Why Web3 Wallets Don’t Have a "Forgot Password" Option - Understand mnemonic phrases, Private Keys, and Public Keys in Three Minutes

Why Web3 Wallets Don't Have a “Forgot Password” – Understand Mnemonic Phrases, Private Keys, and Public Keys in Three Minutes

Abstract: In the Web3 world, you are the sole administrator of your assets.

In the Web2 world, we are already accustomed to “forgetting passwords.” Whether it's an email, social account, or online banking, as long as you click on “retrieve password,” you can recover it through a text message verification code or email. The platform stores our data for us, and we just need to verify our identity to regain control.

But when it comes to Web3 Wallets, the situation is completely different: no one can help you reset your account. If you lose your mnemonic phrase, there is no way to control your wallet. Behind this, there are three core concepts involved in the wallet: mnemonic phrase, Private Key, Public Key.

What are mnemonic phrases, Private Key, and Public Key?

Mnemonic phrase: The “seed” of all data

A mnemonic phrase, also known as a seed phrase, is a combination of a group of randomly generated 12/18/24 English words. As the “seed” of all data, it can derive all your Wallet accounts through a specific algorithm.

In other words, a mnemonic phrase is like the source file of a database: as long as you have it, you can regenerate your Wallet. Without it, the entire data chain is broken. If someone else knows it, they can perfectly replicate your Wallet and have full control over the assets within.

This is also why Web3 wallets remind you from the very beginning: properly back up your mnemonic phrase, as it cannot be recovered if lost.

Private Key: Your identity credential on the chain

Starting from the mnemonic phrase, multiple private keys can be derived. A private key is usually a 64-bit hexadecimal string, which looks like just a complex string of letters and numbers, but it is your unique identity identifier on the blockchain.

When you transfer funds or sign a contract, the system does not check your ID card or mobile verification code, but instead verifies your Private Key. As long as the Private Key can generate the correct signature, all network nodes will acknowledge “this is you.”

Therefore, the Private Key must not be lost; losing it means that the account can no longer be used. The Private Key must not be disclosed; disclosing it means that others can operate the assets of that account on your behalf.

In this sense, the Private Key is more akin to the “backend super administrator password” in the Web2 world; once exposed, others can manipulate the system as they wish.

Public Key and Address: External account identifier

With the Private Key, the system will derive a Public Key, which is then encrypted to generate a common Wallet address (usually a string that starts with “0x”).

The address is public, and anyone can know it and transfer to you. Its function is very similar to that of an email address:

If others know your email address, they can send you emails;

If others know your Wallet address, they can transfer coins to you.

Public Key and address can only be used to receive payments, and cannot be used to derive your Private Key, nor can they be used to recover the mnemonic phrase.

Why can't you 'forget your password'?

In the Web2 system, the reason you can recover your password is that the platform keeps a copy for you. With email, verification codes, and customer service, as long as you pass the secondary verification, the platform can help you reset it.

In a decentralized Web3 Wallet, the role of the “middleman” is eliminated, and ownership is fully in the hands of the user:

The platform has not saved your mnemonic phrase and cannot restore it for you.

The blockchain network does not have human customer service and will not respond to “forgot password” requests.

You are the sole custodian of your assets, which is known as self-custody.

Therefore, if the mnemonic phrase is lost, it is equivalent to the complete deletion of the database source file, with no recovery options.

Note: The term “irrevocable” mentioned here only applies to decentralized wallets (such as SafePal, imToken, MetaMask, etc.). If you are using a centralized platform (such as an exchange or a custodial wallet), they usually hold the Private Key and provide account recovery mechanisms like SMS verification, email verification, etc. The mechanisms of the two are completely different.

A few tips for beginners

Treat the mnemonic phrase as the most important information to keep. Here is the BIP39 word list. Pay attention to the spelling of the words and their exact order during the backup process. Be careful not to take screenshots or store it in cloud storage; instead, write it down on paper and keep it offline, even dividing it into multiple parts for storage. Some people store the mnemonic phrase on a metal plate like SafePal Cypher to protect against water, fire, and corrosion.

Do not disclose your mnemonic phrase/private key. Some scams will trick you into entering your “mnemonic phrase” or “private key”; once entered, your assets will be transferred instantly.

Do not click on unknown links. Do not install unknown plugins or apps indiscriminately.

The address can be public. It is just a receiving account and does not involve control. Just remember to verify when transferring.

Conclusion

The relationship between the mnemonic phrase, private key, and public key can be summarized as follows: the mnemonic phrase is the source that can generate access rights for all assets; the private key is the credential that determines whether you can operate the assets; the public key/address is the external identifier that can be made public.

Therefore, Web3 does not have a “forgot password” option, which is not a design flaw, but rather a deliberate way to return asset sovereignty to the users. This is the price of freedom and also the biggest difference between the crypto world and the traditional internet.