The encryption phrase used to encrypt and decrypt your objects (include prefixes - “folders”). In the object storage there is no concept of folders, only buckets and objects. The prefixes (“folder”, “path”) just a part of the object name. Some software could translate it to the virtual folders tree structure.
path to the object, starting from the bucket (optional)
The main part - encryption keys are derived from your encryption phrase, so if you have your encryption phrase, you always can recreate an access grant and get an access to your objects. So, do not lose or forget it. If you lose it, nobody can decrypt your objects and you will be forced to delete them to do not waste space.