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Binance founded in 2017 by Changpeng Zhao,it is one of the largest crypto currency exchange in the world,with it's own crypto currency is called as Binance Coins.
is an online exchange where users can trade, send, recieve crypto currency.
Recently binance is launch it's of the amzing features i.e. Web 3, yes, keep all your funds Centralised finance(CeFi), decentralised finance (Defi) and web 3 altogether in one app. It was designed to provide it's millions users with simple, convenient and secure way to explore the world of web3. Why to switch to different app when everything is available in just app, as being the user binance since last 5 years and now the user of web3 blockchain, for me it is perfect combination for me, now i don't have to switches betweens different app for my cefi and cefi as everything now available under single roof. For me it become more quickly and easily for me to tranfer funds between exchange and wallets.
Defi wallets is self-custody crypto,as you are able to trade and exchange crypto without the involvement of any third party like banking institution. So now binance the realm of decentralised finance, Serving as a digital gateway to block chain-based application (dapps), if offers an amazing features with all safely and securely manage your crypto currency,to execute token swapping, trading, sending and receiving tokens across multiple chains.
Like the other defi wallets Metamask, one of the most popular web3 wallets in which you have to keep your seed or phrases or private key securely,once you forget your phrase then there is no way of recover youe account there is no such headache in binance, Just simply remember your password,in case you forget your password, then get your registered e-mail Id or Mobile No. to get the security pin and recreate your password. As there are around more than 150 tokens and currencies supported by binance.
Binance Web3 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.
As every one aware of how to deposit fund in binance wallets by credit or debit cards, the new users of web3 something hesitate to use any new wallet as you are responsible for your funds and assets. As wallets uses an advanced security technique know as Multi-Party Computation(MPC)
when you create a Binance web3 wallet,it will generate three wallet key shares
ā¢ share 1 Secured by binance
ā¢ share 2 stored on your device
ā¢ Encrypted by the recovery password you entered and backed up to your cloud storage.
To access your Binance Web3 wallet,you must gave atleast any of the two keys shares with you. The one encrypted key will secure your assets. Therefore to protect the loss of your assets,you should always back up your web3 wallets securely.
For More Detalils kindly visit the link given below
How to Backup your Binance web3 Wallet ?
https://www.binance.com/en-IN/web3wallet
Thankyou
