Binance Keyless Wallet employs Multi-Party Computation (MPC) to create three key-shares, which are then stored in different locations for added security. These locations include your cloud storage and your device. Additionally, you're mandated to secure these key-shares by encrypting them with a recovery password that's solely known to you, or when using the Quick Back-up feature, you can use face ID detection instead of a recovery password.
Multi-Party Computation (MPC) is an enhanced cryptography security mechanism. It alters the traditional method of storing private keys by eliminating the need to retain them in one sole location. In this way, MPC lowers the risk of the keys being compromised and reduces the vulnerability of the system.
Binance Wallet employs MPC (multi-party computation) technology to govern every transaction and mitigates single points of failure to ensure that your assets are safe.
When you create a Binance Wallet, it will generate 3 wallet key-shares:
To access your Binance Wallet, you must have at least 2 wallet key-shares. In the unfortunate event that a key-share is compromised, the remaining ones are still securely encrypted to protect your assets. Therefore, to prevent the loss of assets, you should back up your Binance Wallet and store your recovery password securely.
However, it's crucial to understand that deleting the App could result in the loss of Share 2. This underscores the importance of the backup process for Share 1 and Share 3. Without backups for these key-shares, and especially without your recovery password, regaining access to your wallet and your assets would be impossible.
Now with the Quick Backup option, you do not need a recovery password, by using Face ID detection.
To learn how to back up your Binance Wallet, please refer to How to Back Up My Binance Wallet?
For more details on Binance Wallet, please visit:
Disclaimer: Binance Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Wallet Terms of Use and always do your own research.
