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"Binance has announced the launch of the Binance Web3 Wallet. Introduced at the flagship event Istanbul Binance Blockchain Week today, the wallet aims to meet the demand for a simple, convenient, and secure experience in the Web3 world. Millions of Binance users can now explore and experience Web3 without the risk of losing mnemonic phrases or dealing with complex registration processes.
The Binance Web3 Wallet, integrated into the Binance app, is a self-custodial cryptocurrency wallet that serves as a digital gateway to Web3. With the introduction of the Web3 wallet, users can now seamlessly navigate multiple networks, exchange thousands of tokens at optimal prices through a secure and simplified process, explore various DApps, transfer funds rapidly between the wallet and exchange, and utilize cryptocurrencies to earn rewards—all within a single reliable wallet.
Changpeng Zhao (CZ), Founder and CEO of Binance, stated, ""The Web3 wallet not only stores digital assets but is an essential part of the Web3 architecture, providing individuals with financial autonomy.""
For most users, Web3 can be complex, and the design of the Binance Web3 Wallet prioritizes user experience, aiming to improve Web3 accessibility and make it easier for users to get started. Whether users are new to cryptocurrency or have significant trading experience, they can discover the value brought by the Web3 Wallet.
Key advantages of the Web3 Wallet include:
1. Unparalleled Simplicity: The Web3 Wallet is built directly into the Binance mobile app, allowing users to create and activate the wallet within seconds. Seamless integration means users can access DApps and decentralized finance (DeFi) features directly through the Binance interface, eliminating the need to switch between platforms. The use of advanced Multi-Party Computation (MPC) technology removes the need for users to manage or memorize mnemonic phrases, while still maintaining security and the benefits of self-custody.
2. All-in-One Convenience: The Web3 Wallet enhances accessibility, enabling users to make the most of idle cryptocurrencies, earn rewards through innovative financial and DeFi services, and explore various DApps. Users can use the wallet to explore multiple DApps, utilize the exchange function to buy cryptocurrencies at the best prices with deep liquidity and low slippage, and engage in cross-chain transactions across different networks.
3. Reliable Security: Protecting users and assets is paramount. The private key is split into three smaller parts called golden key shares using MPC technology. Distributing these golden key shares to three different locations reduces the risk of key theft and system vulnerabilities. Two out of the three golden key shares are controlled by the user since the wallet is self-custodial. The funds held in the wallet are solely controlled and accessed by the user. The Web3 Wallet includes enhanced security features such as error address protection and malicious contract detection, providing notifications to users during transactions if tokens or blockchain addresses pose security risks.
CZ added, ""Even though we believe Web3 can increase financial freedom worldwide, the industry must continue to build tools to foster and protect users while reducing adoption barriers. To assist in driving Web3 adoption, we must identify and bridge the gap between centralized and decentralized systems. The Binance Web3 Wallet lowers the entry barrier for users to fully self-custody their assets and is a significant convenience bridge for DeFi empowerment. Our primary goal remains ensuring users can explore the Web3 universe in a user-friendly and secure environment.""
Richard Teng, Binance's Regional CEO, also shared, ""The overall goal in designing the Binance Web3 Wallet is to enhance the experience for existing users exploring Web3. We want users to be confident that they are exploring the Web3 world within a reliable and protected ecosystem. This is why our Web3 Wallet incorporates MPC technology and Binance's trusted security infrastructure. Worries about losing mnemonic phrases will no longer exist, allowing us to provide a safe and smooth entry for millions of users to explore the Web3 universe with ease.""
To ensure a smooth user experience with the newly launched Web3 Wallet, Binance's customer support is available around the clock to assist with any queries or issues.
The Binance Web3 Wallet is developed in collaboration with the product and engineering teams of Trust Wallet, utilizing the same wallet technology layer services. However, Binance retains independent control over the functionality, operations, and services of the Web3 Wallet." |
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Post time 13-11-2023 11:57:41
