How to Defi (fourth part)Ethereum Wallet
Detailed explanation of how to DeFi for beginner, Welcome to follow and discuss with us
Author: Lunaray Team
A wallet is a user interface of a blockchain network. It manages your private keys, which are the keys to your cryptocurrency vault. Wallets allow you to receive, store and send cryptocurrencies.
0x02 custodial and non-custodial wallets
- There are two types of wallets:custodial and non-custodial wallets.A custodial wallet is a wallet in which your cryptocurrency is kept and controlled on your behalf by a third party. A non-custodial wallet is one in which you fully control and own your cryptocurrency. This is similar to the “be your own bank” that many in the blockchain industry believe in.
- By using an escrow wallet, you trust a third party to securely store your cryptocurrency. This can be convenient because you don’t need to worry about private key security, just account credentials, similar to how you want to secure your email account. However, by entrusting your cryptocurrency to a third party, you expose yourself to the risk of the custodian losing your cryptocurrency due to mismanagement or hacking. There have been many incidents of custodial wallets losing cryptocurrencies such as Mt.Gox.
- By using a non-custodial wallet, you don’t trust any third party, but only yourself, to ensure that your cryptocurrency is safe. However, by using a non-custodial wallet, you pass the security burden on yourself, you must be fully equipped to store your private keys securely. If you lose your private key, you also have no control over your cryptocurrency.
Which wallet should I use?
For mobile phone users, you might consider using the Argent wallet. Argent is a non-custodial wallet that offers ease of use and high security, which are not always available at the same time. It enables people, devices or third-party services to verify your identity through Argent Guardians.
Argent Guardians, a new approach to social authentication. On the one hand, there is no need to memorize complex private keys, and on the other hand, it does not rely on centralized organization hosting accounts and passwords. Instead, use the friends and relatives you set up to help authenticate the authority of your account. When you forget your password, you only need to specify the recovery contact you set up to help verify, and you can recover your account.
Argent Guardians allows you to lock your wallet and freeze all funds immediately if you think your wallet has been compromised. Your wallet will automatically unlock after five days, or you can unlock it earlier by request from Argent Guardian.
You can also set up additional security measures to increase the security of your wallet, such as daily transaction limits. This is useful to prevent hackers from taking funds out of your Argent wallet once they get into your wallet. Whenever your daily transaction limit is reached, you will receive a notification and any transactions that exceed the limit will be delayed for more than 24 hours. Of course, with the help of your Argent Guardians, you can authorize large and legitimate transactions over the limit.
Argent requires a one-time Ethereum fee to create your wallet on the network. Network fees also apply to every transaction made through the app (Argent does not profit from network fees). With Argent Wallet, you can easily interact with DeFi Dapps directly from your wallet without the need for additional apps or devices.
Desktop Wallet: Metamask
- For desktop users, you can use Metamask, a web browser extension available for Chrome, Firefox, Opera, and Brave browsers. Like Argent, Metamask is a non-custodial wallet that is both a wallet and an interactive bridge to the Ethereum network. It should be noted that Metamask also has a mobile app. However, since some Dapps are not optimized for mobile devices, the app’s compatibility with some Dapps is not very good.
- You can store your ETH and ERC20 tokens on Metamask. As an interactive bridge, Metamask enables you to use all decentralized applications (Dapps) on the Ethereum network.
- Most DeFi Dapps can be accessed using Metamask