Thank you for attending the lecture in Steemit-Crypto-Academy & doing the homework task-3.
When the wallet is created, a unique ID is created which is different from other users, you are requested to set a strong password, use a 2FA, and then still have the opportunity to back up your keys to the wallet. With this type of security, it can be very difficult for hackers to hack through the wallet and move funds.
Yes, 2FA acts as an additional security layer, so definitely helps.
DEX wallet is most preferable because you are the custodian of both the funds and the keys to the wallet. For security purposes, it is often advised that Mnemonics, Private Keys and Back up phrases for Dex wallet shouldn't be screenshotted or kept in picture form. The backup phrases and keys are to be written in an offline notepad and or paper and should be kept securely. Also, a long string of passwords should be used for security purposes as Dex wallet can be accessed from your device if the person accessing it knows your wallet password.
A decentralized wallet is a non-custodial or self-custodial wallet. The ideal practice is always to create an offline backup to secure the keys. The password set by you on a device is only local to that device, but the universal control is vested on the private key only.
Metmask extension you can access the dApps of Etherum family, interact with DeFi applications, you can also trade in DEX, Lending dApps, you can contribute to liquidity pool and many other sophisticates transaction can be performed with a web 3.0 wallet like Metamask.
That's correct. The DeFi applicable ideally needs a web 3.0 wallet to interact with. When you interact it will prompt you to sign a transaction, powered by smart contract.
I would love to see your own web 3.0 experience using Metamask with relevant screenshots(e.g. How do you interact with Uniswap or any other dApp of you choice using Metamask).
Thank you.
Homework Task -3
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