Crypto Academy Week 3 Homework Post for [@sapwood] by @tsunamihimself || Power up set to 100%

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Greetings wonderful friends @SteemitCryptoAcademy, I'll like to make my submission on the assignment on Blockchain Wallet- Chapter-3 teaching by our very own professor @sapwood.

Going forward to my assignment

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

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Yes I have. I've used a software wallet. Due to where I'm from and the particular stage I am in my life right now, I don't think hardware wallet can be accessible to me, we ll at leat for now. But software wallets are doing just fine for me though.

But to say which of them has a better security advantage, from the explanation of your topic, and my own findings I'd strongly go with Hardware wallets.
A hardware wallet is typically a USB drive device that stores a user's private keys securely. This has serious advantages over software wallets as it is unaffected by viruses that could be on one's computer because private keys never come in contact with your network-connected computer or potentially vulnerable software. Not like hardware wallets don't have its own disadvantages but in terms of security, hareware wallet is better.

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Going forward to the next question

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Firstly before I talk about the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet, In a centralized crypto exchange, most of the control over your account remains in the hands of the third party which runs the exchange. On the other hand, with a decentralized exchange, all the control of the account remains with you.

Centralized wallets

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In the term "centralized cryptocurrency exchange," the concept of centralization refers to the usage of a middle man or 1/3 party to help transactions. Customers and dealers alike agree with this middle guy to address their assets. This is not unusual in a bank setup, where a client trusts the bank to preserve his or her money.

The motive for this setup is that banks offer security and monitoring that a person can not accomplish on his or her personal. Inside the case of a centralized cryptocurrency alternate, the identical precept applies. Transactors agree with now not best that the trade will appropriately entire their transactions for them, and in addition they make use of the network of customers within the change for you to discover trading partners.

Decentralized wallets

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Decentralized wallet are wallets where you have got complete access over your bitcoin (you get private key), but without a great deal service because it’s decentralized. (example: Trust wallet and AirSwap).

So...

After these explainings, what I'd consider when wanting to use any of these wallets settings are;

• Security : from what I've explained above we know that it would be more wise to use decentralized wallets instead, since sometimes we don't feel safe with other people with our money.

• intermediary charges : yeah yeah, if you're using a centralized wallet you should also know that you'll have to settle the third person in use here.

• Safety from hackers attack

• Level of Privacy

• Additional services

• Risk of government shutdown

• Trade volume

As we see from the points above, choosing between Centralized wallet and Decentralized wallet is not exactly cut and dry, as they both have their own advantages and disadvantages.
So we see that anyone chosen would be based on preferences.

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Coming to the end of my assignment...
If I've used any of the web 3.0 app? Yes!
I use Trust wallet.

Taken from my phone

Web 3.0 wallets are self-customised wallets enabling access to the 3rd generation of the web including the usage of dapps. Web3.0 wallet is really just a browser added to the regular self-custody wallet enabling the usage of dapps.
In most of these Web3.0 wallets you will find a section dedicated to access dapps via a dapp browser.

Dapp [Decentralized application]: An application that uses decentralized protocols for some or all aspects of its operation. Crucial parts of the program logic within the back-end are required to be executed on a decentralized peer-to-peer network (the blockchain) to be considered a dapp.

Dapps are powered by smart contracts, a program, which is stored and run on a (permissionless) blockchain network executing the core logic of the dapp.
In some extreme cases, developers use decentralized storage systems like IPFS to host the frontend and other files, minimizing counterparty risks and resulting in a higher degree of resilience against third party interference.

Simple example
Dapp = centralized front-end + decentralized back-end (smart contracts)

However, in the wild, it often happens that applications are labeled as dapp while not satisfying the requirements. Products are frequently labeled as decentralized, but can’t uphold its principles eg. by blocking certain regions from accessing the front-end. Whether a program can uphold the characteristics and properties of a dapp can only be assessed with a case-by-case evaluation by IT-experts with insight into the business processes of the respective application. While the crypto-community constantly debates if an application qualifies as decentralized or not it is extremely difficult to draw the line on this spectrum of (de-)centralization, which is influenced by a multitude of factors.

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I'm really honored and happy to have completed my assignment here, thanks a lot prof @sapwood for this wonderful lecture, it was truly educative.

Cc:-
@steemitblog
@steemcurator01
@steemcurator02