We started the second day by presenting our findings from the previous day. My topic was about cryptocurrency wallets and how they are used in the internet world. Crypto wallets are basically just the place for you to access your currency and do transactions. After everyone finished presenting, Greyson assigned us new “deeper” topics that would deeper our knowledge of our particular topic. The rest of the day was asynchronous since Greyson had to attend a summit at Lenovo.
For my deeper topics, I started to look into the different types of wallets. I found that there were two types and that there were two more types in each of those types. Sorry if that was confusing but this is a confusing topic. The two broad types are custodial and non-custodial. Custodial wallets are 3rd party sources that hold your account so you don’t have to be responsible with your cryptocurrency. If you lose your password in Custodial wallets you can just reset it. Non-Custodial, as you may guess, is when you are responsible for your crypto and if you lose your password you lose everything since you can’t reset it. In both non and custodial there are hot and cold wallets. Hot wallets need to be connected to the internet in order for transactions to process and to access the crypto (ex. websites and apps used). Cold wallets don’t need access to the internet and are physical items that you carry around (ex. USB with crypto on it).
