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What is A Web3 Wallet?

HomeTechnologyWhat is A Web3 Wallet?

If you’re thinking of getting into cryptocurrency, having a Web3 wallet is the first step you should take. It is a tool necessary for accessing Decentralized finance (DeFi), crypto, and the Web3 space. And in this article, we will delve deeper into knowing what web3 wallet is all about. But first, let’s dive into the world of Web3 space to understand its concept.

Understanding the Web3 Space

You might have already come across the term “Web3” before, but what does it mean? Generally, Web3 is the latest generation of the web, with decentralization as its central concept. The rise of web3 has given blockchain users more control over their data and privacy. 

And as you might have already guessed, there were earlier web versions. They’re called Web1 and Web2. Web1 was the static version where users would browse static HTML websites with text and photos. It was fine for getting basic information, but there’s nothing more to it. 

That’s when Web2 emerged. This version was way more interactive. With the birth of social media, forums, and comments, users could now interact with websites, improving two-way communication. This was also the time when content creation became accessible with the introduction of wikis and blogs.

Finally, Web3 takes on the stage by bringing interactivity to the next level. With it, websites are more dynamic and decentralized. And it resolves the problem of businesses having vast collections of personal information by allowing users to have exclusive control over their data.

Another element inside the Web3 ecosystem are dApps or decentralized applications. They are blockchain-based and can create powerful apps that can eliminate various issues associated with centralization. One way to communicate with it is by having a web3 wallet.

What is a Web3 Wallet?

A Web3 wallet is, first and foremost, a digital wallet. It can store digital assets covering all token types, from fungible to non-fungible (NFTs).

Secondly, a Web3 wallet is a gateway to the world of cryptocurrencies. For this situation, the web3 economy. It is a tool that allows you to communicate with decentralized applications (dApps) on various blockchains.

Thirdly, Web3 wallets, similar to other crypto wallets like a bitcoin wallet, are non-custodial. That means you can store digital assets alone without having a third party or mediator. And because no one else has access to your tokens, you have exclusive control of all of your assets. However, having complete access comes with great responsibility—keeping the private keys to yourself.

Finally, you should know that a Web3 wallet works more than just hosting digital assets. It also lets you send and swap tokens, allowing you to acquire additional ones. Let’s look at the best Web3 wallets on the market today!

The Best WEB3 Wallets 

MetaMask 

Metamask is the most popular Web3 wallet today, with over 21 million active users worldwide. It is a non-custodial wallet available as a mobile application or browser extension. It features a user-friendly interface to make interactions with the blockchain effortless. It also provides an account backup with a seed phrase.

Additionally, Metamask enables users to buy ERC-20 tokens directly through the application. It also gives them more control over their public and private keys. Moreover, it’s open-source and supports trading on other chains like Polygon or Binance Smart Chain. 

With its popularity that created a large community, Metamask can connect to most decentralized apps. But don’t get confused. The Web3 wallet only supports Ethereum and other ETH-based tokens.

Coinbase Wallet 

If you’ve known cryptocurrencies for a long time, you probably have heard of Coinbase. It is considered as the biggest cryptocurrency platforms available in the present days. And now, they also provide a Web3 wallet.

Coinbase wallet is separated from the centralized Coinbase platform. It is used to transfer assets from accounts rather than as a centralized exchange. It takes security to another level by offering biometric security or a PIN to protect your assets. 

One notable feature of Coinbase Wallet is the ability to transfer and receive cryptocurrency based on usernames. So, instead of dealing with lengthy wallet addresses, the process will be effortless.

Trust Wallet

Trust Wallet is a viable alternative for accessing all of the benefits of the decentralized web. It supports a wide range of assets and blockchains; therefore, it’s called blockchain agnostic. Despite that, Trust wallet doesn’t impose any wallet, swapping, or dApp fees. The only downside of this app is it still doesn’t have a web/desktop version accessible to users.

Zerion

Zerion takes the limelight by allowing anyone to manage their DeFi and NFT portfolios. It connects to other wallets, including hardware wallets from Ledger, and helps users manage their portfolios. 

In addition, Zerion features an integrated trading and bridge aggregator across all major blockchains. That element helps users find the best deals using any of their devices. 

Aside from that, Zerion also has social features. It is where users may follow other users’ wallets, get push notifications when NFT prices drop, and keep track of their favorite assets.

Zerion’s flexibility makes it a must-have Web3 wallet.

Final Thoughts 

In this age of digitalization, having a Web3 wallet is crucial. It allows you to have exclusive control over your data in the crypto world. By having one as early as now, you won’t need to worry about adjusting when it becomes an integral part of our digital lives in the coming years.

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pearls of wisdom
Chatty Garrate
Chatty Garrate
Chatty is a freelance writer from Manila. She finds joy in inspiring and educating others through writing. That's why aside from her job as a language evaluator for local and international students, she spends her leisure time writing about various topics such as lifestyle, technology, and business.

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