What is a seed phrase?
Last updated
Last updated
In simple terms, a seed phrase is a set of 24 words that serves as access to your Axiome cryptocurrency wallet. Your seed phrase is generated when you register your account. Based on this seed phrase, unique keys are created, which are used when interacting with the Axiome Chain. For example, when you delegate or send your AXM, you need to confirm to the blockchain that it is indeed you, not someone else, performing actions with your wallet. This confirmation is called a signature and occurs automatically when transactions are executed. The main purpose of the seed phrase is to ensure the security of your funds.
Access to your seed phrase equals access to all the coins in your wallet. Always store your seed-phrase in the most secure places, inaccessible to anyone but you. Losing your seed-phrase means losing access to your funds. Be cautious whenever you move or use your seed-phrase to log into your account.
Step 1: First and foremost, do not log out of your account. If you do, you won't be able to log back in without the seed-phrase.
Step 2: a new account from any other device using the nickname of the same mentor you had on the old account. Securely store the new seed-phrase in a place where you won’t lose it and no one else can access it but you.
Step 3: your AXM in the old account.
Step 4: Once the AXM are undelegated, them to the address of your new account. In this case, you will again pay a commission of 15% to your higher-ranking mentors when redelegating, but you will continue to earn from mining new AXM and retain access to all your funds.