Binance Introduces new Web3 Wallet (in Binance App)

In case you missed the Binance - awaited to be announced - news, there is a new Web 3 Wallet in town. And it is located right in the Binance App.

It does sound strange to have a self-custody wallet right in a centralized exchange wallet, so let's check it out

To be honest, this announcement surprised me a little bit. I thought that Trust Wallet was enough as a supported and suggested wallet, but it seems as if Binance had other plans.

This new web3 wallet is supposed to offer ease of use and convenience to millions of users around the world. Let's see what else we need to know, and what queries may come up. I will also try set it up in my account, so that we can see how easy (or not) it is.

As Binance expresses:

Users will be able to
Transfer

Why juggle multiple apps? Simply do it all in one! Transfer funds between exchange and wallet quickly and easily. Move across CeFi, DeFi, and Web3 in a single tap.

Swap

Powered by Binance Bridge and other DEXs, trade thousands of tokens across various networks. Get the best prices thanks to deep liquidity and low slippage.

Earn

Put your idle crypto to work. Find the best opportunities to earn yield on your assets in seconds.

Are you also wondering what MPC is?

Advanced multi-party computation (MPC) technology is a branch of cryptography that allows multiple parties to jointly perform computations on their private data, without revealing their data to each other or to anyone else. MPC works by using complex mathematical techniques to encrypt, split, and distribute the data among the parties, and then perform the computations on the encrypted data. The final result is then decrypted and revealed to the parties, while the intermediate steps remain hidden. MPC can provide a high level of security and trust, as no single party can manipulate or access the data of others. MPC can also reduce the need for centralized servers or trusted third parties, as the parties can directly communicate and collaborate with each other.

We need to note that at the moment MPC is an active area of research and development, and has many potential applications in various fields and industries
Links & Sources:
https://beincrypto.com/learn/multi-party-computation-mpc
https://crypto.stanford.edu/RealWorldCrypto/slides/smart.pdf
https://academy.binance.com/en/articles/what-are-multi-party-computation-mpc-wallets

You can find some FAQs in this link https://www.binance.com/en/web3wallet , but lets go over some of them here

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If you are thinking of using this, make sure to do your own research and to make sure you have fully understood all the details. I have asked if also non-verified users may create such a wallet, but I have received no response yet.

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It seems to be easy to set it up!

.1. Using the app just follow the steps as mentioned in this video

Wallets > Web 3 > Create Wallet

.2. Using the desktop version: log in / click on more > web3 (or simply visit https://www.binance.com/en/web3wallet) click on 'get started' and you will get the message to download the app!

So you will only be able to create your web3 wallet via the mobile app.

TL;DR

Don't want to read the whole thing? Here are the key points!
Binance introduced a new web3 wallet, which uses advanced multi-party computation (MPC) technology and is only available through its mobile app. Users will be able to swap/transfer/earn and they should be extra careful with not losing their unique password because their funds/wallet will no longer be available. Make sure you read thoroughly before setting it up and using it!

Are there any questions that you have as you read these?
Do you believe that another web3 wallet was necessary at the moment?
Would you / Will you use it?

Posted Using InLeo Alpha