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Phinx wallets generate random mnemonics and encrypt them using AES-256 and are stored securely on user's device. Mnemonics never leave the user's device.
Any Phinx user can be added as trusted guardian. Make sure you add a good number of guardians so your recovery chances are high.
Phinx team only has access to one piece of shard, which again is protected in Hardware Security Module with strong access controls. The guardian shards that travel through Phinx servers are encrypted with guardian's public key and only they can decrypt it and store it in their devices.
Users can either save their mnemonic seed phrases or add their family members and friends as trusted guardians. Guardians can help recover in case a user loses access to phone used to access wallet.
Guardians are shared shard of mnemonics generated using shamir's secret sharing. All guardians get the same shard, thus there's no risk of guardians teaming up to recover your wallet. These shards are then combined with a shard that is held by Phinx FIPS-140-2 HSM and shared with them to recreate wallet within the app.
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