The management logic of all MYKEY account permissions is implemented through a smart contract. Other wallets often use the public chain native private key system, which is not extensible. For details, please view What is Recovery Phrase
You need to choose a blockchain to enable after signing up for MYKEY, currently supporting EOS and Ethereum.
Different from ordinary EOS
If choose to enable EOS feature, you can get an EOS account with a custom name.
Unlike EOS accounts, the Owner and Active permissions of the MYKEY account point to the smart contract mykeymanager deployed by MYKEY Lab on EOS mainnet, the recovery phrase and the public key of the account permission are stored in the contract mykeymanager and permission logic is defined in contract mykeylogica1.
Users still control the account, with the recovery phrase and phone to operate the account, which is no different from ordinary EOS accounts.
Different from Ethereum
The Ethereum created by MYKEY is the contract address and Gas is required to deploy the contract. Users can manage this contract address through the recovery phrase. MYKEY ethereum accounts have the ability to freeze, unfreeze, and update recovery phrase that ordinary Ethereum does not have.