Crypto Academy Week 5 homework task post by professor @yuhan2on, submitted by @ngoenyi set at 100% power upsteemCreated with Sketch.

in SteemitCryptoAcademy3 years ago (edited)

INTRODUCTION

Hello dear friends, welcome back to my homework task for the 5th week. This is my homework task submission. The task is given by @yuhan2on. It is about web 3 wallet type.

When the word wallet is mentioned, most of will remember our pockets and the leather wallets where we put our ATM card and the little balance we want to use for the day's expenses. Yes we are right if we think so. This is because wallets is for holding.

Web 3 wallets are for recording cryptocurrency information that are to be kept safe. Not that you put the cryptocurrencies inside. This is because digital assets are moved around blockchains and can not be moved out. We move our assets around using our keys both private and public. It is these keys and it's information that we store in the wallets.

Web 3 wallets are wallets that can me accused via 3 different browsers. And metamask wallet is an example of web 3 wallet. Web 3 wallets only allows you to store information of few currencies that are similar. Let's understand it more by just concentrating on metamask wallet.

Meta Mask

image.png
image source

This is a type of web 3 wallets that can be accessed via 3 browsers which are Chrome, Firefox and Brave browsers. It is also a browser extension. So meta mask acts as a bridge between these browsers and the Etherium blockchain.

Which cryptocurrency and tokens keys are stored in metamask wallet?

Meta mask wallet is only used to record Etherium coin keys and it's tokens known as ERC-20 tokens. Ether is the Etherium coin. ERC-20 tokens are those tokens that follow the rules and guidelines that Etherium developers have already mapped out. So all the tokens that are built on the Etherium blockchain is known as ERC-20 tokens. So meta mask wallet allows you to store these Ether and ERC-20 tokens on the 3 browsers mentioned above.

Merits of meta mask wallet

It can be used freely and it is easy to access by all.

The keys are stored in the users browser not in any remote server

It has a very easy interface. This is means that is it easy to use

There is a seed key which one is given while signing up which can also be used in restoring the account in the event of loss of device or any other thing.

Meta mask is linked to 2 exchanges where users can buy coin. We have coin base for the purchase of Ether and shapeshift for the purchase of ERC-20 tokens. So one do not need to guess about looking for where to buy coin and tokens.

Meta mask also supports it's users especially the newbies by providing them with introduction videos on its homepage on how to navigate.

DEMERITS

However, one who is making use of meta mask wallet should take note of the fact that, your information is stored online and as such, the security of those information is at risk as anything stored off line is more secured than the ones online. Additionally, meta mask do not have your information but may request such from its users. So when you are called upon to supply such information, you may not be comfortable with it.

Apart from these 2 are backs which can be common even with other wallets, I think meta mask is the best.

Meta mask security

We should always be concerned about the security of our assets when choosing the wallets to use. Users of meta mask should be concerned about it's security.

The good news is that meta mask, ever since its establishment has not suffered any attack whatsoever because it uses HD backup settings and they have strong community of developers that keeps updating it's open source from time to time. However, note that no matter what they use for security and no matter which community of developers they have, online is still online and can not be relied upon. So we need to trade with caution. Since any attack on your meta mask wallet can only be out of your own negligence especially when you are using different taps to transact on your meta mask wallet, leaving them open can lead to phishing attacks.

How to use meta mask wallet

Before one can use meta mask wallet, one need to set up his or her account. I personally have not used meta mask wallet before and as such, for the purpose of this class and for the fact that this study have exposed me to meta mask wallet, I am going to set up my account and then learn how to use it. Please follow me on this journey, let me show how I am going to set up my meta mask wallet.

I have been able to create a meta mask wallet. I tried using my phone to do that, i was able to download and crest the account and get my seed key out.
I went to the meta mask wallet homepage,

This is the homepage,i clicked on download
Screenshot_2021-03-10-08-20-25.jpg

It took me to this play store where I downloaded the app.
Screenshot_2021-03-10-08-30-09.jpg

I opened the app and clicked on get started. I took me to the processes of getting my seed key. I first created a password and confirmed. Then I was taken to the seed key but to view it I had to enter my password before gaining access to it. I was able to copy them out in the order they appeared.
Screenshot_2021-03-10-09-02-22.jpg

After that, i clicked on done and, congratulations, I have successfully created the account and gotten my seed key.
Screenshot_2021-03-10-09-56-08.jpg

This is my wallet, nothing is there because I have not started using it.
Screenshot_2021-03-10-09-56-43.jpg

I now went to my desk top to enable me create the extension in chrome. I also went to the browser, this time Chrome, went to meta mask homepage and clicked on add to Chrome, it now took me to where I will input the seed keys which I did, and that is all. I have she up my meta mask wallet as an extension to Chrome. It is now time to use it.

How to use meta mask wallet

You know already that you can use meta mask wallet to buy, sale or swap Ether or it's tokens. So to buy token or Ether, click on buy on your meta mask wallet page.

IMG_20210310_111135.jpg

Then from the options displayed, I can see that I can be able to either buy with Wyre directly using my debit card to make deposit into your meta mask wallet account. I have not tried it but if that is what you want to do, click on continue to wyre.

However, if you already have Ether somewhere else and you want to bring it to your meta mask wallet, or can click on view account to make a direct into your new wallet.

To send Ether to other users or other wallets, just click on send on your meta mask wallet page. Then input the key or public address of the wallet you are sending to, that's all.

To swap, just click on swap on your home page as usual, click on swap. Enter the amount of Ether that you want to swap beside Ether. Then go to swap to and click the drop down to choose the token that you want to swap to

CONCLUSION

I have been able to write about meta mask wallet, I have gained user experience. I have learned about the browsers that it can act as extension to, as well as the coin and tokens it supports. I have reviewed the security and learned how to deposit, send and swap Ether and ERC-20 tokens. It is now up to my able professor @yuhan2on to review my work. Thank you all for going through my homework task for week 5.

@steemitblog and @yuhan2on, here is my homework task submission.

reference

CO: @steemcurator01
Cc : @steemcurator02
Cc : @steemitblog
Cc : @yuhan2on

This is my introductorypost here

Sort:  

Hi @ngoenyi

Thanks for attending the 5th Crypto course and for your effort in doing the given homework task.

Feedback
This is good work. You did well to explore the basic key features of Meta Mask. You clear explained and demonstrated how to proceed with every feature including send, receive and swapping of tokens.

Homework task
7

Thank you so much my dear professor @yuhan2on for your review. I appreciate

Hello dear professor @yuhan2on, my homework task is now 6 days old and will soon pay out. Hope I will still be remembered? Sorry for disturbing you. I just want to draw your attention to this.

Just as it is. Good luck

Coin Marketplace

STEEM 0.36
TRX 0.12
JST 0.040
BTC 70839.13
ETH 3563.41
USDT 1.00
SBD 4.77