XDEFI Wallet - Back up and Restore your wallet and all associated accounts
As of now, each account created in XDEFI Wallet has an individual seedphrase.
🚨 🚨 PLEASE STORE THE SEEDPHRASE OF EACH INDIVIDUAL ACCOUNT 🚨🚨
Yes, some users will have a lot of accounts so it can be a lengthy process. Hence why, if you have both your JSON file and master password, you can restore all your accounts at once without having to restore with each seedphrase.
Next month, we hope to give you the ability to create sub-accounts meaning having only to deal with one seedphrase (as with MetaMask or MyEtherWallet) is coming soon.
FYI: even when this update you’ll still be able to create master accounts (if you decide to do so, you will still have to deal with several seedphrases if you’ve lost your JSON file).
But don’t we already have a master seedphrase (XDEFI Wallet seed phrase)?
Not exactly. A few months back, in an effort to make it easier to restore/import and existing XDEFI wallet comprised of several accounts (seedphrases), we created the XDEFI Wallet Master seedphrase to lock/unlock all your accounts at once. This seedphrase isn’t linked to an account in particular, it is acting as an encryption key.
After a few months testing its become clear that this has been misinterpreted as a single seed for an HD wallet. For this reason, we transitioned over to an XDEFI Wallet Recovery Code (UUID).
FYI: although we introduced the concept of recovery code, you can still use your “old” XDEFI Wallet seedphrase to lock/unlock all your accounts at once for the time being.
🚨 Even with a UUID in place you should still safely store your individual seed phrases if you have several accounts🚨
Here’s a bit more on how all the above works in practice:
What is the XDEFI Wallet Recovery Code?
Upon the initialization of XDEFI wallet, a recovery code (UUID) is generated at random. It will be used to decrypt/encrypt the ‘Keystore ’accounts that you create/import within the extension. This recovery code will be used to reinstall/restore your accounts if you forgot your master password.
The seedphrases of each of the created/imported accounts are “wrapped” together and the recovery code is used to lock/unlock all of them at once.
If you have both your XDEFI Wallet recovery code AND the back up JSON file, you will be able to restore all your accounts in a few clicks.
Once we support sub-accounts, you will have the option to enjoy a single seedphrase and restore your account + subaccounts without the JSON file.
What happens the first time you install XDEFI?
1- You need to “Create XDEFI Wallet” upon initialization of the wallet
By doing so, you create the structure that will contain all the accounts within your wallet.
Please note you will not be able to import a wallet using a keystore (JSON file) generated from another provider until after you’ve created an XDEFI Wallet. The steps for this would be: Creating an XDEFI Wallet > using the keystore (JSON file) from another provider > import the keystore as a second step using the appropriate password.
2- You will be asked to create an XDEFI Wallet password (Master password)
STORE IT SAFELY! This password is required to confirm many actions within the extension (displaying seed phrases, downloading back up, confirming a transaction, etc.). It will also be used to restore/import your entire XDEFI wallet at once.
3- An XDEFI Wallet Recovery Code (UUID) will be automatically generated
STORE IT SAFELY!! You will need it to restore the wallet and all of your accounts if you forget your Master password.
4- An XDEFI Wallet Keystore (Master keystore) will be created upon creation of the password
The Keystore is basically the encrypted form of the Master seedphrase. Once created, it will be immediately downloadable as a JSON file to be used in the future in order to import/restore all of your accounts at once.
Restore your wallet and all accounts at once
If you forget your XDEFI Wallet password, you can still use your XDEFI Wallet recovery code (UUID) to restore all of your accounts and associated settings.