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Binance official website registration link: Binance
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It is relatively safe to use a wallet on Binance, but we need to pay attention to the correct use of the wallet, otherwise there is a risk of losing assets.
What is Binance Web3 Wallet?
Binance Web3 wallet is a decentralized wallet, which can also be said to be a multi-chain wallet or self-custodial wallet. Through this wallet, users can access crypto assets on various memory blockchains, fully control assets and private keys, and explore and use various decentralized applications (DApps).
There are many differences between Binance Web3 wallet and Binance exchange account. The main difference is that the assets you put in the exchange are controlled by Binance, but Binance cannot touch the assets in your Web3 wallet. This is like whether you keep money in a bank or put cash in your wallet.
In addition, the Binance web3 wallet will be more user-friendly because in addition to having more functions, it also provides some security measures and solves some pain points of using traditional decentralized wallets, which can help users enter the decentralized world faster!
Features of Binance Wallet
Feature 1: Easier to create a wallet
With the MPC (multi-party computing) technology, Binance users can create a Web3 wallet with just a few clicks, which basically takes less than a minute, and there is no need to take out paper and pen to write down the troublesome mnemonics/private keys.
Feature 2: Easier private key management
The private key of Binance Web3 wallet is generated by MPC (multi-party computing) technology. Three independent keys are stored in Binance, cloud and device respectively. We only need two keys to access Web3 wallet. Binance has no control over the key alone, so users can use the wallet more safely and realize self-custody.
Feature 3: More user-friendly experience
The Binance Web3 wallet is bundled with the Binance APP. Users can quickly switch with one click, and assets can be quickly transferred between the wallet and the exchange. At the same time, the wallet also integrates various well-known trading providers and DApps. Users can quickly conduct transactions or cross-chain exchanges, and can also authorize the use of DApps and even earn profits, which solves many inconveniences of traditional decentralized wallets!
Feature 4: More considerate safety measures
When using Binance web3 wallet to send assets, the system will automatically detect the correctness and risk of the address, which can prevent you from transferring to the wrong address format or dangerous address! In addition, my Binance exchange account is bound to Google Authenticator, so when sending, authorizing or performing other on-chain operations in the Web3 wallet, a double verification screen will pop up. Although it is troublesome, it can greatly reduce the risk of wallet theft!
Create a wallet
1. Open the Binance app and open funds - web3
2. Open web3 and choose to create a wallet
3. Back up your wallet
Before you start using your Binance Web3 wallet, you need to back it up first.
How to increase the security of Binance Web3 wallet?
We can choose to back up
Binance Web3 Wallet uses multi-party computation (MPC) technology to generate three key shards and store them in different locations for enhanced security. These locations include your device and cloud storage space. In addition, you must encrypt these key shards with a recovery password that only you know to further ensure their security.
When you create a Binance Web3 wallet, three wallet key shards are generated:
Shard 1: Custody by Binance;
Shard 2: stored on your device;
Shard 3: Encrypted using the recovery password you entered and backed up to your cloud storage (iCloud or Google Drive).
To access a Web3 wallet, you must have at least two wallet key shards. Even if one shard is accidentally leaked, the other shards will remain securely encrypted to protect your assets. Therefore, in order to avoid asset loss, you should back up your Web3 wallet and store the recovery password securely.
However, it is important to note that clearing the device cache may result in the loss of Key Shard 2. Therefore, it is critical to back up Key Shard 1 and Key Shard 3. Without a backup, especially without the recovery password, you will not be able to regain access to your wallet and assets.
There are two ways to back up your Web3 wallet: cloud storage backup or QR code backup.
Backup is very important, and we will need it when importing assets using other wallets later.
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