For me to memorize password, keys or anything important is next to impossible, for I am dyslexic, which also grants me the ability to process and handle algorithm fast than normal. So for me it’s about an algorithm that forms the key (or password). In my home network all passwords are something like

and are changed monthly automatically. This allow long and hard to break passwords and keys can be generated in the same fashion, But then keeping the algorithm a secret is the problem. So this is more of a method for compressing keys and passwords.