Binance and BNB Chain Bring Wallet SDK for Web3 Developers

Binance offers easier access from apps to DeFi or Binance trading.
  • Binance offers wallet-as-a-service SDK for any Web3 app.
  • The wallet SDK will be expanded with connection to smart contracts, Binance identity and more.
  • Binance is recruiting projects to use its SDK under controlled testing conditions.

Binance extends its efforts to educate and bring in talent to the blockchain. Binance also creates sources for developers, with SDK to generate user-friendly wallets. The Binance approach is suited to more experienced developers, aiming to bring easy DeFi and exchange access to their apps. 

The Binance SDK is used to provide GameFi solutions, when connecting the in-game identities to Binance DeFi Wallet. The toolset includes checks for verified wallets, as well as security steps when interacting with smart contracts. Binance’s approach fits the wallet-as-a-service model, where any app can become a one-stop hub for tokenization and all Web3 activities. 

Binance Uses Multi-Party Computation

Demand for simplified wallets has placed more security demands on app builders. This led to the usage of MPC, or multi-party computation, which allows several sides to securely control a wallet’s keys. 

MPC opens the door to wallet-as-a-service and seamless Web3 wallets, where the user is not storing the entire private seed. The technology is still relatively new, and access is restricted to hand-picked Binance partners, which can safely store a component of the private key. New projects will only be added after consideration from the Binance team.

The initial stages will offer a basic wallet for transactions, with more Binance services to be added and integrated in the future. For now, the wallet SDK has been around since mid-April, and will continue to be tested in the coming weeks. Binance has made a call for more projects to try the integration for testing purposes, with the goal of also securely storing a part of the keys to the user’s wallet.

The end goal is to make user experience easier, and calls to smart contracts more seamless and safer. One of the big risks for users, moving tokens into DeFi smart contracts, will be avoided through multi-party integration.

When the full capabilities are unrolled, the Binance wallet SDK will offer access to numerous services, including  Binance ID, biometric authentication, Wallet Connect support, and SoulBound Tokens (SBT), a form of NFT that cannot be transferred. The other potential benefit would be to connect the user’s Web3 wallet to a Binance exchange wallet for some of the onboarding or reselling of tokens.

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