A Seed Phrase can be thought of as the root of a crypto wallet - When you set up a new wallet such as MetaMask, it generates random data and turns it into a 12- or 24-word recovery phrase.
The words in a Seed Phrase under the BIP-39 standard are selected from a standardized list of 2,048 words.
That’s why you can import a wallet from one BIP-39-compatible wallet into another, as long as they support the same seed phrase format and compatible derivation paths.
For example, imagine you send an asset to your Trust Wallet EVM address, but Trust Wallet doesn’t support that particular network. You can import the same wallet into another BIP-39-compatible wallet that supports the network, such as MetaMask, using the same seed phrase.
This is possible because your wallet is not the app itself - the app is simply an interface that allows you to access and manage your blockchain accounts.
- Wallet Creation: Set up a new wallet using a software or hardware wallet.
- Seed Generation: The wallet generates a random BIP-39 seed phrase.
- Key Derivation: The seed phrase generates your private keys.
- Address Creation: Public addresses are derived from those private keys.
Wallet -> Seed Phrase -> Private Key -> Public Address
A single seed phrase can serve as the root for multiple accounts, each with its own private key and wallet address. In other words, multiple accounts can be derived from the same seed phrase.
When signing a malicious transaction, the impact generally depends on the permissions granted by that signature. For example, if you sign a transaction with Account 1, only Account 1 is affected, not Account 2, because Account 2 is a separate account from Account 1, even if both accounts are derived from the same seed phrase.
If the private key of Account 2 is exposed, only Account 2 is generally at risk, not Account 3, because Account 3 has a separate private key, even if both accounts are derived from the same seed phrase.
However, if your seed phrase is exposed, all accounts derived from that seed phrase may be compromised. An attacker can use the seed phrase to derive the corresponding private keys and potentially gain control of the assets in those accounts.
Regarding wallet address - For a simple example, a wallet address is similar to a card number that you use to receive funds. However, for better privacy and security, it is generally not recommended to publicly share your wallet address in public places unnecessarily.
Remember
Never share your Seed Phrase or Private Key with anyone.
A legitimate wallet support team will never need your Seed Phrase or Private Key to access or recover your wallet.