With a user base surpassing 1 million, Bybit celebrates the remarkable success of its BybitWeb3 wallet. This milestone serves as a testament to the platform’s commitment to providing secure and accessible storage solutions for digital assets.
By employing the Confidential Computing Protocol (MPC), Bybit’s private keyless wallet empowers users with complete control over their assets, ensuring their security and eliminating the reliance on third-party storage providers.
The innovative MPC-based solution removes the burden of remembering or safeguarding private keys, mitigating the risk of loss and unauthorized access. This is achieved through the distribution and processing of private keys in secure vaults, enhancing security without compromising convenience.
“We firmly believe in the immense potential of Web3, yet its complexity and security concerns often deter users. The Keyless Wallet represents a significant milestone in our vision for a simple, open, and fair Web3 ecosystem. We prioritize security without compromising convenience. The support from the Web3 community has been instrumental in achieving this milestone of 1 million users for our Bybit Web3 wallet. This accomplishment marks a significant step towards a more inclusive digital landscape,” emphasized Ben Zhou, the co-founder and CEO of Bybit.
Key Features of the Bybit Keyless Wallet
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No private keys: The MPC protocol eliminates the need for traditional mnemonic phrases and securely stores keys in separate locations, ensuring enhanced security.
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CertiK certification: The wallet undergoes rigorous security verification by CertiK, a reputable company specializing in assessing blockchain projects’ security.
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Three-factor authentication (3FA) protection: The wallet incorporates a three-tier security system, including Bybit account authentication, wallet password, and mobile device authentication.
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Secure TEE Trusted Management Environment signatures: Transactions are signed by both the client and server in secure Trusted Execution Environments (TEEs), significantly bolstering security.
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Non-custodial storage: Bybit Keyless Wallet users retain complete control over their private keys, granting them sole ownership and control of their assets.
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Secure 3FA recovery system: Account recovery is safeguarded by a robust system that mandates Bybit account authentication, recovery password, and personal cloud storage.
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Protected signature process: When interacting with decentralized applications (DApps), the signing process ensures the private key remains undisclosed, greatly enhancing the security of assets and private keys.
According to a recent study conducted by Bybit, security and ease of use are paramount considerations for users when selecting a cryptocurrency wallet. Bybit Keyless Wallet addresses these concerns, combining advanced security measures with an intuitive user interface. Additionally, Bybit Web3 plans to introduce a mnemonic phrase wallet in February 2024, further expanding its range of secure and user-friendly solutions.