Are you a MetaMask Wallet user and looking for a way to set up your wallet on your Windows PC? If yes, then you must know the way to use MetaMask on your PC.
Web3 Wallets have set a new industry standard in creating new ways to own and monetize our content, identity, and assets as we move on towards the next generation of the internet. Simply put, Web3 wallets are a way to use hardware or software not only to access funds, but to effortlessly allow you to interact with decentralized applications, serve as a gateway to bankless financial services, collect NFTs, create on-chain identity, collaborate with communities, and provide substantially more use cases beyond the scope of the traditional wallets we have today. Just like how people have a physical wallet to store paper money, these wallets help store access to your digital currency instead. In addition, Web3 wallets are capable of storing digital assets such as NFTs and enable users to interact with Decentralized Apps (dApps). This is done all without the necessity of a middleman involved. Wallets don’t actually store the cryptocurrency, but they store the information required for access to your funds which are digital cryptocurrencies. A crypto wallet has three main components:
- Public Key: This links to an address where you can send and receive transactions.
- Private Key: Must be kept secret and undisclosed. This is used for signing new transactions and enables access to funds.
- Seed Phrase: Used to generate multiple private keys. Act as a root key, giving access to the rest of the keys and addresses in a user’s wallet. This can also create new private keys.
In Web3, several types of wallets exist within the space. Each has its favorable use cases and may be useful depending on your intention of managing your data and funds. It’s ideal to try and see which type of wallet works best for you.
Hot Wallets are generally referred to as software wallets because they are hosted on devices that have access to the internet and cryptocurrency network. They are more convenient than other types of wallets due to their ability to store, send, receive, and view tokens. Hot wallets are considered the highest in utility when it comes to Web3 wallets. Since hot wallets are connected to the web, they’re open to more hacks compared to cold wallets.
Desktop wallets simply are downloaded as an application to our laptop or desktop. That means it is executed locally in the machine. They are considered the safest type of hot wallets available.
Web wallets are installed on someone else’s computer or server. It allows people to interact via a browser interface. Therefore, it isn’t necessary to download or install anything on a device. It consists of the exact same features as desktop wallets, using the same blockchains and block explorer to search blocks and transactions.
These are very similar and work much like desktop wallets, except are designed specifically as mobile apps for smartphones. This gives users access convenient access to their funds at the palm of their hands. Mobile wallets tend to be more primitive compared to desktop apps due to limited space and the use case for simplicity.