Thank you @sapwood for your lecture. It was a very educative one indeed.
Homework Task
(1) Have you ever used a Hardware/software wallet? Which one is having a better security advantage?
(2) What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet. How do you secure/restore both types?
(3) 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?
##Hardware/software wallet
Although, I have not used a hard wallet before now but I have been opportune to make use of a soft wallet. From what I gathered from literature and the lesson @sapwood is the fact that in terms of security; hardware wallet is the best. This is because the keys are not hosted on an open web or accessible to the internet or a desktop computer. Therefore, they are not easily susceptible to hackers on like the soft wallets which are either hosted on an open web, smartphone, or a desktop computer. Even though the keys to our soft walets can also be kept safe offline when we use a soft wallets, it is still more prone to cyber attack.
Exchange(centralized) Wallet & Decentralized wallet
The importance points about centralised exchange is the fact wallet hosted on the exchange are controlled by the exchange. The user is only given login details to access the funds. This singular fact make the user assets more susceptible to cyber attack because of this exchanges are hot target for hackers. In the decentralized exchange, wallet are controlled by individual user. They trade from their wallets either hardware or software by transferring assets to the exchange platform but they maintain the sole authority over their assets. They are often more secure because the user can keep the keys safe and are often not the major target of hackers because the assets quantity in most individuals wallet are small. Most users that have high quantity of assets in a decentralized exchange often go for hardware wallet e.g the paper wallet.
Web 3.0 Wallet
Web 3.0 are totally user focused
(a user can either opt out or in of data trading). The are product of blockchain, Al and semantic web, making it very general and has wider internet influence unlike the previous evolutions. For example, the 2013/204 blockchain wallet does not allow decentralized applications but the story has changed today but coming into 2020, the DeFi brought fresh impetus to the crypto community. Almost all DeFi apps now can be accessed with a web 3.0 wallet.
key features of a web 3.0 wallet?
It should be seamlessly integrated and compatible, operating through smart contract. Basically, a web 3.0 wallet is non-custodial (Absolute ownership). It is a key based wallet, that interact well with exchange, DeFi, loan, gaming and other dApps of the same lineage.
Opening my tron-link wallet
Sending Trons my tron-link wallet
The examples of Web 3.0 wallet that I have used is the Tron Link, which is a web browser extension which users to store cryto assets and also helps to interact with other dApps Tron Family using TronLink wallet. It is also powered by smart contracts.
Thank you for reading.
Cc: @steemcurator01
Cc: @steemcurator02