Comparison of Web 3.0 wallets
At the moment, there are several ways to store your digital assets in the world, and one of the most common is a web3 wallet. In this article, I will give you some general information about wallets and discuss their advantages and disadvantages.
What is Web3.0 wallet? Why can't we store money on exchanges?
Web3 wallets can store digital assets such as NFTs and enable users to interact with Decentralized Apps and keep their crypto assets there.
Centralized platforms running on massive servers still cannot provide complete data security. Meanwhile, security is a critical factor for individuals and businesses.
The primary purpose of the web 3.0 wallet is to allow users to store their funds without relying on third parties to store assets. This leaves you in charge of your funds with complete freedom to do whatever you please. You are the only person in charge of your funds, which is a revolutionary concept when you consider that banks ultimately control your money.
Unlike centralized wallets, DeFi users do not need to confirm their identity or provide any background information. The anonymity of wallets attracts many and means that your identity will never be revealed.
Advantages of wallets using Web 3.0 technological developments:
· Powerful privacy protection.
· Personal responsibility for storing funds — no need to entrust this Prerogative to companies.
· Absence of a central control point.
· Absence of intermediaries.
· Full data encryption.
· Complete control over your information.
· Minimizing the number of hacks and information leaks — decentralization leads to the fact that an attacker needs to disconnect the entire network to cause harm.
· Unlimited access regardless of country, citizenship, income, or other sociological and demographic factors.
· Operation without failures — since there is no single point of failure, the risk of a service failure is minimal.
So what to choose?
There are both hardware and online (web/mobile) versions. Hardware ones are the most secure way to cope with crypto because your private keys are encrypted in a specialized device. And you, of course, get your seed phrases as a backup.
So let me introduce four wallets we are going to discuss further:
· MetaMask. One of the most popular ways to access apps (decentralized applications, usually created on the Ethereum blockchain). The wallet was developed by Consensus.
· TrustWallet. A wallet officially supported by the Binance crypto exchange — allows users to interact directly with a large selection of dApps. It does not store users’ data; it is easy to use even for beginners.
· Trezor. First hardware option on the list. Must have for those who have a significant amount in crypto.
· Ledger. Second hardware wallet.
Now let’s compare the functionality and possible problems of the first two wallets from the list. Since the functionality is quite similar, let’s look at the problematic points. To exchange, stack coins, and participate in ICO on these platforms, you cannot do without creating a personal wallet. When adding TrustWallet via PC, users often have problems with subsequent verification in the mobile application in the future.MetaMask has a special browser extension that significantly simplifies the process. After installing it, a special window appears in the browser, where you should click the start button. This improvement makes MetaMask more convenient for most exchanges to trade than TrustWallet. The official mobile wallet of the Binance exchange is a multi–currency storage — it supports more than 50 blockchains, so it can store over 1 million assets which is more than Metamask can do. Based on user’s feedback, TrustWallet is easier to use and has a more intuitive interface.
I already told you that hardware wallets are still the most secure option. So, let’s look at their comparison and decide which to choose.
-Ledger is also superior here because of the number of cryptocurrencies supported
-Trezor has a little more to offer incompatibility, mobile support, and easy device unlocking.
Easy to set up
-Both devices have similar setup processes, and they should be ready for use in about 10 minutes.
Both Ledger and Trezor are the safest means of storing your cryptocurrency. Both options allow you to see your wallets, interact with them, protect your private key, and send and receive cryptocurrency. I can recommend both. Just check which currencies Ledger and Trezor support before you buy.
What else to say
I would like to say that I hope the information presented will be useful to beginners in the topic of storing their digital assets. I have reviewed the 4 most common wallets and tried to put all the basic information that you need at the first stage for choosing.
There is no correct answer to the question which one is the best. As the industry is growing from day to day there are more and more wallets on the market and it's hard to go and check all of them.