Ref: KBN123239 Crypto wallets are where we store and manage cryptocurrencies and NFTs, and offer a way to access web3 apps (or DApps). These wallets—and the assets they hold—are often the target of various kinds of fraud and outright theft. They also have no centralized authority managing access: Distributed ledgers require the agreement of everyone in the block chain to validate transactions and identity. For all these reasons, a different, more robust method of identification is required to manage access.
More details: What’s A Crypto Recovery Phrase And Why Do I Need One?
