The mnemonic phrase contains 154 bits of data, which are used as follows:
* 3 bits for version (this allows the format to be updated up to 7 times)
* 2 bits reserved for future use
* 10 bits for approximate wallet creation date
* 128 bits for the private key seed
* 11 bits for error detection/correction
### Wordlist
Uses the wordlist from BIP-39. It has 2048 words, allowing 11 bits to be stored in each word. It has some additional useful properties,
for example each word can be uniquly identified by its first 4 characters.
### Wallet creation date
The mnemonic phrase doesn't store block height, but the time when the wallet was created. This allows the seed to be generated
offline without access to the blockchain. Wallet software can easily convert a date to the corresponding block height when restoring a seed.
The wallet creation date has a resolution of 2629746 seconds (1/12 of the average Gregorian year). All dates between June 2020
and September 2105 can be represented.
### Private key seed
The private key is generated by wallet software from the 128-bit seed included in the mnemonic phrase. Argon2id is used as KDF (memory = 256 MB). The wallet creation date is used as a salt. 128-bit seed provides the same level of security as the elliptic curve used by Monero.
### Error detection/correction
The mnemonic phrase can be treated as a polynomial over GF(2048), which allows us to use an efficient Reed-Solomon ECC with one check word. All single-word errors can be detected and all single-word erasures can be corrected.