Today I finally gave Muun wallet a try, and I must say, I have seen the future, and now I am wondering if Mnemonics are slowly becoming obsolete. Let me be more concrete:
It seems like the bleeding edge of backup technology is moving away from Mnemonics, and towards output script descriptors, as described in BIP380 to BIP386. Why?
>…mnemonics rely on all wallets using a single key with the same, single script: pay-to-public-key. If we want to keep (and improve!) recovery interoperability in a world of payment channels and multisig vaults, we need to work on new backup and recovery mechanisms.
Enter output script descriptors (BIP380 to BIP386). Designed by Pieter Wuille and Andrew Chow, descriptors provide a human-readable way to express any combination of keys, scripts, derivation paths, and address types without ambiguity. These descriptors allow a program to discover and spend funds from any given script in a fully interoperable manner.
**tldr: the innovations that Taproot unlocks, make mnemonics obsolete. And work is underway to create/invent new backup mechanisms.**
PS: Muun wallet’s UX is so smooth and simple. I am going to be on-boarding my pre-coiner parents over the holidays, and let me tell you, Muun is a godsend.