What is WEB3 Wallet?
WEB3 Wallet is a digital wallet specifically designed to interact with decentralized web (Web3) applications such as smart contracts, decentralized applications (DApps), and blockchain networks.
This wallet allows you to have full control over your digital assets and directly interact with networks like Ethereum, BSC, and others.
The purpose of the Web3 wallet:
1. Interact with DApps:
• Provides access to applications such as decentralized gaming (GameFi), decentralized finance (DeFi), and NFT marketplaces.
2. Full control:
• Gives you full control over your assets (private keys stored locally) without relying on a third party.
3. Security and Privacy:
• You do not need to share your personal data as is the case with centralized wallets.
4. Multiple asset support:
• Ability to store and manage multiple assets on different networks in one place.
Difference between Web3 Wallet and Basic Wallet on Binance Platform:
Web3 Wallet Custody Type Non-Custodial: User controls private keys.
The main wallet on the Binance platform is custodial: Binance manages the private keys.
Web3 Wallet Full user control (no middleman). The core wallet on Binance platform manages assets on your behalf.
Web3 wallet interacting with DApps integrated with decentralized applications.
The basic wallet on the Binance platform in terms of interaction with DApps cannot directly interact with decentralized applications.
Web3 Wallet Security is entirely the responsibility of the user.
The main wallet on the Binance platform relies on the security of the Binance platform.
Web3 wallet in terms of ease of use can be complex for beginners.
The basic wallet on the Binance platform is easy to use and suitable for all users.
Web3 Wallet Add-ons Support DeFi, NFT, and direct inter-chain transfers.
The basic wallet on the Binance platform has limited additional functions to trading and services provided by Binance.
Examples of Web3 wallets:
• MetaMask: A very popular wallet on the Ethereum network.
• Trust Wallet: Supports multiple networks, owned by Binance.
• Coinbase Wallet: Supports Web3 and integrates with DApps.
When to use a Web3 wallet?
• If you want complete control over your digital assets.
• If you use DeFi apps or trade NFTs.
• If you prefer privacy and not to rely on third parties.
When to use the basic wallet in Binance?
• If you are a beginner and want an easy and secure way to store assets.
• If you focus on traditional trading and investing.
• If you rely on Binance services such as Staking or Savings.
summary:
Web3 wallet gives you more freedom but requires technical knowledge and responsibility in managing your funds, while Binance's core wallet provides convenience and security thanks to the platform's management.
