Binance releases Web3 wallet, an article details its highlights

Quick introduction: According to news on November 8, Binance regional market general manager Richard Teng announced the launch of the self-hosted Binance Web3 wallet at Binance’s flagship event Istanbul Binance Blockchain Week. It aims to provide users with a simple, safe, and one-stop Web3 experience.

This wallet is embedded in the Binance App, providing users with a way to explore the Web3 world without complicated registration or worries about losing mnemonic phrases. Users can easily exchange multiple tokens, access various DApps, quickly transfer funds, and earn income using cryptocurrencies.

Binance, the world’s leading blockchain ecosystem and virtual asset exchange, recently launched a product called Binance Web3 Wallet. The wallet is designed to meet users' needs for a simple, convenient and secure experience in the Web3 world. The wallet was officially launched at Binance Blockchain Week Istanbul, Binance’s flagship event.

Binance Web3 Wallet is a secure, self-hosted cryptocurrency wallet that provides users with a digital gateway to Web3. Through simplified processes, users can conduct cross-chain transactions at the best prices on multiple network exchanges, supporting thousands of tokens. In addition, users can also explore various DApps through Meta Yuanshi Toutiao (WeChat id: TopMetaNews), quickly transfer funds between exchanges and wallets, and earn profits from cryptocurrencies. All these functions can be accomplished within a reliable wallet.

Binance founder and CEO Changpeng Zhao ("CZ") said:

"Web3 wallet can not only store digital assets, but also is an indispensable part of the Web3 architecture, empowering individuals to achieve financial autonomy."

Web3 may be too complex for most users. However, the Binance Web3 wallet was designed with user experience as the primary consideration, aiming to improve the accessibility of Web3 and make it easier for users to get started. Whether you're new to cryptocurrency or a seasoned trader, you'll get real value from Web3 Wallet.

Binance Web3 Wallet Highlights

Cross-chain Token Exchange: Trade a large number of tokens across multiple networks and enjoy deep liquidity and minimum Slippage;

Easy transfer: Complete fast and convenient transfers between the Binance exchange platform and Binance Web3 wallet, and between centralized finance (CeFi), decentralized finance (DeFi) and Web3 platforms;

Improved security: Binance Web3 Wallet uses the most advanced multi-party computation (MPC) technology to create three separately stored "key shards", thereby eliminating single points of risk;

Built-in Risk Alerts: Receive alerts on potential security risks related to your coin or blockchain through Binance Web 3 Wallet.

Main advantages of Web3 wallet

Unparalleled simplicity: Web3 wallets are built directly into the Binance mobile app, allowing users to create and launch a Web3 wallet in just seconds. Seamless integration means that users can access DApp and decentralized finance (DeFi) functions directly through the Binance interface without switching between platforms. The use of advanced technology Multi-Party Computing (MPC) also removes the need for user management or memorization of mnemonic phrases, without compromising the benefits of security and self-hosting.

One-stop convenience: With Web3 wallet, you can improve accessibility, smoothly utilize idle cryptocurrencies, and earn income through assets. Web3 Wallet has a series of innovative financial management and DeFi services, and users can obtain rewards through digital assets. Meta Meta Universe Headline (WeChat id: TopMetaNews) Binance Web3 Wallet also allows users to explore a variety of DApps with one click, use the exchange trading function, deep liquidity and low slippage to buy cryptocurrencies at the best price, and trade in a variety of different A service area for cross-chain transactions on the Internet.

Reliable security: Protecting users and assets is key. The user's private key is divided into three small parts called key shares through MPC technology. Storing key holdings in three different locations can reduce the risk of key theft and reduce system vulnerabilities. Since the Web3 wallet is a self-hosted wallet, two of the three key holdings are controlled by the user. Funds held in the wallet are held and accessed only by users. Web3 Wallet also incorporates enhanced security features such as incorrect address protection and malicious contract detection, which can notify users of security risks in tokens or blockchain addresses during transactions.

CZ added:

"Even as we believe Web3 can increase financial freedom around the world, the industry must continue to build tools to educate and protect users while reducing friction. To help drive Web3 adoption, we must identify and bridge the gaps between centralization and The gap between decentralized systems.

Binance Web3 Wallet lowers the entry barrier for fully self-custody of user assets and is a major convenient bridge for DeFi empowerment. Our top priority remains ultimately ensuring that users can explore Web3 in a user-friendly and secure environment. 』

Why did Binance launch its own built-in wallet?

The importance of wallets is self-evident. One is the often mentioned value of traffic entrance, and the other is the trend of division of labor in the currency circle.

Let’s talk about the value of traffic entry first. The development of DeFi is bound to erode the market share of CEX. This is a matter of time. DeFi and CEX have been considered to be competing with each other and being replaced for a long time.

All CEX are aware of this and have plans in the wallet field. However, faced with the monopoly of MetaMask in the wallet market, it is difficult for CEX to expand in the wallet field.

Building decentralized wallets into Cex’s App has become an industry trend, especially the rise of Brc20, which has slowly broken the wallet market structure. I have to mention the contribution of #OKX Wallet, which is directly related to CEX. Integration brings unexpected results.

You can clearly see that more and more people are posting wallet screenshots using the OKX wallet, which also allows many exchanges to see new opportunities for CEX to enter the wallet field, no doubt including #Binance

The weight of the OKX wallet interface can be said to account for half of the OKX CEX, rather than being a small function. There is a high probability that subsequent CEX wallets will learn from this model.

With the addition of Binance Wallet, this wallet war led by CEX has begun. Lao Wu believes that this will accelerate the evolution of wallet forms and the evolution of the pattern, because the exchange has stronger competitiveness.

Binance may completely dominate the mobile wallet market

MetaMask’s dominance on the computer side is still solid, but on the mobile side, with the advancement of Binance Wallet, Binance will dominate the mobile market. Lao Wu believes that this will be realized soon. Why not OKX wallet? Because in terms of traffic base, Binance has absolute dominance.

You can refer to the previous development of the Binance contract market. Meta Yuanshi Toutiao (WeChat ID: TopMetaNews) At first, Binance did not have a contract market, mainly OKX and BitMex. Soon after Binance launched the contract, the contract market share was stable. Ranking first, there is no way for the strong to stay strong.

Of course, the addition of Binance, OKX, and subsequent CEX will be very beneficial to the development of the wallet market. Only with enough competition can evolution be accelerated.

For example, the abstract wallet we often mention, with the addition of Binance, is likely to be involved in the competition between CEX, and even new forms of wallets will appear.

The current Binance Wallet is still in the development stage. Once Binance Wallet becomes the largest entrance to mobile wallets, it can set up aggregators, DEX aggregation, cross-chain aggregation, and revenue aggregation to directly complete all DeFi protocols. The upper layer siphons and hijacks traffic to have full say in the DeFi protocol.

About Binance

Binance is the world's leading blockchain and cryptocurrency infrastructure provider, offering a full range of financial products, including the largest digital asset exchange by trading volume. Trusted by millions of people around the world, the Binance platform is committed to increasing users’ financial freedom and has an unparalleled portfolio of cryptocurrency products and services, including: trading and finance, education, data and research, social welfare, investment education , decentralization and infrastructure solutions, etc.

Reference link:

1.BITWU.ETH twitter

2.https://www.blocktempo.com/binance-launches-web3-wallet/

Compiled by: Meta Universe Headlines

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