Steemit Crypto Academy Homework: Blockchain Wallet- Chapter 3 | by @sapwood

Hello everyone, I hope you are all doing good.
I welcome you all to my blog.

Today I will be discussing some topics related to blockchain wallet but before we begin.

I will like to highlight the sub-topics and I will try to explain it one after the other.

This are sub-topic for today discussion:

• Types of Blockchain Wallets I will be talking about thee different types of blockchain wallet

• The type of Wallets I Use: I will discuss the wallet I use and my reason for using it

• The Most Secure Blockchain Wallet: I will talk about the most secured blockchain wallet and the reason the wallet is the most secured blockchain wallet.

• Important points to consider when dealing with centralized and decentralized wallet:Will explain both centralized and decentralized wallet

• 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?
  Will explain the meaning of web 3.0 wallet and gives examples

• The Web 3.0 wallet That I Use:** I will talk about the web 3.0 wallet that I use and my reason for using it.

So my fellow steemains, let begin! shall we?

Types of Blockchain Wallets

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I will start with the meaining of Blockchain wallet
What is Blockchain Wallet:

A blockchain wallet is a crypto wallet which are designed specialy for storing or keeping crypto assets, it can futher be using by exhanges which allow it users to store, buy and sell crypto assets. The exchanges like Binance, Coinbase, Houbi and so on make use Blockchain wallet.

The type of Wallets I Use

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The type of wallet I use

I make use of Software wallet.

As a cryptocurrency trader, a software allow me to trade my crypto assets, I have two advantages as a user of software wallet I don't only store my crypto asset, I also have the advantage of buying and selling other crypto assets.
The only disadvantages there is that I don't have access to my keys but since Binance( The exchange I am using) have assured me that my funds are safe then there is no cause for alarm.

Software wallet is a type of blockchain wallet which allow users to have access to their keys, the software wallet are mainly online wallet. It allow the users to backup their keys also. The wallet could be either web or desktop

Example: Klever App, Tronwallet and so on

The Most Secure Blockchain Wallet?

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The Hardware wallet is the most secured Blockchain wallet.

The reason the hardware is the most secured wallet is that they uses device that looks like a hard pen to store their crypto assets, hardware wallet also generate their keys randomly this reduce the risk of exposing the keys to online hackers, it give users access to their keys allowing them to back the keys up easily. The wallet are usaully offline wallet users can only access their crypto funds when they connect the hardware to a computer.

Example: Trezor, Ledger, Nano X e.t.c

Important points to consider when dealing with centralized and decentralized wallet.

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What is a Centralized wallet

A Centralized wallet can be defined as the type of wallet that allow it users to store and trafe their crypto assets, this wallet doesn't give the users access to his/her the user can only store and trade crypto assets on it. This wallet are also know as "Exchange wallet."
Before a user can have access to this wallet he/she must create an account using an email or a phone number, some of the exchanges ask for kyc while some doesn't, after the user have successfuly create an account either using an email or phone number he will then be ask to add a multi-factor Authentication this is to make the security of the account tight.

The user can be ask to add this type of Authentication below:

• Email Authentication

• Two Factor Authentication

• SMS Authentication

What is a Decentralized wallets

Well a decentralized wallet is a type of wallet that gives their users access to his/her account's keys. The decentralized wallet is the best for storing crypto assets it is also known as "Crypto wallet" If a user want to store an assets for future purpose then I recommend decentarlized wallet to him/her. I have a friend that bought a tron worth of $2000 he stored it in a decentraized wallet and that is because of the high security, since he his not ready to sell it now, so the best thing is to store it in a secured wallet.

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

A web 3.0 wallet is define as the new age wallet, this wallet is the new generation wallet, the wallet is very compatible allowing it users to interact with special dApps that allow them to navigate the world of blockchain.

Example: TronLink, Multichain wallets and so on.

The Web 3.0 wallet I Use

My answer is Tronlink pro
And the reason I use Tronlink pro is that the wallet allow me to interact with some dApps like Justlend, JustSwap.

Using Justlend I can lend my Tron Token out to earn more different tokens that are paid to my wallet at a certain percent (APY).

The screenshot of diffferent dApps on my Tronlink pro wallet

Conclusion

I must confess with this particular lecture by @sapwood I have learnt alot and I want to continue learning.

Special thanks to the steemit team for this lovely innovation.

Thank You all for your supports so far !!!

Special mention:

Cc: @steemcurator01

Cc: @steemcurator02

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