I recently tried out a decentralized private messaging tool, it didn’t ask for my personal information to register.
Instead, it only asked me to create a username and set a password, after which it provided me with a mnemonic passcode. (I had never used a mnemonic passcode before, but I learned that it’s a web3 or decentralized type of thing.)
On their FAQ page says “The Mnemonic Passcode is your ONLY SOURCE of backup in a scenario where your device breaks down or becomes unusable due to any reason. In such cases, all you need is your Mnemonic Phrase to recover all your account information. It must be copied, screen-shotted, or written down and kept in a safe and secret place until it is needed.”
Does Mnemonic Passcode more secure than usual password? Plus, is there any other ways to keep you mnemonic phrase?
A passphrase is much longer than a password, and therefor provides more enthropy, even when it’s completely mnemonic.
You should store it in an encrypted database with a password manager. But you also have to secure this database - with either a password or passphrase. And do not forget about a 2nd factor, like a key which you have to store somewhere. Maybe encrypt that one, too.
No matter how many steps of security do have: There will be a master password/passphrase, and you shouldn’t write it down in clear text! So better find a way (some kind of secret algorithm, stored in your brain) to reproduce your master pass.