A keyless Wallet is a specialized cryptocurrency wallet that leverages multi-party computation (MPC) technology. It relies on joint computation from multiple parties while masking each party’s confidential information. 

 

Unlike traditional wallets, Keyless Wallets distribute key generation and storage processes among multiple parties, effectively minimizing risks associated with a single point of failure. This unique approach not only enhances security but also builds resilience against potential threats through collaborative methodologies.

 

The Keyless Wallet currently supports the following functions:

 

More functions like IDO and Staking using Keyless Wallet on Bybit Web3 will be available soon, stay tuned! 

 

While creating a Keyless Wallet is currently exclusive to the Bybit App on mobile devices, you can still leverage its power to interact with decentralized applications (dApps) on your PC through WalletConnect.

Here is a step-by-step guide on how to get started with Keyless Wallet on the Bybit app.

• Create a Keyless Wallet

  • If you have not connected to any Wallet to Bybit Web3

  • If you have connected a Wallet on Bybit Web3

• Back up your Keyless Wallet

• Import your existing Keyless Wallet

• Reset your Wallet Password

Create a Keyless Wallet

a. If you have not connected to any Wallet to Bybit Web3

Step 1: Open your Bybit App and log in. Your App version needs to be v.4.33.0 or higher.

Step 2: Go to Web3, and tap Create a Bybit Wallet → Keyless Wallet to create your Keyless Wallet.

 

Step 3: Set a wallet password for your payments and transactions. Back up your wallet password as Bybit is unable to retrieve or reset it for you.

 

Step 4: Tap Create Now and your Keyless Wallet is ready.

 

 

 

Note: You can use your Keyless Wallet after successfully backing up your wallet password.

b. If you have connected a Wallet on Bybit Web3

Step 1: Open your Bybit Wallet, select your wallet, tap on Add Wallet(s).

 

Step 2: Select Create Wallet → Keyless Wallet.

 

Step 3: Set your Wallet password, and then Confirm. Back up your wallet password as Bybit is unable to retrieve or reset it for you.

 

Step 4: Tap Create Now and your Keyless Wallet is ready.

 

Back up your Keyless Wallet

Step 1: On your Keyless Wallet profile page, tap Wallet Backup.

 

Step 2: Enter your wallet password, and tap Confirm.

 

Step 3: Choose a cloud drive to back up your wallet.

 

Step 4: Enter a cloud recovery password (backup password) and tap Confirm. Securely store and back up your recovery wallet as Bybit is unable to retrieve or reset it for you.

 

Step 5: You will be directed to a window to enter your cloud drive login credentials.

 

 

You have successfully backed up your Keyless Wallet.

Import your existing Keyless Wallet

Step 1: On the app, navigate to Web3 → Import Existing Wallet → Keyless Wallet

 

Step 2: As you are importing your wallet to a new device, you will need to set a new password for this device. Enter and back up your wallet password before tapping Confirm.

 

Step 3: Select the cloud drive where you previously backed up your wallet.

 

Step 4: Key in your recovery password (backup password) and tap Confirm.

 

 

You have successfully imported your existing Keyless Wallet. 

Notes:

• The recovery password (backup password) is the one you’ve set previously when backing up your keyless wallet. It is essential for managing your keyless wallet. Bybit will not be able to retrieve or reset it for you. 

• Deleting backup files stored on your cloud drive will result in the permanent deletion of your keyless wallet. 

• The backup file on the cloud drive is named “DO NOT DELETE Bybit Wallet Backup”.

 

Reset your Wallet Password

To reset your wallet password on Bybit, you will have to reset the current device. The detailed steps are as follows:

 

Step 1: To reset your device, uninstall your wallet app and reinstall it.

Step 2: Follow the steps to import your keyless wallet into the new app. You can pick a new wallet password, but you cannot reset the recovery password (backup password). If you lose the recovery password (backup password), you won't be able to restore your keyless wallet.