Your Lattice1 hardware wallet does not store cryptocurrencies and other digital assets directly, instead it stores your private keys which enable you to use the assets you own on a public ledger. Anyone can send cryptocurrency to any address, but only the owner of the corresponding private keys can ever move assets from that address.
Public-key cryptography makes blockchain technology possible. Cryptocurrency wallets store your public and private keypair; your public key is used to verify your signed transactions and your private key is used to generate signatures.
Your private keys enable complete access to your holdings - it's of paramount importance that you keep your private keys safe and secure. That's where your Lattice1 and SafeCards come into the picture.
Never share your private keys with anyone. Period.
What's a Seed Phrase?
Seed phrases are a way of backing up your private keys using 12-24 English words taken from a master list of 2048 possibilities, using the BIP39 standard.
The problem with seed phrases is that their proper storage creates an additional set of security considerations, because anyone that can access this list of words can access all of your holdings.
They are a cryptocurrency wallet standard employed on the Lattice1, but we suggest users opt to use PIN-protected SafeCards.
Is There A Risk of Two People Generating the Same Private Keys?
The odds of generating an Ethereum private key that corresponds to someone else's is approximately 1 in 2160. That's approximately 1 in 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976. So you're all set.