A SmartKey, also known as a mnemonic phrase or seed, is what you will use to recover your Universal Wallet if your phone is ever lost or stolen, or when you decide to upgrade to a new device. It is vital that you keep this 24-word phrase secret and secure. It will only be displayed once when you create a Universal Wallet, be sure to document this in a place away from on-lookers, windows, or cameras. You can find more information on Smart Keys here.
A private key is essentially a unique cryptographic password that gives the owner of a specific wallet access to the assets inside. Each wallet has its own unique private key. With the Ethos Universal Wallet, you are able to manage many private keys with one Smart Key! At Ethos, we talk a lot about the empowering idea of “self-custody”, this can only be achieved when you have complete control of your private keys, and in turn your assets! You can find more information on private and public keys here