Hello my dear friends and fellow steemians, greetings to you all. I want to also appreciate my amiable professor, @sapwood for his great knowledge and method of impacting it to others, very simple. Here, I want to present my homework task for the 3rd week. It is all about blockchain wallets. Please keep reading.

My homework task entry

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

Yes, I have used both hardware and software wallets

First of all, what is a hardware wallet?

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This refers to a bitcoin wallet that is very unique. It stores the private keys of a user in a secure hardware device which is a protected area of a microcontroller and it cannot be transferred out of the plain text.

Software wallet*

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A software wallet can also be referred to as a cryptocurrency wallet and it is a software program that is usually in an online platformsor in a hardware device. That is where the the keys are which is used to send or receive different blockchain cryptocurrency tokens.

which one is having better advantage for security

It is a general knowledge that software wallets are susceptible to hack. It 8s not secured at all. So in terms of security, hardware wallets have greater advantage over software wallets. It can not be affected by viruses that could be on one's computer because private keys does not have any contact with your network-connected computer or potentially vulnerable software.

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

Exchange (centralised) wallet

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This is a wallet that is just like a platform or a service that helps one to exchange fiat with a cryotocurrency or even to exchange or convert a cryotocurrency to fiat. So, you can buy and sale cryotocurrencies in exchange platforms at the prevailing market price. This platforms have also added a wallet to their platforms where you can temporarily store your assets for different purposes like trading or for exchange or conversion

It is important to note that, while exchange platforms have simplified the process of buying and selling assets, it is not a good practice to store your assets their for long. The reason is because, when such exchange platforms are hacked, which is a constant occurence,your assets are gone. Besides, you are not in control of your assets because they even the private keys to your assets just like banks. Moreover, because they are not regulated by any regulatory bodies, like banks are regulated by the Central Bank, these ones can take any decision any day that can affect you and your assets adversely especially in terms of fees and other things. So when you decide to store your assets in an exchange wallet, store the quantity you can easily let go if any eventuality occurs.

How to secure a centralised wallet

To secure a centralised wallets, it 8s advised to at one take the following security measures,

• Choose a hardware wallet

• Use good and up-to-date antivirus software

• Always use a secure internet connection

• Do not access unknown or suspicious links

How to restore a centralised wallet

To restore your wallet in an exchange platforms, you will need to supply your details like the phone number, and email address used for opening it. You might also be required to supply your identity card. Then they will take their time to verify it's you before you can perform transactions. And this can take time.

Decentralised wallets

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A decentralised wallet like bitcoin wallets are software programs that allow you to store your assets like bitcoin, Etherium and so on of which only you have access to. Yes, only you. This is because there are private keys that will be generated as soon as you create a decentralised wallet which only you will be in control of. This is unlike in an exchange wallet where the private keys are controlled by the exchange.

So because you are in control of the keys, it therefore means that you can claim ownership of the assets stored there. However, these keys can easily be lost to attack on your devices or your email in case you secured them online. Hence, it is advised to at these keys be stored securely either offline or any other means possible that can guarantee their safety. If someone should have access to your private keys, the person can transfer your assets to his or her own wallets which only him has access to and your don't. So be careful of how you handle it. And the worst is that no one can help you recover your private keys in case you lost them. It is entirely your problem and no one else's.

How to secure a decentralised wallet

We know that cryptocurrency wallets are easily attacked and assets are easily lost. Hence, there new to secure them. To secure a decentralised wallet

• It is best to store your private keys offline

• Use two-factor authentication for your wallets

• Never give away your private key

How to restore a decentralised wallet

To restore your decentralised wallet, you we need to provide your private keys. Since you stored it offline, you meet get it and input. I could remember when I needed to restore my trust wallet. I had to look for the keys which I wrote down in a book and input and that gave me access to my wallet. But if you have misplaced it, then you are on your own because no body will come to your rescue.

Give an example of a Web 3.0 wallet and what are the distinct uses of a web 3.0 wallet

A Web 3.0 wallet is a wallet that gives one access or control over the tokens that are located in a blockchain. It doesn't actually hold any coin but allows one pass control over to other wallets. Its features are awesome.

features includes but not limited to the following.4

It is a semantic web
It reads, writes and execute web
Emersion
Connect context, people an and knowledge
Visualisation
Consolidating contrnts
Smart applications
The behavioural advertising

The distinct uses of web 3.0 wallets includes

• web 3.0 wallet is made in such a way that it can store crypto assets in a safe, private, digital space and serve as a single login to all Web 3.0 decentralised applications

• a web 3.0 with its integration of the modern technology which has integrated cryptocurrencies to various devices, gives one access to game, trade, or purchase sporting event tickets using the crypto wallet using dapps.

An example of seen 3.0 wallet

A common example of a web 3.0 is metamask

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Metamask is a cryptocurrency wallet which can be used to store only the keys of Etherium cryptocurrency. It is a web 3.0 because you can use it on the Chrome, Firefox and brave browsers. It acts as a bridge between the Etherium blockchain and the normal browsers . In a nutshell, metamask enables users to carry out Etherium transactions using regular websites.

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

Yes, I have used and I am still using a web 3.0 crypto wallet.

Steemit wallet is one example of a web 3.0 crypto wallet I am using to store my rewards from steemit.

Tron link is another web 3.0 crypto wallet which I am using to link my tron wallet in the steemit ecosystem. All the reins I earn from steemit goes directly to this tronlink ones it hits the sentence wallet of my tron wallet.

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