Hello steemit

How are you all?, I hope everyone is fine. Today I’m going write about the third homework by @sapwood who is a professor in @steemitCryptoAcademy. Here is Link of his lecture with homework attached. So first of all let me mention the homework given so that we can continue our article.

Homework Task
(1) Have you ever used a Hardware/software wallet? Which one is having a better security advantage?
(2) What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet. How do you secure/restore both types?
(3) 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?

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

I have used both hardware and software wallet till now. Basically A hardware wallet is something in which we store our keys and stuff without requiring internet like pain drive , we can access it offline and can keep it safe somewhere in locker or somewhere safe.

Source

A software wallet is an application for ios, android, widows and linux provided by the companies where we can keep our data safe like TronLink Wallet. We can get access to that wallet if we have the key. In case of key loss, we will loose our account forever even if we are the true owner of that wallet.

Better security advantage

I think Hardware wallet has better security advantage as It is free from internet, it doesn’t require internet to access where as in case of software wallet we will need internet to access. For this reason I think Hardware wallet has better security advantage as it is free from hacking, viruses, stalking, phishing whereas in software wallet there is risk of these things which can compromise our assets of lifetime.

What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet. How do you secure/restore both types?

We must note these important points when we deal with an exchange wallet. In case of exchange(centralized) wallet, we should know that it works just like banks. In these types of wallet we don’t have access to the keys so we should have provided the working and correct email address and mobile number with 2 factor authorization in order to make it more secure, we can only perform the actions like withdrawal or transfer through our login credentials. It is also important to note that these are the things we should not share with anyone wether it is a mobile number or its otp which people try to get it through a scam known as phishing.

In case of decentralized wallet, it is under full ownership of the user without involving the third party. In this case, the user know the keys and he can access his or her account it. A user can perform actions like withdrawal or transfer through keys. The main difference between them is loosing key in decentralized wallet can result in loss of account and all assets where as in case of centralized wallet we can still recover it.

How do you secure/restore both types?

As I have discussed in chapter 2 of the homework, I have secured keys in many ways of which I’m 90% sure that no one can get access to it. In case of centralized password I have separate email for the accounts which is safe from the world.
We will be able to restore our account in case of exchange wallet subject to 1-2 day ban on exchanges where as we can’t restore our account if we loose the key in case of decentralized wallets.

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?

Below are few examples of web 3.0 wallet:
• Metamask
• Tron Link
• Trust Wallet

Above are the few examples of web 3.0 wallets which I learned through @sapwood lecture. Basically the mentioned above are the extensions which can be used after downloading.

what are the distinct uses of a web 3.0 wallet?

First of all lets understand what 3.0 means, basically it means 3rd generation in simple word it is third generation internet for web and apps. Some of the distinct uses of web 3.0 that I learned from the lecture are:
• They are key based wallet.
• They can interact with other dApps
• They are under complete ownership of the user without involving any third party.

Have you ever used any Web 3.0 crypto Wallet? Examples?

I have used Tron link wallet but it didn’t knew up till @sapwood lecture that it is web 3.0 wallet and why it is called that. I found good it useful since I’m using it.

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That’s all from my homework. This post is plagiarism free and the pics used in this article have there source attached. I hope I have answered all question correctly.

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