What does it mean for current and new users?
What is going on?
Today, on the 14th of August, we have released the full support of mnemonic phrases (or seeds). That means that now, all wallets will be created with a unique mnemonic phrase (or seed) by default.
Why do we need it?
Since all your wallets will be created with one seed, there is no need anymore to download the backup file anytime you create a new wallet.
Moreover, it increases Magnums’ compatibility with other wallets. Now, you can import all your addresses created outside Magnum just entering your mnemonic phrase and all your wallets will be found automatically.
What has changed for current users?
First of all, new wallets will be created with a mnemonic phrase (or seed) generated in Magnum by default.
Secondly, this mnemonic seed will be encrypted into the new backup file along with the private keys for your existing wallets (your existing wallets will NOT be transferred to the mnemonic automatically)
Do I still need a backup file?
As earlier, you still have to keep the latest version of your backup file. Why? Data about your mnemonic seed, watch-only addresses, and imported wallets will be encrypted in this file. In other words, you will need it to restore all data of your wallet not only your mnemonics addresses.
IMPORTANT RULES ABOUT YOUR MNEMONIC SEED AND PASSWORD!
Don’t lose it. We don’t store our users’ data, thus this Mnemonic Phrase/Password cannot be recovered if you lose it.
Keep it secure. Your funds can be stolen if you provide this Mnemonic Phrase to a malicious phishing site.
Write it down. Mnemonic phrases can be written down and thus are less likely to be lost or stolen than backup files.
By Magnum Wallet