Key Points: Binance is committed to innovative Web3 changes and has developed a user-friendly and secure wallet solution - Binance Web3 Wallet. Binance Web3 Wallet uses multi-party computation (MPC) technology to support secure and easy digital asset management. Users no longer need to remember their own mnemonic phrases, but can still fully self-custody their assets. The three key shards for your Binance Web3 wallet are stored in different places, including your personal cloud storage, your personal device, and Binance. Binance Web3 Wallet brings the power of MPC technology to our community, providing a simple and secure digital asset experience. Over the past few years, Web3 has quickly become one of the most talked about topics in the world, with huge potential to create positive change. Web3 is about user freedom and ownership and is undoubtedly changing the way we interact online. Binance has always strived to be at the forefront of change and is committed to developing a variety of new technologies to make the blockchain field more user-friendly and secure. The new product Binance Web3 Wallet is part of our commitment. Binance’s new MPC wallet: Opening up a new era of Web3 innovation CZ (Changpeng Zhao), founder and CEO of Binance, said: “Web3 wallets are not just about storing digital assets, they are also an integral part of the Web3 framework, enabling individuals to have financial autonomy. ." The Binance Web3 Wallet is powered by MPC technology, providing users with a simple and secure way to manage digital assets. We strive to continuously improve user experience in the ever-changing digital environment. This wallet is a key part of our efforts. MPC technology brings many benefits to your Web3 experience and makes interactions simpler. I believe you will like. Introduction to MPC Wallet and Its Importance The most important thing about the Binance Web3 wallet is the multi-party computation (MPC) technology it uses. In short, through this technology, you can fully self-custody your assets without having to remember a mnemonic phrase and enjoy the convenience of using a wallet. Let’s dig into it! Web3 and Multi-Party Computing (MPC) Technology Analysis Web3, a decentralized network, can be regarded as the next generation innovation of the Internet. Through Web3 technology, users have complete control over personal data, which is contrary to the current network (Web2). The data control of Web2 services is concentrated in large companies, which means that individuals do not really own the data and content they publish online.The envisioned Web3 is a decentralized, trustless Internet, typically powered by peer-to-peer networks, blockchain and smart contract technology. Multi-party computation (MPC) technology is part of this transformative technology, providing an advanced security layer for Web3 transactions and wallets. MPC is a subfield of cryptography that allows multiple parties to effectively perform cryptographic calculations together (such as creating a wallet or sending a transaction) without revealing the sensitive data entered. MPC applications enable the creation of secure key management systems in cryptocurrency wallets without single points of failure. For regular wallets, a single point of failure means the mnemonic phrase is lost. It is worth emphasizing that MPC technology does not generate, split or reconstruct a single private key during this process, so it is superior to traditional models based on a single private key. Leverage the power of MPC in Binance Web3 Wallet: Binance Web3 Wallet leverages MPC technology to provide users with an unparalleled level of security. With MPC technology at its core, it provides a secure encryption key management service that will enable simple and easy-to-use encryption. Use as a top priority. MPC technology enhances the privacy and security of Binance Web3 wallet with its ability to perform secure calculations in a distributed network, providing an additional layer of security to protect digital assets and embodying the basic concepts of Web3, which is decentralization and User sovereignty. The emphasis on security and privacy also highlights Binance’s commitment to users to make using digital assets easier, safer and more convenient, regardless of their technical level. “The overall goal in designing our Web3 wallet is to help users improve their current Web3 journey. We want users to be reassured that they are interacting with Web3 in a safe and protected ecosystem. This is why we combine MPC technology and currency Trustworthy security infrastructure is integrated into Web3 wallets. No longer have to worry about losing your mnemonic phrase, so we can introduce a safe and smooth entry point for millions of users to explore Web3 safely and easily. world." - Richard Teng, General Head of Binance Regional Markets said. How Binance Web3 Wallet Works Binance Web3 Wallet uses multi-party computation (MPC) technology to generate three independent key shards without using a mnemonic phrase.For added security, these three key shards are stored in three different locations, including personal cloud storage and your personal device. You must encrypt the key shards stored in the cloud with a recovery password known only to you to ensure their security. Once you set up your Binance Web3 wallet, three key shards will be generated: Shard 1: Custodian by Binance Shard 2: Stored on your device Shard 3: Encrypted using the recovery password you provide and then backed up to Your cloud storage space (iCloud or Google Drive). To access your Web3 wallet, at least two key shards are required. If one of the key shards is unfortunately lost or compromised, the other two shards are still securely encrypted, ensuring that your assets are safe and you can still access them. We strongly recommend that you back up your Web3 wallet and keep the recovery password safely to avoid losing any assets. However, if your recovery password is lost and the device where the key shards are stored is lost or the Binance App is uninstalled, then you will no longer be able to access your Web3 wallet. Binance also cannot help you restore your wallet. It is important to know that the Binance Web3 wallet is a self-hosted wallet. Users retain full control over their assets, which means you are solely responsible for protecting your assets and keeping backups of your wallet. Why Use Binance Web3 Wallet Using an MPC-based wallet significantly reduces the risk of key compromise, which occurs with conventional wallets that store keys in a single location. This wallet also eliminates the need for a mnemonic phrase, which is a major flaw in many wallets. These features, coupled with its user-friendly design and ease of access to various DeFi services, make the MPC cryptocurrency wallet a superior and more secure solution for managing digital assets. Overall, Binance Web3 Wallet: Simple: Binance Web3 Wallet is part of the Binance Mobile App, providing easy access to various DApps, DeFi, and smooth switching between CeFi and DeFi. Convenient: This wallet simplifies DeFi interactions, allowing users to easily access various "financial management" and DeFi services. It also has an "airdrop zone" for exclusive airdrops and supports cross-chain transactions on major networks.Security: This wallet uses multi-party computation (MPC) technology to increase asset security by splitting and storing keys in three different locations (the user’s device, cloud storage, and Binance servers). The future vision of the blockchain industry The launch of Binance Web3 Wallet is a key component of the future vision of the blockchain industry. Global applications rely on creating simple and secure usage experiences. "While we believe Web3 will improve financial freedom around the world, our industry must continue to develop tools that guide and protect users while reducing barriers to adoption. To increase Web3 adoption, we must find out and fill the gap between centralized and decentralized systems. Binance Web3 Wallet lowers the barrier to entry for users to achieve fully self-custody of assets and is an important and convenient bridge to DeFi empowerment. Ultimately, our priority The mission is to ensure that users can explore Web3 with us in an easy-to-use and protected environment." - Binance founder and CEO Changpeng Zhao Conclusion Binance Web3 Wallet stands out with its cutting-edge MPC technology and distributed security features The forefront of Web3. We are proud to bring this inclusive, flexible and secure solution to people around the world, driving digital finance to the next stage. Fundamentally, Binance Web3 Wallet marks a transformative shift toward further financial freedom and privacy management, and we are proud to be a part of this change. Further Reading Introduction to Binance Web3 Wallet Binance Web3 Wallet: A Self-Hosted Wallet Introduction to Binance Web3 Wallet and How It Works Binance Web3 Wallet FAQ Disclaimer: Binance Web3 Wallet is a product of choice. It is your responsibility to make your own judgment as to whether this product is suitable for your needs. Binance is not responsible for your access to or use of third-party applications, including features embedded in Binance Web3 Wallet. Binance also assumes no responsibility for any problems that arise when you use such third-party applications, including but not limited to any transaction disputes. Please read the Binance Web3 Wallet Terms of Use carefully and be sure to do your own research.