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Different types of cryptocurrency wallets: The one you need

Mighty Block

In Mighty Block, our purpose is to help onboard the next billion users into Web3. To achieve this, users have to know how to use applications that allow them to connect to the web3, also known as wallets. The problem is that there are different types of cryptocurrency wallets, and even more types of users. Which is the best wallet for each of them? Let’s analyze:

Custodial Wallets

Custodial wallets are those that are managed by a third party. It is the closest thing to a “web2” application (such as a social network) since users will authenticate themselves in the way they do in the applications they use in their daily lives using, for example, their email and a password.

Advantages of Custodial Wallets

  • It is very easy to use.
  • Recovering an account if I lose my password is quite accessible.

Disadvantages of Custodial Wallets

  • You are not the owner of your private keys and therefore do not have full control over your funds.

In resume, it’s a centralized solution for a decentralized world.


Regular Self Custody

In these type of wallets, it is the user who must be in charge of storing and securing their private keys. Among these we find: browser wallets, desktop wallets, some apps and hardware wallets.

Advantages of Regular Self Custody Wallets

  • Now we really own our accounts
  • The security of our account depends on ourselves and not on third parties.

Disadvantages of Regular Self Custody Wallets

  • It’s not uncommon to lose access to an account or get hacked.

MPC Wallets

MPC (for Multi-Party Computation) allows multiple parties to participate in the signing of a transaction. Each part will have a private key and thanks to complex cryptographic algorithms the desired signature is achieved.

Advantages of a MPC Wallet

  • It is a decentralized procedure since it does not store private keys in a third party.
  • Reinforces security thanks to complex cryptographic algorithms.

Disadvantages of a MPC Wallet

  • It can be a bit more complex in its usability
  • Requires more than one physical device which can make it difficult to recover funds.
  • It is not compatible (today) with hardware wallets.

Smart Wallets

These are managed by smart contracts and therefore not only allow to store and transfer but also can execute pieces of code that add functionality such as multisignature.

Advantages of Smart Wallets

  • They have flexibility without losing decentralization.
  • You can even add logic to pay fees with ERC20 tokens.

Disadvantages of Smart Wallets

  • The code can expose vulnerabilities and make transaction costs more expensive.

So, which one should I use?

I believe that there is no silver bullet wallet, but I can give you some clues as to which one is best for you. 

  • You are not a technical user and you want the easiest to use? Custodial wallet.
  • I’m a technical user but I’m not careful with my keys. I prefer to have an easy way to recover my account => Custodial wallet
  • I am a technical user and I want a simple way to manage my account, and I am also very careful with my keys => Self custodial
  • I am a technical user who doesn’t take good care of his keys, but who thinks that multi-factor authentication would work for him => MPC
  • I am a technical user who would like to customize the use of his wallet to even adapt it to decentralized applications => Smart Wallet

Why do I recommend a centralized wallet in some scenarios? Because I think it’s the easiest way to start. And if what we are looking for is adoption, it is important first that everyone can use a wallet, and then become experts and choose the most suitable one.

I hope that with this article you now have a clearer idea about the different types of cryptocurrency wallets that exist.

Which wallet do you think is the most appropriate for you? Let me know in the comments !

The Mighty Block podcast

Mighty Block podcast

If you’re interested in blockchain technology, gaming and then our podcast is for you!

Listen to experts in the field discuss the latest developments and future potential of using blockchain, the latest news related with blockchain technology and the gaming industry.

Tune in to stay informed and ahead of the curve in the world of blockchain and gaming:

Episode 7:

If you’re interested in learning more about decentralized identity in Web3, then you won’t want to miss our latest podcast episode. We have an expert guests who share their experiences and insights into the potential of decentralized identity.

In this episode, you’ll learn about the benefits of decentralized identity, including increased privacy and security. Our guests also discuss the practical applications of this technology.

Whether you’re a developer, entrepreneur, or simply curious about Web3, you’ll find something valuable in this episode. So be sure to tune in and discover the potential of decentralized identity for yourself!

Episode 6:

Check out our latest podcast episode featuring the CEO and founder of Mighty Block. In this episode, we dive deep into the world of web3 and the future of the business ventures in this exciting new space.

Episode 5:

Recommended for gamers and those who want to learn more about this world! How have video games evolved to web3? What is coming in the future? In this episode, Sebastian Perez (Tech Lead at Mighty Block) and Uri Chami (Solidity Developer at Mighty Block) discuss these topics.

Episode 4:

In this episode we talk with our guest Milton Berman, WakeUp Labs founder and CEO, about the process through web2 to web3

Recommendation: Related Blog article.

Episode 4:

2022 was a year of unprecedented events for the cryptocurrency ecosystem. With Diego Gurpegui Improve-in Co-founder and CTO we took a look back at the most important events of the year.

Recommendation: Visit our blog to more web3 news

Episode 2

Bitcoin and Ethereum are the world’s most popular blockchain networks. We discuss with Diego Gurpegui Improve-in Co-founder and CTO about the differences and benefits of each one.

Episode 1

In our first episode we talk with Emiliano Canedo (web3 researcher and digital artist) about Ethereum: The merge, the history and the future.

Top 5 DeFi Blockchain Games To Watch Out In 2023

Mighty Block

Def blockchain games are also capable of having their own native crypto tokens. There is no centralization involved in the trading of these tokens.

What are DeFi Games?

Decentralized and finance are the words that make up the term “DeFi.” The games operate decentralized, as the name might imply. Every transaction made during the game is recorded on a public blockchain. These games typically use NFTs to represent in-game items and follow a play-to-earn business model. The market in the game, as well as any other marketplace like OpenSea, is where non-fungible tokens can be bought. Within the game, the NFT assets can be traded.

Defi games are also capable of having their own native crypto tokens. There is no centralization involved in the trading of these tokens within the game. Players can profit by staking their holdings thanks to this. The in-game currency can be used to buy in-game items. Consider Minecraft or the well-known board game Monopoly, but with blockchain technology. The game’s economy runs entirely independently and without interference from any higher authorities.

Here are the top 5 DeFi Blockchain Games to watch in 2023

  1.       Illuvium
  2.       Star Atlas
  3.       MOBOX
  4.       X World Games
  5.       CyberKongz

1. Illuvium

Open-world fantasy battle game Illuvium was created on the Ethereum blockchain. Illuvium, which is frequently hailed as the first AAA game on Ethereum, aims to entertain casual gamers and die-hard DeFi fans through various collecting and trading features. The game combines elements of PVP combat and open-world exploration. Players have the option of exploring the vast game world or assembling a team of formidable beasts.

2. Star Atlas

A grand strategy video game with a space theme that uses the Solana blockchain is called Star Atlas. It is a massively multiplayer metaverse set in the year 2,620 in the far future. In order to produce video games and visual experiences of cinematic quality, the gaming platform uses Unreal Engine 5’s Nanite.  Players on the Star Atlas metaverse can exchange, acquire, and create non-fungible tokens (NFTs) within the Star Atlas universe, taking advantage of an economy that replicates the tangible nature, right of ownership, and worth of real-world assets. It ranks among the most played Defi games.


MOBOX is a stage that is driven by the community and gives users power by rewarding them for their participation and enjoyment. GameFi, the new revolution in free-to-play, pay-to-win gaming, is made possible by the MOBOX Protocol, which combines the best elements of yield farming DeFi and gaming NFTs. MOBOX is a stage that is driven by the community and gives users power by rewarding them for their participation and enjoyment. To create GameFi, a truly Free to Play and Play to Earn ecosystem on the BSC ecosystem. However, MOBOX has developed a ground-breaking system that unites the best of DeFi Yield Farming and Gaming NFTs.

4. X World Games

X World Games was founded in 2019. It is a decentralized gaming ecosystem built on the Binance Smart Chain. Players and creators can acquire the X World Games (XWG) tokens through a number of cutting-edge games. It is a multiplayer builder game where anyone can buy and possess digital dream cards, gather and create exciting items, and make new friends through community and battles. There are four parts of the X World Games ecosystem for users and creators. However, they are the game itself, a marketplace, a card creator, and a card collector.

5. CyberKongz

On March 3, 2021, the digital artist myoo unveiled the gorilla-themed CyberKongz NFT collection. However, he went on releasing 1,000 “Genesis” Kongz for a mint price of just ETH 0.01. People quickly realized that pixelated Kongz made ideal profile pictures. Also, it gave the project some energy. The Kongz has grown in popularity from being NFT profile pictures to a mature community project with various use cases and niche characteristics, which has increased their value and created a significant buzz about their potential development. Those who own Cyberkongz gain access to private groups, airdrops, and alpha. It is a play-to-earn NFT game.

Brazil’s Rio de Janeiro will accept crypto payments for property taxes

rio de janeiro crypto payments

The city will allow taxpayers to make crypto payments through third-party service providers.

The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency to pay tributes. The move makes Rio the first Brazilian city to accept digital assets as payment for taxes.

It is expected that taxpayers will be able to pay with more than one crypto asset and that other types of taxes will be enabled in the future, the city stated. The decree also states that companies willing to provide the services must be registered with the city and comply with the Brazilian Securities and Exchange Commission (SEC) requirements.

The hired companies will provide cryptocurrency payment services and convert crypto into fiat currency. Funds will be transferred to the city in local fiat currency without any additional cost to taxpayers. Mayor Eduardo Paes said in a statement:

“Rio de Janeiro is a global city. Therefore, we are following  technology and economic advances in the universe of digital financial assets. We have a look to the future and we want to become the country’s capital of innovation and technology. Our city is the first in Brazil to offer the taxpayer this type of crypto payments.”

Similar actions have been taken around the world. In September, the United States state of Colorado started accepting crypto payments for any taxes owed. The legislatures of Arizona, Wyoming and Utah have all introduced bills to accept tax payments in the form of digital currencies to varying degrees.

Rio de Janeiro’s initiative is another example of the efforts being made in the country to broaden adoption. Recently, the number of companies holding cryptocurrency in Brazil has reached record highs as of August, as the local taxation authority, Receita Federal do Brasil, recorded 12,053 unique organizations declaring crypto on their balance sheets in August, up 6.1% over July.

Crypto is much more than DeFi and speculation

Mighty Block

Before writing this article I asked some people what crypto meant to them. I can divide their answers into two groups:

  1. The first one is from the people with knowledge and experience in crypto, they answered: “a decentralized technology able to remove middle-men,”
  2. and the second group has almost zero knowledge about topics like bitcoin, investments, and economy.

Their answers are biased. How much the price of cryptocurrencies falls is the only thing in the news and that is what people who are not related to the crypto world see.

Crypto is about the future and we need to talk about it.

Many people have heard about cryptocurrencies, speculate about them, and try to encourage more people to join the ecosystem. They have bought some cryptocurrency because they heard about it on social media and read the popular title “Buy this coin and you will be a millionaire tomorrow”.

I believe that Crypto is not just the Bitcoin price, finance, or people creating their own cryptocurrencies and convincing others to buy them.

Is not just about prices

There is a group of people who have deep knowledge about crypto, some are advanced users, others work full time on blockchain-related projects (also called web3 projects). Because this group has been building projects since the beginning of crypto and the first use cases were related to finance, there is one topic that most of their conversations are about: Decentralized Finance. DeFi is perhaps the most important topic both in our daily lives and for our future. But we should not stop talking about this, there are other reasons to pay attention to crypto and we need to start talking about those.

There are many industries where crypto (including blockchain and cryptography techniques) can be applied and talking only about one use case (DeFi) will make people focus only on that. It is necessary to show people that crypto is not just about prices, and discuss with them how the technology can be applied in their field. There will be more opportunities to leverage the tech in different fields.

Crypto is the future

Talking about decentralized finance is great, but it is not the future, it is already the present, it needs a lot of improvement, but it is here and helping people.

Crypto is here to help empower the users to have control over their assets, from money to data.

We need to encourage people to understand how to use crypto, and when I say “understand,” I am not talking about understanding how blockchain and cryptography work, because we drive cars and most of us don’t have any idea how they work, but we understand that transporting ourselves quickly is crucial to achieve more in our daily lives.

Many entrepreneurs and developers are building solutions with technologies related to blockchain, but it’s not even close to what is needed to improve our future. All of them (me included) believe that crypto is the future.

It is necessary to talk about technology and DeFi in different conversations. 

It’s essential to spread the seeds and help create conversations in many places. If we want to introduce the next billion users, we need to talk about how we are going to do it.

We need to start thinking and talking about how crypto can impact different fields. Without thinking too much, it is easy to imagine the technology applied in fields like:

  • Healthcare: the medical industry has suffered greatly from the inability to securely share and access sensitive patient data.
  • Security: when users own their assets and information, they will need to store their personal data securely and easily.
  • Law: as Kleros does using blockchain and crowd-sourcing to fairly arbitrate disputes. 
  • Social media: running away from centralized social apps and their censorship power, we will need decentralized social networks, like the ones Lens is helping to build.
  • Data storage: how much information do you save in centralized entities and how do you know what they do with your information?
  • Digital rights: piracy has brought incalculable losses to image creators, which is particularly prominent in areas such as news, design, photography, and e-commerce.

Just by thinking for a few seconds about it we realize that we are talking about years and years of work, but we need to start from somewhere, and speaking about how to implement it is the first step.

A single program is not enough

What makes me happier than ever is knowing that the Ethereum Foundation supports more things rather than just finance.

They launched the Fellowship Program that helps projects to “become a tool of and for the next billion – whether it is a decentralized application, a community-building initiative, or a piece of research”. I think it’s awesome to see one of the most influential foundations helping to improve the future.

But a single program is not enough. More people need to join the Ethereum Foundation and help them to reach the next billion in any way possible.

The first step to the future

We need to see beyond what it’s in front of us now.

We need to talk about other opportunities that crypto brings to the world, how this new technology can improve the lives of the future generations.

The world of crypto moves very fast. There are so many things going on at the same time that it’s hard to keep up. It’s important to understand what we are living through.

There are more opportunities in crypto than I talked about earlier and we need to find them and take them. Although, including blockchain in our lives won’t be easy, and it isn’t needed to apply it in everything.

We need to talk about crypto, the first step to the future.

Uniswap Buys Marketplace Genie to Integrate NFT Trading Into its DEX

Mighty Block NFT

Uniswap Labs is planning to integrate NFTs into the largest decentralized exchange via the acquisition of Genie, an NFT marketplace aggregator, according to a post on the company’s website (from 

Genie, founded in 2021, allows users to buy NFTs from across different marketplaces in a single purchase. This acquisition comes less than two months after NFT marketplace OpenSea purchased Genie competitor Gem.

Genie had 18,061 transactions and 8,050 ETH ($14.2M) traded in the last 30 days, according to Dune Analytics. This compares with Uniswap V3’s trading volume of $129.35B over 483,562 transactions in the same time period, according to DappRadar.

The acquisition amount was not disclosed.

Uniswap also plans to integrate NFTs into developer APIs and widgets to build a developer ecosystem around this asset class.  

USDC Airdrop

Uniswap will be airdropping USDC to anyone who used Genie at least once before April 15 or who holds a Genie Genesis NFT. 

This is not Uniswap’s first time working with NFTs. In 2019, the team launched Unisocks, linking physical socks with NFTs, and allowing the tokens to trade via a liquidity pool and bonding curve, just like the fungible assets on their DEX. 

“We see NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s—and they’re already an important gateway to web3,” wrote the team in a June 21 memo.