieve it and you will need to remove the wallet and recreate a new one instead using your private key/seed phrase. All wallets under ApolloX DeFi Wallet will share the same password.
When dealing with cryptocurrency, a user is usually given a public address and a private key to send and receive coins or tokens. Anyone can deposit cryptocurrency in a public address, but funds cannot be removed from an address without the corresponding private key.
The private key is typically a string of letters and numbers, which makes it hard for a hacker to crack. If a user loses their private key, they can no longer access the wallet to spend, withdraw, or transfer coins. It is, therefore, imperative to save the private key in a secure location.
On any wallet, by importing the private key and setting a new password you can import the assets from the previous A wallet into the B wallet. For example, if a mobile phone is lost, the assets can be recovered by simply importing the private key.
A seed phrase is a collection of words that can be used to access your cryptocurrency wallet. Because the private key is composed of 64-bit hexadecimal, which is inconvenient to record and copy. Usually, seed phrases are generated and consist of 12 words, with a space between each word. The seed phrases and private key have the same function, that is, you can import the wallet by entering the seed phrases and setting a new password.