Creating a Wallet Without a Private Key or Seed Phrase
2024-01-02
As cryptographic technology continues to evolve together with the growth of Web3, new and more innovative wallet solutions have emerged. Amongst these, MPC wallets that do not require private keys or seed phrases have seen a surge in popularity.
But what exactly is an MPC wallet and how does it compare to a standard EOA seed phrase wallet? In this article, we will be diving into an in-depth explanation on both types of wallets, and provide you with a detailed guide on creating your wallet.
What is a Keyless MPC Wallet?
A wallet without a private key is more understood as an MPC wallet. MPC stands for Multi-Party Computation, a privacy computing technology. With an MPC wallet, private keys no longer need to be stored in a single location. Instead, MPC generates multiple key shards through distributed key generation, with each shard stored by different parties in different places. When a transaction needs to be signed, the MPC protocol summons each independent private key shard owner to sign the transaction in a distributed and private manner.
In simpler terms, an MPC wallet provides a "no mnemonic phrase" user experience, significantly lowering the barrier for users to use the wallet. Users no longer need to worry about recording and storing complex mnemonic phrases; they only need to record a simple password to manage their crypto assets. This also avoids the risk of a single point of failure for the private key, making the wallet more secure.
Creating a Keyless MPC Wallet
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New users who have downloaded Bitget Wallet for the first time need to first select "Create Wallet" and then opt for "Keyless Wallet". For existing users, simply access the wallet selector menu on the top left-hand corner of the Wallet interface and choose "+ Add a Wallet", before selecting on the wallet name dropdown menu, choose "Add Wallet", and select "Keyless Wallet" from the pop-up window.
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After accessing the creation interface of the Keyless MPC Wallet, select a convenient login method, such as "Sign in with Email". Enter your email address and switch to your inbox to retrieve the verification code sent by Bitget Wallet. Enter the code to complete the verification process.
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After verification, set a 6-digit transaction password. Verify the password once more to finalize the creation of your non-private key wallet. Please note that this transaction password is exclusively used for the non-private key wallet.
Backing up your Keyless Wallet
Backing up your keyless MPC wallet is comparatively easier than backing up a conventional EOA seed phrase wallet. To do so, simply follow the steps below:
1. On the wallet homepage, select "Take a minute to back up".
2.Proceed with the on-screen instructions to perform your iCloud verification and Google Drive backup.
After completing the iCloud/Google Drive backup, you will see your wallet backup status changed to "Backed Up". You have now successfully enhanced your overall wallet security.
Four Major Advantages of a Keyless Wallet
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“Keyless” experience and user-friendly
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The safest and most reliable technical solution in the industry
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Reshare mechanism and independent password for multiple layers of security
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Using a 2/3 signature mechanism, giving users absolute control of the wallet
What is a Seed Phrase / Mnemonic Wallet?
A mnemonic wallet, or a seed phrase wallet, is a type of crypto wallet based on deterministic wallet generation algorithms.
It uses a set of randomly generated words to represent the wallet's seed key. This set of words is known as the mnemonic phrase. Typically, it contains 12 to 24 words. Bitget Wallet offers options for 12 or 24-word mnemonic phrase wallets. Users only need to remember this set of words to restore their wallet accounts and gain control over their crypto assets.
The advantage of a mnemonic phrase wallet lies in its memorability and ease of recording, which facilitates backup. However, there is also a risk of asset loss due to the mnemonic phrase being stolen or forgotten, so users need to take care to securely store their mnemonic phrases.
How to Create a Mnemonic Wallet?
After clicking "Create Wallet," you may choose to set up either a "12-word mnemonic wallet" or a "24-word mnemonic wallet." As Bitget Wallet automatically creates multi-chain seed phrase wallets by default, the addition of several mainnets and the set-up of your wallet will take around half a minute.
Backing Up Your Mnemonic / Seed Phrase Wallet
After creation, click “Take a minute to back up” on the wallet homepage. Carefully read the instructions for backing up the mnemonic phrase and securely save the mnemonic phrase as prompted. Once you have completed the mnemonic phrase verification, click “Confirm” to finish.
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