Here's all the info you need to know about the Binance Web3 Wallet:
To get started with the Binance Web3 Wallet, you'll first need to create a Web3 Wallet within the Binance app. Just log in to your Binance app, go to the "Wallets" section, switch to the "Web3" tab, and tap on "Create Wallet."
The Binance Web3 Wallet is a self-custody wallet, which means that you have complete control over your funds and assets. It's up to you to keep them safe and make sure you back up your wallet properly.
One of the security features used by the Binance Web3 Wallet is Multi-Party Computation (MPC). This mechanism eliminates the traditional method of storing private keys in one place, reducing the risk of compromise and system vulnerability.
Remember, it's important to back up your Binance Web3 Wallet. MPC creates three key-shares that are stored in different locations, including your cloud storage and device. Make sure to protect the key-share stored on the cloud with encryption and a recovery password known only to you.
If you ever need to restore your Web3 Wallet, you can do so by connecting your Binance app to the cloud service you previously used and decrypting your key-share with the recovery password. It's a good idea to keep that recovery password in a safe place!
Unlike other wallets, the Binance Web3 Wallet doesn't use seed phrases. Instead, it relies on private key-shares stored in different locations. If you want to export your private keys, you can use the "Emergency Export" function. But be careful! Doing so will make your Web3 Wallet unavailable, and you'll lose access to it. So make sure to keep your private keys secure to avoid any permanent loss of funds.
It's essential to remember your wallet recovery password because if you forget it, you won't be able to access your Web3 Wallet, and Binance won't be able to restore it for you. So, it's highly recommended to back up your wallet immediately!
By the way, Binance Web3 Wallet doesn't support wallet importing, and you can't access your Web3 Wallet on multiple devices simultaneously.