Binance Web3 Wallet uses advanced multi-party computation (MPC) technology. This means you can enjoy a self-custody wallet experience without the need for a seed phrase. MPC allows the creation of a secure key management system without a single point of failure. For a standard wallet this would be losing your seed phrase.
Instead, Binance Web3 Wallet is secured by three key-shares and a recovery password solely known to the user. These key-shares are generated when you create the wallet and stored in different locations for added security:
- Share 1: Secured by Binance;
- Share 2: Stored on your device;
- Share 3: Encrypted by the recovery password you entered, and backed up to your personal cloud storage (iCloud or Google Drive).
Please note that backing up Share 3 is mandatory before using the wallet. To access your wallet, you must have at least two key-shares.