How Binance Chain Extension Wallet Removes Seedphrases with Web3Auth
Web3Auth has allowed Binance Smart Chain users to seamlessly create and manage their extension wallets with their Social Accounts
About Binance Chain Extension Wallet (BEW)
Binance Chain Extension Wallet is the official Binance cryptocurrency wallet for accessing Binance Smart Chain, Binance Chain, and Ethereum. The extension allows users to securely store crypto and connect to thousands of projects across different blockchains. It currently supports Chrome, Firefox, and Brave.
The Story Behind the Integration
Key management is a long-standing problem in crypto. Users have lost crypto worth over $150bn (Worth more than even GDPs of several nations) due to inefficient management of their private keys.
The Binance Smart Chain (BSC) ecosystem knew how important it was to make key management and onboarding easy for mainstream crypto adoption. Especially with the increase in the adoption of decentralized apps, mismanagement of private keys was rampant leading to significant financial loss.
The search for a perfect non-custodial key management solution
To fix this — the BSC community started considering multiple private key management solutions. Few solutions had made significant progress in streamlining the user onboarding experience but had long been plagued by the trilemma of sacrificing security or redundancy for convenience. Many of these systems also had points of centralization that reduced censorship resistance.
They were then introduced to Web3Auth.
Onboarding thousands of users through Web3Auth
Binance chain Extension Wallet (BEW) introduced a new seamless and secure user onboarding process through Web3Auth in early 2021 and has since onboarded hundreds of thousands of users into the BEW wallet.
Designed with a simple and straightforward user experience for mainstream users, the onboarding includes OAuth logins, key management that reduces account loss while retaining the non-custodial guarantees that the decentralized ecosystem requires.
How Web3Auth handles users’ private keys
Web3Auth is a model of threshold key management that solves the trilemma without sacrificing user experience while retaining end-user autonomy and security. The model implements the Shamir Secret Shares (SSS) scheme using the user’s device, private input, and wallet service provider.
The user’s private key is split into multiple factors, and these split factors are used to reconstruct the original encrypted secret key. Like 2FA systems, as long as the user has access to 2 out of 3 of their factors, they will be able to retrieve their private key and gain access to the wallet.
BEW — Web3Auth pave the way for crypto’s future
BEW’s partnership with Web3Auth ensures that no user in the future will ever lose access to their valuable Cryptos just because they forgot or misplaced their private keys. This revolutionary approach paves the way for the mainstream adoption of cryptos across the industry. Reach out to Web3Auth to learn more about how you can integrate this seamless user onboarding experience into your application!