DIVING INTO WEB 3 WALLET for Beginners
(episode 1)
What Is a Web3 Wallet?
Web3 wallets are digital wallets designed for the world of decentralized finance. They act as gateways for users to interact with blockchain networks and decentralized applications (DApps), providing a secure way to manage cryptocurrencies, NFTs, and other digital tokens.
Web3 Wallets vs. Crypto Wallets
Although the two terms are often used as synonymous, not all crypto wallets are compatible with DApps and DeFi platforms. So, while both Web3 and crypto wallets are used to manage cryptocurrencies, Web3 wallets support a wider variety of digital assets.
How Web3 Wallets Work
Most Web3 wallets are designed to provide users with full control over their digital assets. This means that users are responsible for managing their seed phrases and private keys.
Typically, whenever you create a new Web3 wallet, you will generate a unique seed phrase of 12 or 24 words. This is what gives total access to your crypto wallet and its private keys (used to sign and verify transactions).
Do not share your seed phrase and private keys with anyone 🛑
Some Popular examples of Web3 wallets include MetaMask, Binance Web3 Wallet, and Trust Wallet.
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