Hi all,
we just finalized the draft and reference implementation of BIP39. Regards to rules in BIP0001 we're asking for comments.
The aim of the proposal is to standardize algorithm across various clients and fix some design problems of existing (but not yet standardized) Electrum mnemonic algorithm.
BIP39 is a nice complement to BIP32, which allow users to (paper) backup and share their wallet accross multiple clients easily.
Thanks for your time,
slush