Web 3.0

What are Crypto wallets? A Super Easy Guide to Understanding Everything About Them

The world of cryptocurrency, blockchain technology, and Web3 can be confusing and overwhelming for many. Today, we aim to make it easy for you and provide a complete understanding of one of the most important terms in the crypto world: the crypto wallet.

Crypto wallets can be a confusing topic with many questions. What are they? Why do we need them? How do they work? Are they secure? And what are the different types available? Today, we will break down all these questions and give you a comprehensive understanding of crypto wallets, how they operate, their benefits and some of the top options available in the market.

What is a Crypto Wallet?

A wallet is a common concept that most of us are familiar with. It is a physical or digital storage space where we keep our cash, debit and credit cards, and other personal items. In the digital world of cryptocurrency, a crypto wallet serves a similar purpose, but instead of holding physical currency, it stores digital currencies such as Bitcoin, Ethereum, and many more. It allows you to send and receive cryptocurrencies, whether it is a full amount or a partial amount, securely.

A crypto wallet is essentially a digital storage space that holds the public and private keys that are used to access and manage your digital assets. The public key, also known as the wallet address, is a unique string of numbers and letters that is used to receive digital currencies, while the private key, also known as the seed phrase, is a secret string of words that is used to access and manage your digital assets.

Now, let\’s dive into the technical aspect of it. Crypto wallets can be divided into two main categories: hot wallets and cold wallets. Hot wallets are connected to the internet and are more convenient to use, but they are also more vulnerable to hacking attempts. Cold wallets, on the other hand, are offline and are considered to be more secure, but they are less convenient to use.

In summary, a crypto wallet is a digital storage space that holds the public and private keys that are used to access and manage your digital assets, which can be classified into hot and cold wallets.

Crypto wallets are essential tools for interacting on the blockchain. They are software, programs, or systems that store public and private keys, which are used to access and manage digital assets. It is important to note that these wallets do not store the actual cryptocurrencies but rather the keys that allow for the sending and receiving of digital currencies.

When you send or receive cryptocurrency, the crypto does not physically move from one wallet to another, but rather, it is transferred from one address to another through the use of these keys. A public key, also known as a wallet address, is a unique string of numbers and letters that is used to receive digital currencies. The private key, also known as the seed phrase, is a secret string of words that is used to access and manage your digital assets.

In short, crypto wallets are software programs that store public and private keys that are used to access and manage digital assets on the blockchain. Public keys, or wallet addresses, are used to receive digital currencies, while private keys, or seed phrases, are used to access and manage your digital assets.

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Crypto Wallet

Understand Public Key, Private Key, and Seed Phrase

Private Key: The private key is a crucial component of a crypto wallet, it acts as a password and must be kept confidential at all times. This key is used to sign new transactions, and it also gives access to the funds stored in a particular address. Furthermore, private keys are also used to recover blockchain addresses and public keys. It is an integral part of the crypto wallet as it initiates all other components.

Seed Phrases: A seed phrase, also known as a mnemonic phrase, is a similar concept to a private key but with added functionality. It is a sequence of words that can be used to generate multiple private keys with just one seed phrase. This eliminates the need to save and remember multiple private keys. The seed phrase acts as the main key, giving access to all the private keys associated with it.

Public Key: A public key, also known as a wallet address, in the blockchain is a unique string of numbers and letters that can be shared with others to receive cryptocurrency. This key generates a new blockchain address, which the sender uses to send digital currency to the receiver\’s wallet. The public key is a crucial component of crypto wallet and it can be shared with others safely, as it cannot be used to access or manage the assets stored in the wallet.

Now, we have a basic understanding, let’s understand different types of cryptocurrency wallets.

Different Types of Crypto Wallets

There are three types of wallets, software wallet, hardware wallet, and paper wallet. Similarly, these three can further be categorized as hot and cold wallets.

Hot Wallets: A hot wallet is a type of crypto wallet that is connected to the internet and remains online. If you have funds on a cryptocurrency exchange, then your digital assets are stored in a hot wallet, which is a software-based wallet. Hot wallets are designed for traders and frequent crypto users as they are user-friendly and easy to set up. They are ideal for those who need quick and easy access to their digital assets. 

Cold Wallets: In contrast, there are cold wallets which are not connected to the internet, making them less susceptible to hacking attempts. Hardware wallets and paper wallets are examples of cold wallets. These wallets store the keys offline, making them more secure. They are best for investors who hold large amounts of cryptocurrency and do not engage in frequent trading. This method of storage is also known as cold storage because of its focus on long-term storage.

Software Wallets as Crypto Wallets

Software wallets come in three different types: web, desktop, and mobile. Web software wallets, such as Coinbase and Binance, are crypto exchanges that provide crypto wallet services and allow for the sending and receiving of digital currencies. However, a downside to this type of wallet is that both your public and private keys are stored on the exchange\’s servers. This means that the exchange has access to your private key and could potentially spend your cryptocurrency without your authorization.

Hard wallets in Crypto

If you prefer more control over your digital assets and don\’t feel comfortable storing them on an exchange, you may want to consider a hardware, or hard, wallet. Hard crypto wallets are USB devices that contain random number generators to generate public and private keys that are stored offline, without an internet connection. A popular example of this type of hard wallet is Ledger Live, which uses a long keyphrase system. The keyphrase is used to access the wallet, and it is important that you do not forget it.

Paper Wallets

A paper wallet is an old-school method of storing your digital assets, where the private key and blockchain address are printed on a physical piece of paper in the form of a QR code. Transactions are completed by scanning the QR codes. However, one downside to this type of wallet is that it is not suitable for partial payments, as it can only access the entire balance of the wallet at once.

Crypto Wallets

We hope this information about has helped you understand their importance and how they can be used in a secure way for buying, selling, or trading cryptocurrencies. Remember to always keep your private keys and seed phrases safe and secure. Happy trading!

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Runestone Keeper, a popular game on Steam, is coming to Web3

The popular and highly-rated roguelike dungeon crawler game, Runestone Keeper by Cimu Games, is being brought to the Web3 platform using Ready Games\’ web3 game development tools. This marks a significant milestone in the transition of Web2 games to blockchain games in 2023.

Runestone Keeper, a million-selling game with an impressive 662 positive reviews on Steam, is now being brought to the Web3 platform. The game, which has already been available on Steam, PC, Nintendo Switch, Xbox One, PS4, iOS, and Android, is one of the first games to go live on Steam. Development of the Web3 version is underway and is expected to launch in late Q1 on PC, console, and mobile. This multi-platform game is unique as it is one of the first major projects transitioning from traditional games to the Web3.

Cimu Games and its Transition to Web3 

Cimu Games, a renowned game developer studio under Innoteg, is known for creating thrilling and entertaining mobile and console games. The studio and its team now see Web3 as the future of gaming and plan to focus on this area.

Cimu Games has chosen to utilize Ready\’s multi-platform technology to integrate into the Web3 gaming industry. Their goal is to provide players with valuable in-game digital assets in Runestone Keeper, and to release future titles on the Ready platform. This move reflects Cimu Games\’ commitment to the future of gaming and its belief in the potential of the Web3 ecosystem to revolutionize the games industry.

According to Cimu Games Marketing Director, Josh Furr, the company is excited to join the Ready family of web3 developers. Furr stated, \”Our goal is not only to bring Runestone Keeper to Ready, but to reward players with valuable in-game assets and to release a variety of future games and titles on the platform.\” This partnership with Ready is a testament to Cimu Games\’ commitment to the future of gaming and the potential of the Web3 ecosystem to revolutionize the industry.

Ready Games welcomes Runestone Keeper on board

Ready Games is thrilled about Runestone Keeper\’s decision to join the Web3 ecosystem. Runestone Keeper is a well-established game with a strong and dedicated community. Additionally, being a multiplatform game, Runestone Keeper will help expand the reach of Web3 games to traditional gamers around the world. This partnership with Cimu Games and the integration of Runestone Keeper into the Web3 gaming space is a significant step towards the mainstream adoption of blockchain-based games.

Christina Macedo, the COO of Ready Games, expressed her excitement about enabling multi-platform games to enter the web3 space. She said, \”Runestone Keeper, with its great history and community, is the perfect game for us to partner with to launch our web3 gaming development tools across multiple platforms. Together, we can reach more gamers worldwide on PC, console, and mobile, and further innovate and expand the web3 gaming experience.\” This partnership with Cimu Games and the integration of Runestone Keeper into web3 gaming represents a significant step towards mainstream adoption of blockchain-based games and the expansion of web3 gaming experience to more gamers worldwide.

Runestone Keeper is not the first game to join the Ready Games platform. Currently, there are already six games utilizing the platform\’s services, and many more are expected to follow suit after the full release of Ready\’s technology stack. This demonstrates the growing interest and adoption of web3 gaming, and the potential of Ready\’s platform to support the development and mainstream adoption of blockchain-based games.

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Runestone Keeper

More about the Runestone Keeper

Runestone Keeper is a critically acclaimed game, having won SlideDb\’s App of the Year in 2015 and receiving overwhelmingly positive reviews on Steam. Additionally, the game was released to great acclaim on Nintendo, PlayStation, and Xbox platforms. Its iOS version has also earned multiple accolades, including Best New Game, Best New Update, and Amazing Chinese Indie Game. This history of success and recognition is a testament to the game\’s quality and popularity, making it an ideal candidate for the transition to web3 gaming.

Runestone Keeper will now be making its way to the web3 platform using Ready\’s technology stack, and will be available on PC, mobile, and console. The game\’s beta version for web3 is planned to be launched in March, with the full release expected to be available in Q2. This move to the web3 platform will provide players with valuable in-game digital assets and expand the reach of web3 games to traditional gamers around the world.

More About Cimu Games

Cimu Games is a game developer studio that creates high-quality games with a focus on making them multi-platform. Their games cater to both mid-core and hardcore players, with a rich experience of over 20 years in developing indie games, VR games, and AAA titles. The studio places a strong emphasis on originality and believes it to be the heart and soul of a game. With the understanding that Web3 is the future of gaming, Cimu Games plans to expand into this space and bring their expertise and experience to Web3 gaming.

More About Ready Games

Ready Games is a platform that offers benefits for both developers and gamers. It utilizes decentralized technology, shared ownership, blockchain technology, cross-game utilities, and NFT-based UGC to provide a unique experience for game developers, players, and content creators. The platform aims to have one million Web3 players by the end of Q1 2023. It also offers mobile-friendly design tools and a storefront for monetizing creations that are interoperable across different games on the same ecosystem. Ready Games is committed to creating a one-of-a-kind experience for the Web3 gaming community.

Read also our weekly update of Super Sunday News to get a quick recap of all the important developments in Web3 games. Moreover, check out Robbie Ferguson, Immutable’s Founder, thoughts on blockchain games and the future of the industry.

Gaming Industry Professionals Predict Web3.0 Mobile Games for 2023 

Industry experts have released predictions for 2023 in the mobile gaming industry, specifically focusing on the use of blockchain technology and NFTs, as well as the growth of the hypercasual sector. These predictions provide insight into the future of mobile gaming and how it may be impacted by developments in the web3 space.

The Web 3.0 and blockchain gaming industry has seen a steady growth in 2022, with projections pointing towards an upward trend in the last quarter of the year. Some of the biggest names in the gaming industry are developing AAA blockchain games, which are driving the growth of unique active wallets and the survival of NFTs. NFT games are becoming increasingly popular, with game developers remaining optimistic about the future of blockchain games. Furthermore, the Web3 domain is seeing an influx of investments, talent acquisition, and changes in gaming models. Today, we are sharing predictions from industry professionals about the future of Web3 mobile games, advertisements, and the hypercasual segments in 2023.

More fun games will roll out in 2023.

Many experienced and talented gaming studios are currently developing blockchain gaming projects. These projects were started in 2021 and, due to the time required to create an AAA-type game, we can expect to see these high-quality blockchain games released by the end of 2022. It typically takes around two years to market and develop a high-quality game. These AAA-level blockchain games will help showcase the true potential of blockchain games by the end of 2023. According to the Chief Gaming Officer of Magic Eden, we will see a significant improvement in gameplay and game quality in 2023.

Additionally, Neil McFarland of First Light Games predicts that there will be an increase in the number of new games entering the industry. These games will shift from \”play to earn\” to \”play and own,\” highlighting the true value of digital asset ownership. Furthermore, the use of AI tools will aid blockchain gaming studios in developing these games.

Novel Audience via Mobile for Advertising.

The changes in the global macroeconomic environment will prompt businesses to seek new methods to meet rising demands. The mobile ecosystem continues to expand and grow, which will drive advertisers to explore new avenues, such as moving beyond mobile inventory. Mobile advertising will enable advertisers to reach new audiences, such as those on Connected TV.

Blockchain Gaming Will Continue to Strive Amid Challenges.

Bob Slinn, COO of FunPlus, predicts that challenges will persist in the gaming industry in 2023. Nevertheless, the industry will continue to grow and innovate, particularly in the realm of marketing. We can expect to see creative marketing strategies, from traditional brand marketing to influencer marketing. Additionally, blockchain games with cross-platform gaming will gain momentum. Gaming studios with strong games will experience growth in audience, community engagement, and revenue.

Hatred toward NFTs will fade away.

Ian Masters, Founder and CEO of Flick Games, predicts that in 2023, there will be less resistance towards NFTs. People will begin to understand and accept NFTs as an innovative technology that promotes player ownership and generates additional revenue for developers. Game developers will use NFTs in a way that is beneficial for players. The model will likely involve a combination of ads, in-app purchases, subscriptions, and NFTs. Developers will also give out NFTs as free rewards to players, with some having little or no monetary value, while others will be rare and collectible items.

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Web3

In addition, NFT games are moving beyond the challenges faced in 2022. While the entire year was difficult for many games and blockchain projects, Solana was particularly affected. The collapse of FTX and Alameda Research led to a 94% decrease in Solana token prices. This has caused many existing and new mobile gaming blockchain projects to seek out more stable platforms. One recent example is the Solana game Tiny Colony, along with others like Y00ts and DeGods. While there are other blockchain projects available, developers are increasingly choosing Ethereum-backed ImmutableX. It is likely that in 2023, we will see more blockchain projects migrating from Solana to other platforms.

Casual Mobile Gaming Sector.

In terms of mobile casual games, it is expected that hyper-casual games will experience a decline before recovering, as has been the trend each year. One of the key advantages in the hyper-casual game development market is the low barrier to entry. This means that developers from all over the world will experiment in this niche to create successful games. Therefore, we may see new and innovative ideas in the hyper-casual mobile games market in 2023, leading to the emergence of new sub-genres and entertaining games such as \”Save the Dog\”.

The blockchain gaming industry will continue to attract investments in 2023, as more and more developers and talent enter the field. Additionally, some major players from the traditional gaming industry are also planning to increase their investments in the emerging Web3 domain in order to gain an early advantage.

Gala Games is developing some highly-anticipated titles, one of them is Superior. This is a thrilling new blockchain game that is also available on Steam. To learn more about Superior and its features, be sure to check out our game review. Don\’t miss out on this exciting opportunity to be among the first to experience the future of gaming with Superior.