To many consumers, the concept of a Bitcoin wallet remains rather difficult to grasp. After all, the main goal of Bitcoin is to be in control of finances at any given time. But for mobile users, they have to rely on wallets developed by third party providers. What were to happen with one’s wallet if a company like Mycelium decided to pull the plug on their project? Absolutely nothing, as one can easily recover their keys by using the backup seed.
http://themerkle.com/news/bitcoin-wallet-standards-ensure-funds-can-be-recovered/
http://themerkle.com/news/bitcoin-wallet-standards-ensure-funds-can-be-recovered/
Of course the private keys can be derived from the seed.
But how does this relate to the creation of bitcoin wallet standards?