Cancoin wallets use a user controlled 12-word mnemonic (or 24-word, for legacy wallet users) as the private key to secure and send Bitcoin. It is essentially a very strong password for your bitcoins and order messages.
Your 12-word mnemonic gets randomly generated during the wallet creation process based on your cursor or smart phone movements and then converted using BIP-39 into your binary seed. From that Cancoin can create an unlimited number of deterministic wallets and addresses for the user, and allows for features such as rotating public keys and simple, OpenPGP encrypted order chat. From a user’s point of view, the key functional aspect of their mnemonic is that it is used to send Bitcoins.
It is very important to remember the mnemonic that you receive during the wallet generation process, as without it you will be unable to make transactions. It is recommended that you should backup your mnemonic on USB keys, hard drives or on paper.