The entire network is using Binance Wallet to attack Meme: How does this "private keyless" wallet work?

The BSC has been unprecedented recently, but in fact, many people have major misunderstandings about the [Private Key] of Binance Web3.

Some people think it is Binance who helps him host his private key. As a result, once the software is accidentally uninstalled or the phone is lost, I find that my wallet cannot be recovered.

※ Because Binance only has: (1) you have a backup QR code; (2) and you remember your wallet password. Only under two premises can we have the ability to help you recover.

Quick self-test:

• If you don't have a backup, please back up immediately;
• If you save the QR code, please save an additional copy on another phone immediately;
• If you have backed up 2+ QR codes, please recall the password set immediately. If you don’t have any impression, please back up immediately.

Next, let’s talk about the principle of this private keyless wallet.

This wallet is essentially an MPC wallet, that is, multi-party security calculations, not a custodial wallet.

Simply put, it divides the private key into two pieces. Binance controls one piece, and you keep one piece by yourself. You can understand it as a 2/2, not 1/2, and it is indispensable.

If you forget your password or don't have a QR code, Binance has no way to help you find it, even if you find @heyibinance

Or @cz_binance

, they can't help you, because it's technically impossible.

Thanks to the industry's continuous popular science education, many people are very well preserved by traditional private keys and mnemonic words, but after seeing [Private Key], they inexplicably relaxed their vigilance.

Note:

• If you don’t save the QR code, the software will be gone = it cannot be retrieved;
• If you save the QR code, the phone will be lost = it cannot be retrieved;
• If you save the QR code, forget the password = it is extremely difficult to retrieve;

So although the name is [Private Key], for you, that QR code + password = your private key.

So, why does the [Private Keyless] wallet still require users to save these things? Isn’t this the same as saving a private key?

The advantage is that you can safely store these QR codes on your mobile phone or on the cloud Internet disk. Even if you get a Trojan or Internet disk leak, the hacker gets your QR code without a password and your Binance account, your assets are still safe.

If you searched for help, there are two extreme situations:

【Save the QR code, but forget the password】

Passwords can be brute-breaked through exhaustive methods, but they are quite troublesome. I have succeeded once.

【N wallets have been deleted, but the first wallet cannot be restored】

If you still have the QR code + password of your old wallet, then you can contact Binance customer service to help you because they have their private key.

I have probably thought of so many experiences, and I hope it can help some people.