Hello everyone, hope you are all doing great. I welcome you all to my third homework task provided by @sapwood. Thanks to @steemitblog for this awesome initiative.

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Hardware wallet	Software wallet
A hardware wallet is not connected to the internet.	A software wallet is connected to the internet.
Difficult to hack.	Easy to hack.
Not vulnerable to govt. regulations.	Vulnerable to govt. regulations.
Payment process is more cumbersome.	Easy to operate.

Have you ever used a Hardware/software wallet? Which one is having a better security advantage?

I have used a software wallet, haven't used a hardware wallet yet. Hardware wallets provide better security than software wallets. So, a Hardware wallet is having a better security advantage.

What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet.

Binance, Poloniex, Huobi, and Bittrex, etc. are examples of centralized wallet exchange. To use these exchanges, users need to register by email, mobile number, etc. KYC verification may be required depending on the exchange rules but verification is a good habit. Third-party operate transactions in centralized wallet exchange.

In a decentralized wallet, no third party is involved. Third-party has no access to your asset. Only the user has access to keys and no KYC is needed. User can hold own assets and safely secure them themselves.

How do you secure/restore both types?

Centralized wallet:

Make a strong password and backup it safely.
Enable 2-factor authentication.
Use google authenticator.
In case of forgetting the password, use email.

Decentralized wallet:

Backup your all keys(Private key/ Mnemonic key/Keystore file +password) safely because if the keys are lost, there are no ways to recover.
Give an example of a Web 3.0 wallet and what are the distinct uses of a web 3.0 wallet? Have you ever used any Web 3.0 crypto Wallet? Examples?

The best example of a Web 3.0 wallet is the Tronlink wallet. Distinct users of web 3.0 wallet are:

Easy to operate.
Very secure with private keys.
Very interactive with dapps.
Interact directly with the Justswap.io and JustLend.org.
Provide complete control of assets to the owner.

Currently, I'm using a Tronlink wallet. It has become my favorite.

Regards:

@sapwood
@steemitblog

Cc:

@steemcurator01
@steemcurator02

I am @boss75

Thank you for attending the lecture in Steemit-Crypto-Academy & doing the homework task-3.

Interact directly with the Justswap.io and JustLend.org.

Not just these two dApps, many other dApps of Tron Family if it is TronLink wallet.

I was expecting more on your web 3.0 experience(with relevant screenshots on how to interact), as you are now familiar with TronLink Wallet, you might have explored its various dApps, preferably the DeFi space which ideally requires a web 3.0 wallet to interact with, powered by the smart contract.

It is seamlessly integrated with dApps, the interaction with such a dApp is powered with Smart contract. When you interact with any such dApp, it will prompt you to sign a transaction. At any given time you remain in absolute control.

Thank you.

Homework Task -3
[4]

Crypto Academy Week 3 Homework Post for [@sapwood]

I am @boss75