For every self-custody crypto wallet (including the 1inch Wallet), there are two keys: A private key, and a public key. Anyone can create a new wallet by generating these keys. The private key is created with an algorithm (SHA256), and public keys are generated with an elliptic curve digital signature (ECDS) algorithm. A private key can generate a public key, but not vice versa. Once the public key is created, it can be used to generate the wallet address.
The Wallet Address
The public key is used to create a unique wallet "address" (a string of 42 characters) that which can only be used to receive or view funds. The wallet address is comparable to a traditional bank account number, and due to its characteristics, can be shared with anyone.
An EVM compatible wallet address will always begin with '0x' looks something like this:
It can also be used in a QR code format as well, making it easy to share with others for receiving payments.
Please note: If you import your wallet address into a new wallet application, it will only be 'read only' - meaning that you will only be able to view balances. To have full access to the assets, you will need to correctly import the private key.
The Private Key / Recovery Phrase (Don't share with anyone!)
The private key is a unique string of 64 characters that can be used to access funds and perform other actions (like signatures) within a wallet. It is the only thing proving your ownership of funds within the wallet. It should NEVER be shared or revealed to others.
The Recovery Phrase:
Whenever you create a new 1inch Wallet, you will be given a 12-word recovery phrase, aka "seed phrase". It is the seed that your private key can be generated from, and is used to restore your wallet in the event that the private key is lost or missing.
The words must be written down correctly and in the specific order shown. If the words are not entered in the correct order, the key will not be generated, and the funds will not be accessible.
***It is strongly recommended to have multiple "offline" backups of your private key or recovery phrase.