Key points
Binance is dedicated to the innovative change of Web3 and has developed a secure and user-friendly wallet solution - Binance Web3 Wallet.
Binance's Web3 Wallet uses multi-party computation (MPC) technology, allowing for secure and easy management of digital assets. Users do not need to remember mnemonic phrases and still have full control over asset management.
The three keys of Binance's Web3 Wallet are all stored in different places - including personal storage in the cloud, your own device, and with Binance.
Binance's Web3 Wallet brings the power of MPC technology to the community to create a simple and secure experience with digital assets.
Over the years, Web3 has quickly become one of the world's most pressing topics with huge potential for positive change. Web3 is about user freedom and ownership and will certainly change the way we interact online.
Binance strives to be at the forefront of these changes, committed to developing technologies that make the blockchain world more user-friendly and secure.
Part of this commitment is our new product - Binance Web3 Wallet.
Binance's New MPC Wallet: Ushering in a New Era of Web3 Innovation
Changpeng Zhao — CEO and Founder of Binance said: “Web3 Wallet is not just for storing digital assets; They are also an integral part of the Web3 framework, giving individuals financial autonomy.”
Binance's Web3 Wallet provides a simple, secure way for users to manage digital assets powered by MPC technology. This wallet is an important part of our ongoing efforts to improve user experience in the rapidly changing digital landscape and we are sure you will love the benefits and simplicity. simplicity that MPC technology brings to the Web3 experience.
What is MPC Wallet and why is it important?
One of the most important things to understand about Binance's Web3 Wallet is that it uses multi-party computation (MPC) technology. Simply put, this means you can use the wallet without having to remember mnemonic phrases while remaining in full control of your assets. Let's find out!
Explore Web3 and multiparty computing (MPC) technology
Web3, or the decentralized web, can be considered the next version of the Internet. With Web3 technology, users have full control over their data, in contrast to the current web (Web2). Web2 services centralize data control through large corporations, meaning you don't actually own the data and content you put online.
Web3 is envisioned as a decentralized, trustless Internet, often powered by peer-to-peer networks, blockchain, and smart contract technology.
At the core of this groundbreaking technology is Multi-Party Compute (MPC) technology, which provides an enhanced layer of security for Web3 transactions and wallets. MPC is a part of cryptography in which multiple parties can efficiently perform cryptographic computations together (like creating wallets or sending transactions) without having to reveal sensitive input.
When it comes to cryptocurrency wallets, MPC allows for the creation of a secure key management system without single point failure. The concept of single-point failure for a standard wallet means you lose the mnemonic phrase.
It is important to emphasize that in MPC, a unique private key is never generated, divided, or regenerated in the process: This makes MPC superior to traditional models that rely on a single private key only.
Harness the power of MPC in Binance Web3 Wallet:
By harnessing the power of MPC technology in the Web3 Wallet, Binance is able to bring unparalleled levels of security to users. With MPC at its core, Binance's Web3 Wallet provides a secure cryptographic key management service that is fundamentally simple and easy to use.
MPC technology, with its ability to perform secure computation in distributed networks, enhances the privacy and security aspects of Binance's Web3 Wallet. MPC provides an additional layer of protection to protect digital assets and demonstrates the foundational characteristics of Web3 - decentralization and user sovereignty.
This commitment to security and privacy underscores Binance's dedication to making digital assets easier, safer, and more convenient for everyone regardless of technical background.
“Our overall goal in designing Web3 Wallet is to take users' current Web3 experience journey to the next level. We want our users to feel secure that they are interacting with Web3 in a safe and protected ecosystem.
That's why we've incorporated MPC technology as well as Binance's trusted security infrastructure into Web3 Wallet. The common worry of losing a seed phrase has been eliminated, allowing us to introduce a safe and convenient way for millions of users to explore the world of Web3 easily. safe and easy.” - Richard Teng, Regional Market Manager of Binance
How Binance's Web3 Wallet works
Binance's Web3 Wallet uses multi-party computation (MPC) technology to generate three separate keys. Binance's Web3 wallet does not use mnemonic phrases.
For added security, these 3 keys are stored in different places - including your personal cloud storage and your own device. You must ensure the security of your cloud key using encryption with a recovery password that only you know.
When setting up the Binance Web3 Wallet, 3 keys are generated:
Key part 1: Protected by Binance
Key part 2: Saved on your own device
Key part 3: Encrypted with the recovery password you provide and saved to your cloud storage (iCloud or Google Drive).
To gain access to the Web3 Wallet, a minimum of 2 keys are required. If unfortunately one part of the key is lost or compromised, the remaining two parts of the key are still securely encrypted to protect your assets while still allowing you to access your assets.
It is recommended that you back up your Web3 Wallet and save your recovery password securely to avoid losing your assets. However, if you forget your recovery password and lose the device containing the key or uninstall the Binance app, you will not be able to regain access to your Web3 Wallet. Binance will also not be able to help you restore your wallet.
It is important to note that Binance's Web3 Wallet is a self-managed wallet. While this wallet gives you full control over your assets, it also means that you alone are responsible for protecting these assets and maintaining wallet backups.
Why should you use Binance's Web3 Wallet?
Using wallets based on MPC technology significantly reduces the risk of keys being compromised. This is often the case in standard wallets where the key is held in a single location. Using this wallet also eliminates the need for mnemonic phrases, a vulnerable part of many wallets.
These features, along with a user-friendly design and easy access to various DeFi services, make the MPC crypto wallet a more secure and superior solution for digital asset management . Overall, Binance Web3 Wallet:
Simple: Binance's Web3 Wallet is part of the Binance mobile app. The wallet helps users easily access dApps, DeFi, and conveniently switch between CeFi and DeFi.
Convenience: Wallets simplify DeFi interactions and help users easily access various DeFi and "Earn" services. The wallet also has an "Airdrop Zone" for exclusive airdrops and supports cross-chain trading across various networks.
Security: With Multi-Party Computation (MPC) technology, the Wallet enhances asset security by dividing and storing user keys in 3 separate locations: user device, cloud storage, and Binance server.
Future vision of the blockchain industry
The launch of Binance's Web3 Wallet is an important part of our future vision for the blockchain industry. To adopt Web3 on a global scale, it is necessary to create experiences that are both simple and secure.
“While we believe Web3 will improve monetary freedom around the world, the industry must continue to build tools that integrate and protect users while minimizing friction for them. To help drive Web3 adoption, we must identify and bridge the gap between centralized and decentralized systems.
Binance's Web3 Wallet lowers the barriers to entry for users to achieve complete self-management of their assets, and it is also an important, convenient bridge towards mainstreaming DeFi. Ultimately, our priority is to ensure users can explore Web3 with us in a protected and user-friendly environment.” - Changpeng Zhao (CZ), CEO and Founder of Binance
summary
With advanced MPC technology and distributed security features, Binance Web3 Wallet is at the forefront of the Web3 industry. We are proud to introduce this comprehensive, flexible and secure solution to people around the world, powering the next phase of digital finance.
Finally, Binance's Web3 Wallet signals a groundbreaking shift towards greater financial freedom and privacy - a move we're proud to be a part of.
Read more
Introducing Binance's Web3 Wallet
Binance Web3 Wallet: Self-managed wallet
What is Binance's Web3 Wallet and how does it work?
Binance Web3 Wallet FAQ
Disclaimer: Binance Web3 Wallet is an optional product. It is your responsibility to determine whether this product is suitable for you. Binance is not responsible for your access to or use of third-party applications (including functionality embedded in the Binance Web3 Wallet) and shall disclaim any liability related to your use such third party applications, including without limitation any transaction that you dispute. Please review the Binance Web3 Wallet Terms of Use carefully and always do your own research.
