Recently, BSC has been thriving, but many people have significant misunderstandings about Binance Web3's "keyless" feature.

Some believe that Binance is helping to manage their private keys. As a result, if they accidentally uninstall the software or lose their phone, they find that their wallet cannot be recovered.

※ Because Binance can only assist in recovery if: (1) you have a backup QR code; (2) and you remember your wallet password. Both conditions must be met for them to help you recover.

Quick Self-Check:

• If you do not have a backup, please back it up immediately;
• If you have stored the QR code, please save an additional copy on another phone immediately;
• If you have backed up 2+ copies of the QR code, please recall your password; if you have no recollection, please back up again immediately.

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

This wallet is essentially an MPC wallet, which stands for Multi-Party Computation, and is not a custodial wallet.

In simple terms, it splits the private key into two parts: Binance holds one part, and you self-custody the other part. You can think of it as a 2/2, rather than a 1/2; both parts are essential.

If you forget your password or do not have the QR code, Binance has no way to help you recover it, even if you contact @heyibinance or @cz_binance; they cannot assist you because it is technically impossible.

Thanks to the ongoing educational efforts in the industry, many people are very good at storing traditional private keys and mnemonic phrases, but upon seeing "keyless," they inexplicably let their guard down.

It is important to know:

• No QR code stored, software gone = cannot be recovered;
• QR code stored, phone lost = cannot be recovered;
• QR code stored, password forgotten = extremely difficult to recover;

So even though it is called "keyless," for you, that QR code + password = your private key.

So, why does the "keyless" wallet still require users to save these items? Isn't that the same as saving a private key?

The benefit is that you can safely store these QR codes on your phone or in cloud storage. Even if you are infected with malware or if the cloud storage leaks, hackers obtaining your QR code without the password and your Binance account means your assets remain secure.

If you found this post out of desperation, there are two extreme situations:

[Stored the QR code, but forgot the password]

The password can be brute-forced through exhaustive methods, although it is quite troublesome; I have succeeded once.

[Deleted N wallets, unable to recover the first wallet]

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

Some words of experience, that's about all I can think of; I hope it can help some people.

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