Recreating wallet overview
Obyte has two options for recreating your lost funds, both requiring preparatory actions before you lose the wallet.
Recover from the seed
If you write down the 12 wallet seed words (put them in a safe place!), then, anyone will be able to use those words to recreate the public assets in your wallet. By "public assets" is meant Bytes and all assets detailed in the DAG. "Private assets" are those few like Blackbytes, which are detailed in your wallet but not in the DAG.
Backup wallet seed: The seed alone will back up your bytes but not your blackbytes. This is important! (It means "backup platform seed")
Recovery from seed: Recovery is available in single-sig (i.e., not multi-sig) light wallets from version 1.10.1.
Please note that multisig wallets and smart contracts cannot be recreated from the 12 seed words: they can be recreated only from a full backup.
Restore from a full backup
A full backup will allow you to recreate your full wallet, including Blackbytes, any other private assets and also smart contracts, up to the date of the last private transaction before the backup. You should do a full backup every time you do a Blackbytes transaction.
See the Backup page for backing up your wallet using the Main Menu "Full Backup" option.
Check this linked article about both options: http://dailybyteball.blogspot.com/2017/05/how-to-make-backup-your-byteball-wallet.html