Bitverse: How to Create a Bitverse Wallet for Bybit Web3

Web3 technology is transforming the digital landscape, paving the way for a decentralized and user-centric internet experience. With its ability to enable peer-to-peer interactions, eliminate intermediaries and enhance security, web3 is revolutionizing the world of cryptocurrencies and blockchain. In this context, Bybit Web3 emerges as a groundbreaking platform that seamlessly connects users to the web3 ecosystem. In this article, we’ll share how you can incorporate Bitverse into Bybit Web3 and use them concurrently to navigate the world of web3. 

Key Takeaways:

• Bybit Web3 is a platform that enables users to access the web3 ecosystem.
• Bitverse’s web3 wallet allows users to access their assets wherever and whenever they want. It’s powered by MPC technology that provides noncustodial, multi-chain and decentralized functionalities. 
• Learn how you can create your own Bitverse Wallet and use it with Bybit Web3 today.

What Is Bybit Web3?

What Is Bitverse?

When Bitverse released its initial beta, it successfully amassed a user base exceeding 50,000, facilitating the creation of over 100,000 wallet addresses.

Through unique custom offerings like Event Guessing, Lucky Airdrop, NFT Market and Game Benefits, Bitverse enhances user engagement and cultivates loyalty. Furthermore, the Guessing and Airdrop sections are open to all projects, offering opportunities to earn cryptocurrencies while benefiting from Bitverse's diligent operation and maintenance support.

How Does a Bitverse Wallet Work?

MPC enables wallets to establish a robust on-chain asset management system that simplifies recovery processes and enhances secure self-custody by eliminating the vulnerability of a single point of failure inherent in private keys. 

Bitverse serves as a secure, decentralized and reliable digital wallet that utilizes MPC technology, eliminating the need for users to personally and manually store their private keys. The distributed key share architecture intrinsic to MPC wallets effectively eliminates the risks associated with insecure private key storage and single signature verification points. This empowers users with complete ownership and control over their wallets and funds, guaranteeing 100% privacy assurance. Additionally, Bitverse doesn’t retain custody of a user's funds, ensuring that trades can only be initiated by the users themselves.

How to Create a Bitverse Wallet

Eager to find out how you can create your very own Bitverse Wallet? Follow our detailed steps to get started.

Step 1: Download the Bybit app from the Apple App Store or Google Play Store and launch the app.

Step 2: Sign up for a Bybit account if you don’t already have one. Once you’re logged in, tap on Web3 on the home page.

Step 3: Tap on Wallet → Connect Bitverse Wallet. 

Step 4: Tap on Create Your Bitverse Wallet.

Step 5: Input your email address to create your Bitverse identity profile. When finished, tap on Get Code to receive an email notification with your verification code. Enter the verification code, and tap on Next.

Step 6: Set your Bitverse Wallet password. Tap on Next and a window will pop up. Tap on Confirm.

Step 7: Your MPC Bitverse Wallet has been successfully created! However, to increase the security level of your wallet, it’s recommended you back up your wallet through the Recovery Kit. This will also come in handy in the event that you forget your password. To do so, tap on the Right Arrow (→). 

Step 8: You may choose to back up your Bitverse Wallet through Google Drive and/or Dropbox by tapping on Sync Now.

Step 9: You may proceed to download the Bitverse app on Apple App Store or Google Play Store to easily view your assets.

How to Fund Your Bitverse Wallet

To ensure that your web3 journey is a smooth one, you might want to transfer some of your funds from your Bybit account to your Bitverse Wallet. Here’s a simple guide on how to do that.

Step 1: On the homepage of your Bitverse app, tap on Receive.

Step 2: Select the token and chain that you would like to receive.

Step 3: Scan the QR code or copy the wallet address and use it as the destination address when you send funds from your Bybit account.

Advantages of Using a Bitverse Wallet

There are various advantages to using a Bitverse Wallet. Here are some of them:

Security

Bitverse Wallet is highly secure, thanks to its use of MPC technology to generate key shards for wallets in a distributed fashion. This approach eliminates the need for you to memorize or store traditional mnemonic phrases (also known as seed phrases), and effectively tackles the vulnerabilities associated with centralized storage of private keys and single-point signature risks. As a result, Bitverse ensures that wallet assets are constantly kept in a secure state, granting users absolute control over their assets while safeguarding their privacy with the utmost efficiency.

Convenience

With a foundation based on cryptographic principles, zero-knowledge proof, TEE (trusted execution environment) and multiple security authentication and encryption mechanisms, Bitverse introduces an original secret key partition management system. This ensures the wallet’s secure and dependable backup and recovery functions, providing users with a safe and convenient wallet management experience. 

Bitverse also goes a step further by offering a platform-agnostic wallet backup and recovery mechanism with Google Drive and Dropbox, safeguarding user assets even in scenarios where Bitverse may encounter downtime or become temporarily unavailable.

Account Abstraction

The dedicated team at Bitverse is currently working on the development of an AA (account abstraction) wallet that enables the utilization of non-main-chain currencies to cover gas fees. This means users can employ currencies such as USDT to pay for Ethereum gas fees. By combining the power of MPC technology with the flexibility of AA, the resulting wallet delivers an unparalleled user experience while minimizing gas costs.

Adjustability

In order to cater to users’ diverse requirements of, Bitverse also offers support for single-signed wallets, utilizing the traditional mnemonic phrase commonly used by web3 wallet holders. This feature ensures compatibility and meets the specific preferences of individuals seeking a more familiar wallet setup.

Others

With the assurance of authoritative third-party security audit reports, Bybit users can seamlessly switch between wallets without disrupting their operations. Currently, users can take advantage of the Bitverse app to receive free Mantle test coins to embark on an exciting web3 journey.

The Bottom Line

In conclusion, Bitverse has successfully introduced a groundbreaking web3 wallet that embraces the principles of decentralization, security and user empowerment. Through the utilization of MPC technology, Bitverse has revolutionized the way users manage their assets by providing a noncustodial, multi-chain wallet solution. 

With a strong emphasis on privacy protection, Bitverse ensures that users have full ownership and control over their wallet assets. The integration with Bybit Web3 — as well as its seamless interoperability with other wallets — exemplifies the commitment of both Bybit and Bitverse to advancing the web3 ecosystem. 

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