Steemit Crypto Academy | Homework Task 3 For @sapwood |Blockchain Wallet- Chapter-3

First of all, I would like to thank my teacher @sapwood who commented on Blockchain Wallets and gave us an informative lecture on Wallets. I tried to fully understand this lecture. And now I'm going to finish my homework in my own words.

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Blockchain Wallets

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Blockchain Wallet is a digital wallet. It is used for the management, storage, and transfer of assets. There are usually two types.

• Software Wallet
• Hardware wallet

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Software Wallet

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Software Wallet works like a computer program. It plays a very important role in keeping your cryptocurrency safe. A wallet is software that allows you to secure, receive and send your digital money ( Cryptocurrency).

Features

1. In case of mobile wallet and desktop wallet, it requires to be installed on such devices. Its application will be downloaded and installed on mobile or laptop.
2. In case of web-based wallet, it doesn't require user to install this software. Only user has to get access through login credentials.
3. Software wallets are key-based. It means that there are different private keys. These private keys are used to gain access to these wallets. There is no other way of gaining access to assets of user.
4. Software wallets can be used easily and with convenience.
5. Software wallet that are being used in mobile or desktop, in such case mobile or laptop should be free of virus/malware.

Examples Of Software Wallets

Software wallets come in the form of web wallets, desktop wallets, or mobile wallets. You need an application to use it. You have to download and install the application. After which you can now store your assets. You can use the web software wallet account without having to install it.

Desktop Wallet

First, we will talk about desktop software wallets. So these are software wallets. Which you can install and use on your computer. After installing, create your account on your desktop computer and use it. I would like to give the example of Atomic wallets here that it has its own application which you can install and use.

Web Wallet

A web wallet is a wallet that does not require the application to be installed and only needs to create its own account. These wallets work online. You will find many websites where you can make your own wallet. As Binance, Coinbase, Poloniex, etc.........

Mobile Wallets

Mobile wallets are operated through a mobile device, for which you need to install a wallet application. I find them safer than other wallets. For example Doge wallet, Ethereum wallet, Atomic wallet...

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Hardware Wallet

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A hardware wallet is a portable electronic device. These wallets are in an offline environment. A hardware wallet can be used by connecting to a computer or laptop via USB port or Bluetooth. These kinds of wallets are safer than software wallets.

Features

1. Hardware wallets are very easy to use.
2. No need to save private keys to gain access.
3. Hardware wallet is designed in such a way that it does not disclose sensitive information. Even it is connected with an internet device.
4. User is very satisfied as it feels like cash in hand.
5. Hardware wallet cannot be hacked. It means assets of user are safe and cannot be stolen.

Examples Of Hardware Wallets

Many companies are offering Hardware Wallets. here are some examples of trusted hardware wallets.

Ledger Nano X

This is a very important and popular hardware wallet that supports many crypto coins. Such as. BTC, ETH, LTC, XMR, TRX, Etc.

BitBox

This is a hardware wallet that uses in cryptocurrency.

Trezor

This hardware wallet is best for a large number of cryptocurrencies.

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Which one is having a better security advantage?

The hardware wallet is the safest wallet in terms of security. We can retrieve our assets whenever we want. And it is safe from being hacked. So we can protect our assets from being stolen.

The software wallet is not secure. There is a risk of assets being stolen from the software wallet. And it can be hacked.

In my point of view that i suggest you Hardware Wallet is more secure then Software Wallet.

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Points to be considered when dealing with an Exchange(centralized) Wallet & Decentralized wallet

Centralized Exchange

We can never deny the fact that the exchange is a centralized wallet. It provides us with Exchange wallet for the exchange of all coins. We can register it very easily. And any coin can easily transfer, deposit, and withdraw. p2p etc..

Decentralized Wallet

Decentralized wallet which is completely under your control. It does not include any third party or party that affects your account. It gives you complete control over your assets.

In case of any information lost, how to restore access

Centralized wallet can be accessed even if the user's mobile number, email address or password is lost. In case of this restriction, users will not be able to return assets within 2/3 days. But then it's safe and accessible. So what is the significance of email address, phone number, password and 2FA when it comes to protecting user information.
Decentralized wallet the only way to access private keys is through an unsecured wallet. That's why decentralized wallet users need to keep their private keys very safe. I recommend saving private keys offline.

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Web 3.0 Wallet

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It can easily be described as a new version of the Internet service for websites and applications. Provides third-generation Internet service to applications and websites. It is the fastest internet technology in terms of speed. It helps improve the security of partner websites and manages them all. Another name for web for.0 is semantic web. It is based on the right user. Due to its decentralization, this wallet is prominent. Private keys are the main Due to its decentralization, this wallet is prominent. Private keys are the main source of access.
Run these wallets through smart contracts.

Examples of Web 3.0 Wallet

• Web 3.0 is a browser extension. It can be utilized to cooperate with dApps of Etherum family.
• Tron Link is the other example . dApps of Tron family can be utilized using it.

Distinctive uses of Web 3.0 wallet

• Interact with other Dapp requests.
• Do this immediately with another Dapp Conversation.
• This gives the owner complete control.
• This type of wallet works through smart contracts.
• It is also an unconventional wallet. This means that the user is in complete control.
• This is a key based wallet.

My experience with Web 3.0 Wallet

This is my Tron Link Wallet that i am using now a days.

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Cc:-

@sapwood

@steemcurator01

@steemcurator02