There are two types of passwords.
Host Password: the host password can be used to access the host settings.
Upon opening a Wonder room, you will set a password: this is your host password.
The host password can be shared with an unlimited about of people to give them access to the host features.
Guest Password: the guest password serves to protect your room.
As a host you can set a guest password, which all attendees will have to provide before joining your room.
Hosts will also be required to enter the guest password.