Having a LODEpay mobile wallet allows you to protect and privately control your AGX and AUX coins, and other digital assets. It is important that you fully understand how your mobile wallet works, and what its limitations are in relation to holding your digital assets.
Much like a traditional bank account has its own unique and individual bank account number, a LODEpay mobile wallet also has its own unique and individual identifier, a Public Key Address...your Public Key Address.
In the matter of your bank account, the bank facilitates the flow of your transactions in and out of your bank account for you, and the bank provides you with the means to monitor those transactions. The bank is responsible for protecting your assets on your behalf.
If they “lose” your account and its assets, THEY are responsible for recovering it.
However, with the LODEpay mobile wallet, YOU are the only one responsible for the transactions that flow in and out of your mobile wallet, and YOU are the only one who can protect your digital assets.
LODE Support team CANNOT recover your assets in the eventuality of a lost 12 Word Recovery Phrase.
When you download and set up your LODEpay mobile wallet, that wallet will have its own unique identifier, a (your) Public Key Address, which is linked to that downloaded wallet, and to any assets you place in that wallet.
During the wallet set-up process, you are also required to use and store a “recovery phrase”, which is directly linked to the Public Key Address attached to your mobile wallet.
So, if for some reason, you lose or damage your mobile device, or you buy a new device, the only way to “recover” your assets is to download the LODEpay app to your new device and then “restore” the same wallet from your old device on to your new device by using the same 12 word recovery phrase that is attached to the Public Key Address that “holds” your digital assets.
In other words,
You cannot simply download a new wallet, with a new recovery phrase, and a new Public Key Address, and expect to see your assets on that new wallet!!
This is why it is extremely important that you store the 12 word recovery phrase to your LODEpay mobile wallet in a safe and secure place that you have easy access to, and not on your mobile wallet.
**Please keep in mind that no one other than you, and the people you tell, have access to your private 12 word recovery phrase.
Without the 12 Word Recovery Phrase, NO ONE, including you, can restore your LODEpay mobile wallet and access any digital assets held in it.