Homework Task 3 by professor @sapwood Web 3.0 wallet
.png)
source
Hi there, will be completing my homework task 3 by professor @sapwood thanks to @steemitblog for the opportunity to learn a new interesting topic here.
Have you ever used a Hardware/software wallet? Which one is having a better security advantage?
From our class different type of wallet were explained both hardware/software wallet was treated, currently, I use the software type of wallet although the software wallet has its limitations although I will say I haven't had much difficulty when using the software wallet till date being a custodial wallet make me have control over the use of my wallet thanks to the multi-chain base wallet multiple available crypto coins and token integrated into the software wallet, with additional features for users to add they're customized new token, so, for now, I use the software wallet for storing my crypto and day to day transaction.
.jpeg)
source
Considering security among the two types of wallet I will say the hardware wallet is more secure when compared to the software wallet
Reasons are with the hardware wallet there is complete user ownership over their fund, and there is no need for users using a hardware wallet to bother about the hack from external users the wallet is not connected to the Internet which means there will no need to worry about the external hack.
Also with the use of a hardware wallet, you get hold of all your crypto assets physically under your full custody.
What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet. How do you secure/restore both types?
Important things to consider when dealing with an exchange (centralized) are.
The first rule is to safeguard or keep your access keys safe and private do no share your login credentials with any third-party users which might lead to loss of accounts fund.
With all your login credentials kept safe and secure privately, there is a need to set a strong password with 2fa authorization features google authentication add mobile and email confirmation features for making a withdrawal.
If by any incident a user happens to his account and wants to restore such account for a centralized exchange there be a need for such users to make verify using self-identification such as taking photos and providing valid prove.
In the case of decentralized wallet recovering such wallet will be providing private keys or phrase keys to restore account.
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?
An example of a web 3.0 wallet is the Metamask wallet it uses smart chain contract features.
One important use case of Metamask wallet is the use of staking features these are an embedded protocol used in web 3.0 wallet for users to earn additional income from storing their crypto-asset on the wallet.
in addition to these when you stake on this wallet using some cryptocurrency you will be having additional dollars in essence the web wallet serves as a financial tool for earning.
I've used metamask web wallet to store some of my crypto assets and stake interestingly with the wallet you can have access to some Dapp which are decentralized application which can be used for making financial investments.
Below is a screenshot from my trust wallet staking.
Although i use matamask most of my staking are in trust wallet i will provide screenshots here.
From trust wallet application to assess staking coin its at the top corner of the app, clicking on finance will provide you with all the available coins for staking.
you can buy such coin from exchange and click on stake were you will be earning some percentage daily from delegation.
Thanks for stopping by.
Thank you for attending the lecture in Steemit-Crypto-Academy & doing the homework task-3.
Metamask is a popular web 3.0 wallet and you can interact with the dApps of Etherum family using Metamask, powered by Smartcontract.
I would love to see how you stake & how you interact with a dApp(with relevant screenshots).
In Exchange wallet, your login credentials are important. So make sure you still have access to your Email ID, you still have your registered mobile number active. Because if you press the forgot password/restore account, then it will send the link/code to your Email and/or registered Mobile Number.
In contrast, in a non-custodial wallet, your private key is everything, as long as you have absolute control over the key, you stand good with your wallet, you can unlock and spend the asset.
Thank you.
Homework Task -3
[3.5]
Thanks much for the feedback although i use matamask most of my staking are in trust wallet i will provide screenshots here.
From trust wallet application to assess staking coin its at the top corner of the app, clicking on finance will provide you with all the available coins for staking.
you can buy such coin from exchange and click on stake were you will be earning some percentage daily from delegation.
Thank you.
It's better to include in the post and let your reader know how you stake or how you interact with a dApp using a web 3.0 wallet like Trust Wallet or Metamask or any other of your choice.
Thanks will do that