I trust you guys on this wonderful steemit platform is having a great day already.

With another class been attended and with another lesson held by the crypto professor @sapwood in his last class for the crypto week 3 that talks about the Blockchain wallet which you can check below.

https://steempeak.com/hive-108451/@sapwood/steemit-crypto-academy-blockchain-wallet-chapter-3

So after the class, he gave us another HOMEWORK task for us to attempt on which is below.

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?

So like I use to do which I will start with the introduction to each.

What is Hardware Wallet

Image Source

Just as the name implies, hardware, it means something physically that you can touch. Touch in the sense that let's use the computer hardware as an example. We have see computer hardware like mous, monitor, and many more which we can usually see. Same thing applies to the hardware wallet, it is just the crypto wallet which you can see and touch and feel with your hand. Examples of these hardware wallet is Ledger Nano X. Ledger nano X can be hold on hand physically

What is Software Wallet

Just as I have said earlier about the hardware wallet. Software wallet is just the opposite of the hardware wallet. These are the wallet which you can not touch and feel physically but you can only see virtually. Example of the software wallet is the Trustwallet. Let say Trustwallet, you can not hold it physically at hand but you can only see it virtually.

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

Although I have not use the hardware wallet before but I am always conversant with the software wallet a lot and I must say to me, the software wallet has better security advantage because of some reasons

(A). It can be access easier

Compare to hardware wallet, I will say the software wallet is more easier to access. Access in the sense that you can easily pick up your phone and access your trustwallet (the software wallet) easily much more than the time looking for your ledger nano X and at times the hardware wallet might go missing.

(B). Your funds are backed at the cloud for better retrieving:

One reason why I love the software wallet is that your funds are backed at the cloud. I mean internet server. Compare to hardware wallet. One of the disadvantage of hardware wallet which made me ignore them is that they are not backed on the internet server. When you lose or misplace your hardware wallet, you misplaced your fund but when it comes to software wallet, even though you misplaced your fund, as far as you have the access to your private keys, you can still access it even from another phone keeping your funds safe.

(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?

I will say some important point to consider are below

(A). Is your funds safe

Whether centralised or decentralized wallet, one thing every crypto user always consider is whether their funds are safe. Safe from hacks, safe from scammers and safe from any other reason that may want to tamper the safety of your funds.

(B). Do you have control over your funds

Now this may sound confusing but that's just the truth. Do you really have control over your funds. Funds in the sense that can you dictate the behaviour of you funds in the wallet. We all know the major difference between centralized and decentralized is that one allows the community to have a say and the other only allow the ceo to have the day.

For this, it will be advisable to go with the decentralized wallet centainly because it allows you to have full access and control over your funds and also your bitcoin which to me is the most important thing

How do you secure/restore both types?

Well I will say each wallet have its own way of securly and restoring.

Let's say for Centralized which for example is coinbase. You secured it by either Makin sure your password is really strong and writing it down in order to forget or misplacing it. You can also restore it by either changing of your password using the email address you use to register by just following the procedure of I forget my password on the website. I am using coinbase in this scenario as example.

Now let's come back to Decentralized Wallet, examples like electrum. Basically you secure this by just keeping your electrum really safe from been misplaced and also your restore it by the use of the keystore or your seed phrases which you are given. It has similar process to how you restore when using trust wallet

(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?

Web 3.0 wallet are just waller build to support the due of the 3rd generation.
Examples like the trustwallet, metamask. If you noticed in trustwallet, there is a section that gives you the option to use the in built browser in order to access the Dapp, that's one of the beauty of web 3.0 wallet.

What are the distinct uses of a web 3.0 wallet?

(1). It gives you access to Use the Dapp conveniently even on the wallet.

Just like I said earlier that if you noticed on the trustwallet, you will have the option to use the in built browser. Look at the screenshot below

This is the section of the in built browser in the trustwallet (an example of web 3.0 wallet) with this section, you can access your dapp just that the Dapp must be on ethereum based as to connect to your ethereum address also.

Same thing implies also on the Tron Blockchain and many blockchain that have their wallet.

(2). It makes it more accessible to everyone

Whether you are a novice or veteran in the crypto space, it makes it easier for you to access trustwallet without no restrictions apart from that you are able to complete the registration process.

(3). It is capable of connecting different blockchain together.

How awesome it is to connect different blockchain together. Having ethereum blockchain, tron blockchain and many more blockchain connected and making it easier for many user to access it conveniently.

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

I have used several web 3.0 crypto wallet like the tron wallet, the trustwallet,the tronlink pro and many more and I must say the experience are awesome and with fast Transaction speed.

This is the submission of my assignment.

@sapwood

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Written by @mandate

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