Billions of dollars are in cryptocurrency. But due to unreliable exchanges and wallets, this money is at the crosshairs of hackers and scammers. Crypto exchange Binance tried to solve this problem by creating the BNB Safe Wallet app. This multi-signature wallet with advanced cryptographic encryption is designed to keep users safe. BNB Safe allows you to create virtual "safes" protected by multiple key holders. It is also tightly integrated with BNB, the blockchain from Binance. In this review, we'll find out what BNB Safe is, how it works, what the pros and cons are, and how to use it. BNB Safe Wallet: What is it? BNB Safe is an innovative multi-signature crypto wallet with advanced cryptography. Developed and supported by the Binance exchange. The application allows users to conveniently and securely manage assets on the BNB (ex-BSC) blockchain. Users of the application can create digital “safes”. Such safes require approval from several private key holders before performing operations. This is to protect each safe from unauthorized access or tampering. The Gnosis protocol is used to configure permissions, set limits, or initiate pending transactions.BNB Safe Wallet: Which networks does it work with? By default, BNB Safe works with tokens on the BNB Chain (Binance Smart Chain) and opBNB. The wallet is tightly integrated with both networks. Users get access to all the features of the Binance ecosystem. BNB Safe Wallet: How it works? BNB Safe offers multi-signature to protect funds in safes. In the BNB Safe settings, users can set multiple owners with private keys to access the wallet. Users can set the minimum number of signatures to approve a transaction from a particular safe. Example: A safe has three owners - Alice, Bob and Carol. There is a signature requirement of 2. This means that any transaction requires approval from at least two owners. For example, Carol herself cannot approve her transaction. To do this, the transfer of tokens must be approved by Alice and Bob. Safe owners can be both real people and automated smart contracts. All transactions from Safe are registered on the Binance Smart Chain or opBNB blockchain. Private keys are stored with Safe owners and encrypted on their devices. Binance does not store or manage keys. BNB Safe can be integrated with other services. For example, signing trades or viewing your balance through the MetaMask wallet.BNB Safe Wallet: Pros and ConsBNB Safe has various advantages and disadvantages that are worth considering.ProsHigh security thanks to multi-signature and governance settings.Asset traceability.User-friendly interface.Tight integration with the Binance ecosystem and low fees. Ability to link to MetaMask or other third party services. Time delay to prevent fraud. Support for advanced account structures such as threshold signatures. Cons: Assets are still dependent on the centralized Binance exchange. Multi-signature is technically difficult for beginners. Must have complete trust in the Binance platform and owners of other keys. No support. Low liquidity compared to the Binance exchange. Although BNB Safe offers advanced technology, users must weigh the pros and cons before choosing a wallet. BNB Safe Wallet: how to use? If you decide to use wallet, then follow these steps: Visit the BNB Safe website and click “Create a BNB Safe Account”. Name the safe, fill out the description. Select the blockchain you want to use (Binance Smart Chain, opBNB or other).Add owners to the safe - these can be other users or wallets/contracts. Set the number of required confirmations for transactions. Set up additional rules (limits, time delays, etc.). View the safe. Top up your balance through a secure address. Connect an external wallet (MetaMask or other) and import a secure address. Sign transactions from an external wallet to withdraw funds from the safe. Use the BNB Safe dashboard to monitor transaction history, balances, owners. Set up or add/remove owners when changing access requirements. Remove the safe if necessary.
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