The NGRAVE "Perfect Key" is the 64 character hexadecimal equivalent of a 24 words mnemonic phrase / 256-bit (0s and 1s) master seed.
Hexadecimal means that each character of the key can have one of 16 values (0-9; A-F). The total key consists of 64 characters that together with the 16 possible values makes up a 256-bit key.
Together with leading cryptography researchers, NGRAVE came up with the use of this format because it allows for
- a key generation process where user interaction is possible;
- adding a double security layer in the backup (by completely splitting the key into two parts on the GRAPHENE);
- an ingenious recovery mechanism of the key (the GRAPHENE upper plate can be recovered without 3rd party risk).
Because of all these huge advantages, we named it the "perfect key". The hexadecimal format can at any time easily be converted into its mnemonic phrase or 256 bit equivalent.
Read more about the NGRAVE "Perfect Key" in this blogpost: https://medium.com/ngrave/beyond-mnemonic-phrases-the-path-to-the-ngrave-perfect-key-66ccaf540554.