What are private key, mnemonic, and password?

Password

Passwords are not private keys. Users can specify passwords when creating wallets and can change passwords after wallets are created. Password is used in the following cases:

Sign transactions

Back up mnemonics/private keys

Delete wallets

Private Key

A private key consists of 64-byte hexadecimal characters. There is only one private key for an account and cannot be changed. In a wallet, the private and public keys are normally stored in pairs. We may derive the public key with the private key and then derive the address with the public key using an algorithm. This is an irreversible procedure.

Since the private key is used to import your wallet account, it must be kept secure. Once the private key is leaked, others can transfer your assets out of your account by importing your wallet.

Mnemonic

A mnemonic consists of 12-24 English words and is an alternative to a private key. One mnemonic can be used to generate multiple private keys. It converts the 64-byte private key into several common English words through an algorithm for users to memorize it more easily.

Mnemonic can access multiple private keys associated with it, but the private key cannot access the mnemonic in turn.

Mnemonic can be used to import wallet accounts and can be generated when creating a wallet. When users create a SaveWallet wallet, they will be notified to back up the mnemonic of the current wallet account. There is only one mnemonic for an account and it cannot be changed. You must store the mnemonic in a secure way (e.g. by writing it down on a piece of paper) to avoid disclosure.