CRYPTO ACADEMY WEEK 3 HOMEWORK POST FOR [@sapwood]||Steemit Crypto Academy- Blockchain Wallet||28-02-2021

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Good afternoon peeps.I pleased to read the lecture delivered by Professor @sapwood

It is quite interesting and enlightening.I wish to participate in the homework.

INTRODUCTION
As human beings,we normally keep/save our money in our purse,box,bank or wallet.True or false?

Our wallet contains our cash.We access the cash from our wallet and use it to buy whatever we wish to buy in the market,shops or anyother places.

In the same vain,we also have a wallet in the world of digital currency (Cryptocurrency).

CRYPTOCURRENCY WALLET

A Cryptocurrency wallet is an application that
allows digital currency users to keep(store) and
take(retrieve) their cryptocurrencies or assets.

One could have a wallet for Bitcoin,Steem,Tron etc.

HARDWARE WALLET
This is also known as cold wallet.It is a type of wallet that stores a crypto users private key in a device, basically a hardware device like USB.
Examples of hardware wallet are TREZOR,LEDGER NANO S.

It is relatively safe.This is because the private keys won't be left in the computer for potential hackers or fraudsters to access it.

HOW TO USE A HARDWARE WALLET

To use a hardware wallet to access our assets is very easy.Remember the private keys are stored in a hardware device.So follow this simple step:

•Plug in your hardware device to any internet enabled machine.

•Enter a pin.

•Send the currency Then

•Confirm the transaction.

ADVANTAGES OF HARDWARE WALLET

•It is relatively safe.

•Immune to computer virus,since it stored offline.

•Total control over your crypto.

SOFTWARE WALLET
They are also known as hot wallet.It is an application which could be downloaded in a mobile phone or computer that stores the keys that give you access to your crypto.

TYPES OF SOFTWARE WALLET

•DESKTOP WALLET:This particular software wallet is accessible through a PC or a laptop.

•MOBILE WALLET:They are accessible through an app your mobile device like your smartphone.It wise to store small amount on such wallet.

•ONLINE WALLET:This type of software wallet can access from any device and at any location.It is relatively unsafe as the keys are stored online and are privy to a third party.

MY VERDICT

I have used a hardware wallet before.That is TREZOR ONE.
Hardware wallet has a better security advantage because the private keys are NOT stored or left online for potential hackers and neither is the private keys entrusted to any third party.

CENTRALIZED AND DECENTRALIZED WALLET

•CENTRALIZED/EXCHANGE WALLET

Just the name implies.It is a platform or a wallet where there is a central authority (third party) that has authority over the wallet,account and transaction of the users.

In such a system,the central authority has access to he users private keys.This can lead to mismanagement of the users account by the Central authority.The users accounts is also at a high risk of being hacked.

•DECENTRALIZED WALLET

This is just the direct opposite of the former.This type of wallet in NOT under the control of any third party or central authority.

It therefore,runs on a decentralized Decentralized platform does NOT hold a users private keys or data, However,it only serves as a matching for trade orders.It is highly safe.

POINTS TO CONSIDER WHEN DEALING WITH
CENTRALIZED OR DECENTRALIZED WALLETS
This points covers for both Centralized and Decentralized wallets.

•SECURITY:
Security is an important factor in choosing a crypto wallet.Decentralized wallet offers a high security.
One can still use the:
°2-factor authentication (2FA) and or

°Multiple signature

•UTILITY OR VERSATILITY OF THE WALLET

This another important factor to consider in crypto wallets.
Some wallets like Coinbasecan readily serve as both an exchange and also a cryto wallet.

•CUSTOMER SERVICE
This is prevalent in Central Exchange/Wallet.

•LIQUIDITY RISK

•BACK UP FEATURES

•EASE OF USER
A good wallet or Exchange should be user friendly.

•COMPATIBILITY WITH DIFFERENT OPERATING SYSTEMS

HOW TO SECURE CENTRALIZED AND DECENTRALIZED WALLETS

•Back up your wallet.

•Use multiple signature.

•Store your private keys in a cold wallet(hardware wallet).

•Encrypt your wallet.

•Always update your software.

•Wallets like Steemit wallet allows you to cage or lock your crypto in the form of STEEMPOWER so that it will take 4- installments to withdraw it.
This will make it difficult for a hacker to take all your funds at once.

WEB 3.0 WALLET

Technology is improving by the day.More innovation is ongoing in the crypto world.

A web 3.0 wallet is a self-custody wallet enabling access to the 3rd generation of the web including the usage of dapps. Web3 wallet is really just a browser added to the regular self-custody wallet enabling the usage of dapps.
In most of these WEB3 wallets you will find a section dedicated to access dapps via a dapp browser.source

An example of web 3.0 wallet is Tronlink.

FEATURES OF WEB 3.0 WALLET

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The main features of web 3.0 include:

•3D Graphics

•Connectivity

•Artificial Intelligence

•Ubiquity

•Semantic Web

USES OF WEB 3.0 WALLET

•It works in synergy with Dapps.

•Total control of assets by owner.

WHICH HAVE I USED??

Presently I have a Tronlink Pro app.It is a web 3.0 wallet.

I use it to receive and store my TRX crypto from steemit.It is linked to my steemit wallet.

I also use it to transfer TRX,GRAM,HDLR,INST,KIO and MBOX tokens to another user or to any Exchange.

My TRONLINK PRO wallet

The TRONLINK PRO app is secure.A password is required before funds can be sent out from the wallet.

Thank you Professor @sapwood @steemcurator02 @steemcurator01