How to Get Started with a Keyless Wallet

A Keyless Wallet is a specialized cryptocurrency wallet that utilizes Multi-Party Computation (MPC) technology. This advanced approach distributes the process of creating and storing private keys across multiple parties, eliminating single points of failure and significantly reducing security risks. Unlike traditional wallets, MPC-based keyless wallets enhance resilience against threats through collaborative cryptography.

Key Features of Keyless Wallets

| Feature | Description |
|---------|-------------|
| Secure Asset Storage | Safeguard long-term holdings with keyless asset storage, enabling seamless token transfers. |
| DApp Integration | Interact with decentralized applications (DApps) without exposing private keys. |
| Daily Transactions | Manage everyday crypto transactions effortlessly. |

Upcoming Features: IDO participation and staking via Bybit Web3 (stay tuned for updates).

How to Use a Keyless Wallet

Although keyless wallet creation is currently supported only on the Bybit mobile app, you can still connect it to desktop DApps via WalletConnect.

Step-by-Step Guide

1. Create a Keyless Wallet

• Option A: New Users

  1. Open the Bybit app (v4.33.0 or later) and log in.
  2. Navigate to Web3 → Create Bybit Wallet → Keyless Wallet.
  3. Set a wallet password (back it up securely; Bybit cannot recover it).
  4. Click Create to finalize.

• Option B: Existing Bybit Web3 Users

  1. Open Bybit Wallet, select a wallet, and click Add Wallet.
  2. Choose Create Wallet → Keyless Wallet.
  3. Set and confirm your wallet password.

2. Backup Your Keyless Wallet

1. Go to the wallet profile page → Backup Wallet.
2. Enter your wallet password and confirm.
3. Select a cloud storage provider (e.g., Google Drive, iCloud).
4. Set a recovery password (store it securely; irreversible if lost).

3. Import an Existing Keyless Wallet

1. In the app, go to Web3 → Import Existing Wallet → Keyless Wallet.
2. Set a new device-specific password.
3. Select the cloud backup and enter the recovery password.

4. Reset Wallet Password

• Note: Requires reinstalling the app.
• Delete and reinstall the Bybit Wallet app.
• Import the wallet using the cloud backup and recovery password.

FAQs

1. Can I recover my keyless wallet if I lose the recovery password?

No. Bybit cannot reset or recover the recovery password. Store it securely.

2. Is the keyless wallet compatible with hardware wallets?

Currently, it only supports MPC technology and WalletConnect for DApps.

3. What happens if my cloud backup is deleted?

The wallet becomes permanently inaccessible. Ensure backups are intact.

4. Are there fees for using a keyless wallet?

Standard network fees apply for transactions; no additional wallet fees.

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Pro Tip: Always verify backup files on your cloud storage (named "DO NOT DELETE Bybit Wallet Backup").