WEB3AUTH & BINANCE CHAIN EXTENSION WALLET (BEW) PAVING THE WAY FOR CRYPTO FUTURES

What is Binance Chain Extension Wallet (BEW)?

BEW Expansion Wallet is the official Binance crypto wallet that grants simultaneous access to Binance Smart Chain , Binance Chain , and Ethereum . The extension allows users to securely store cryptocurrencies and connect to thousands of projects on different blockchains. The wallet is currently available on Chrome, Firefox and Brave browsers.

 

The birth of a more efficient key management solution

Key management is an age-old problem in the cryptosphere. More than $150 billion of crypto assets have been stolen (the total loss is even greater than the GDP of some countries) due to lax and subjective private key management by owners.

 

Since then, the Binance Smart Chain (BSC) ecosystem has realized the importance of key management. In particular, with the increasing popularity of decentralized applications, subjective private key management will inevitably lead to even more significant financial losses.

 

To remedy this – the BSC community has begun looking at various private key management solutions. Very few solutions meet the problem posed, because they are inherently thwarted by the blockchain's trinity of impossibility. Many of these systems have centralized points that reduce censorship resistance.

 

Because of that, Web3Auth was born.

 

Attract thousands of users to Web3Auth

The Binance Chain Extension Wallet (BEW) brought a new seamless and secure process through Web3Auth in early 2021 and has since attracted hundreds of thousands of BEW wallet users.

 

Designed to be simple and easy to understand for general users, the integration includes OAuth credentials, key management that reduces account loss while ensuring unmanaged and decentralized ecosystem request.

 

How Web3Auth handles users' private keys

Web3Auth is a key management model with a simple, unattended authentication infrastructure for Web3 applications and wallets. This is the ultimate solution that solves the above dilemma without degrading the experience, preserving the autonomy and security of the end user. Shamir Secret Shares (SSS) plan deployment model using user's device, private input and wallet service provider.

 

The user's private key will be split into multiple factors, and these split factors are used to regenerate the original encrypted secret key. Like the 2FA system, as long as a user has access to 2 of their 3 elements, they will be able to retrieve their private key and gain access to their wallet.

 

BEW – Web3Auth paves the way for the future of cryptocurrency

BEW's partnership with Web3Auth will ensure that no future user loses access to their valuable crypto assets simply because of forgetting or misplacing a private key. This revolutionary approach is also crucial, paving the way for the mainstream adoption of cryptocurrencies throughout the industry.

 

About Web3Auth

 

Web3Auth is a simple, unattended authentication infrastructure for Web3 applications and wallets. For local users who are already familiar with the concept of cryptocurrency , Web3Auth makes them feel “at home”, allowing them to easily connect or access a key manager of their choice, which can be are Metamask , Phantom , Ledger… For new users, developers can use Web3Auth to build intuitive login flows, such as single sign-on with Google and Twitter, eliminating the need for users must communicate directly with vulnerable public and private key pairs.