Crypto-Academy Week 3 Homework by @sapwood: Written by @okoyejoshua
Hello every one today post which is week 3 topic of @sapwood who is a steemit professor and the topic covered was blockchain wallet which are hardware wallet, software wallet and multichain wallet etc, if you want to learn about it you can visit here anyway i will be explaining between hardware wallet and software wallet which one has the best security.
Which one between hardware and software has a better security advantage.
You should know that your currency are digital and can really be damaged by viruses and malware unlike the hardware wallet that is offline and protected by a private key so i will say hardware wallets has more security advantage than software wallets.
What are the important points to consider when you deal with an Exchange(centralized) Wallet & Decentralized wallet.
I consider the speed in transaction, the centralized wallet are like bank apps which i think are for short term crypto holders because you can easily trade it for fiat currency when you feel like but the decentralized wallets don't have trading capabilities so they are for long term holders and when it comes to transaction speed they both have that speed in trasaction.
How do you secure/restore both types?
I would be explaining how to secure and restore both centralized and decentralized wallet but first centralized so let's begin.
Securing Centralized wallet
The process of securing this type of wallet is by keeping your email and phone number private because in binance exchange you can only withdraw funds after you have verify a codes that has been sent to both your email and phone number, if you want you can also include a google authenticator for more security.
Restoring a Centralized Wallet
If you forget your password and you are trying to restore your wallet back you can just apply for new password by clicking the forgot pass word button that will take to the process which requires your email and phone number but if your account was hacked you can easily reach out to their customer care.
Securing your Decentralized Wallet
This is simple you just have to secure your private key and other keys because if you loose one your account can easily be hacked so that should be the most important thing.
Restoring Your Decentralized Wallet
You can restore your wallet through your keys it's has simple as that, in that case you can use either your private key, mnemonic key or keystore file to restore your wallet.
what are the distinct uses of a web 3.0 wallet?
The use of web 3.0 is the ability to login to web 3.0 decentralized application called dapps.
Example of Web 3.0 Wallets
Coin base wallet
Conclusion
Thanks for reading i hope i covered every task and i hope you understand what i explained any way thank you to @sapwood for your wonderful lecture.
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