Crypto Academy Week 5 // Introduction to DeFi systems (2)// Homework post submitted to @yohan2on

Trust you are doing great Prof. @yohan2on. Thanks for this week lectures.

Based on the homework, I would love to tell us alittle about Coinbase wallet.

Coinbase is a decentralized cryptocurrency wallet coupled with a Dapps browser, making it easy to link other wallet. It decentralized because it doesn't require a third party or centralized body to control it, but it is rather controlled by the users themselves. It also operate a centralized cryptocurrency exchange where you can buy and sell Cryptos.

As a wallet, it stores individual wallet private keys, seed phrases, which gives you access to your cryptocurrency. This private keys, etc, are also controlled by the users themselves.

Coinbase wallet must be differentiated from Coinbase.com. The first which the wallet is used to to store strictly store codes which gives us access to your cryptocurrency while the later are used in trading cryptocurrency.
Currently, wallet is compatible and able to receive all ERC-20 tokens, BTC, BCH, LTC, DOGE, and stable coins such as Dai and Usdc respectively. Coinbase is a non-custodians wallet, it also give you access to the varies of Dapps, allows you you connect with other wallet like Metamask using your private key.

Coinbase wallets are:

Safe and Secured
Very easy to use
Accept fiat currencies

How can you get started on Coinbase?
Just like every other wallet, you need to download the application in other to use it. After which you are asked to get started.

Once accepted, you will be demanded to type in your name, email address and password.

In using Coinbase, you should be and must be up to 18 years of age.

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Next is account verification, a link is sent to your email to very your account

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Once account is verified, you will be asked to add your phone number, a message will then be sent to you, next is backing up. Back up your wallet incase you need to recover in future.

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Once done, ready to store your Crypto. Buy crypto buy copying and pasting your address.

On the Dapp trading platform , we varieties of Dapps on Coinbase as shown below:

Interacting with Uniswap for instance, directly links your to Uniswap main swapping section:

On the DeFi section, we have lots of DeFi protocols which can ease your trading experience:

Interacting with compound for instance will take up directly to Compound protocol, where you can lend and borrow crypto by connecting your existing wallets.

In conclusion, Coinbase wallet is considered one of the best wallet, though it is also a soft Wallet and it has its own limitations.

Have a nice day Prof.