Accessing the Binance Web3 Wallet is simple and secure:
1. **Creation Process:**
- Log in to your Binance app.
- Navigate to [Wallets], switch to the [Web3] tab, and tap [Create Wallet].
2. **Self-Custody Assurance:**
- Binance Web3 Wallet is self-custody, ensuring full control over your funds.
- Safeguard and back up your wallet, as you are responsible for your assets.
3. **Security with MPC:**
- Multi-Party Computation (MPC) enhances security by distributing private key shares.
- Reduces the risk of compromise and system vulnerability.
4. **Backup Procedure:**
- Back up your wallet, as MPC creates three key shares stored in different locations.
- Protect the cloud-stored key-share with encryption and a recovery password known only to you.
5. **Restoration Process:**
- Restore your Web3 Wallet by connecting your Binance app to the previously used cloud service.
- Decrypt your key-share with the recovery password.
6. **No Seed Phrases:**
- Binance Web3 Wallet doesn't use seed phrases; it employs private key shares in different locations.
- "Emergency Export" allows private key export, but note that it renders the Web3 Wallet unavailable.
7. **Recovery Password Importance:**
- Forgetting your recovery password means losing access to your Web3 Wallet permanently.
- Immediate wallet backup is recommended.
8. **Limitations:**
- Wallet importing is not supported.
- Simultaneous access on multiple devices is not possible.
9. **Identity Verification:**
- While identity verification isn't mandatory, being a verified Binance user is necessary to create a wallet.
This marks a significant step by #Binance in providing a secure and user-friendly Web3 Wallet experience. 🫡
