Proof of Keys- Steemit Crypto Academy- S4W7- Homework Post for @awesononso

1.) Explain private and public Keys in relation to custodial and non-custodial wallets.

---

Answer: In custodial wallets, the user can not have private keys, User can only allow the transaction means that the user does not have control over crypto assets but still he can permit to do transactions. In custodial wallets, a third party manages custodial wallets.

the non-custodial wallet is a type of propagated, in which the customer owns private keys.
in this type of wallet, the user gets a file with private keys and need to write the nostalgic phrase

source

with which they will be able to restore their funds if the user having private keys means that he would have full control over the funds.

---

2.) What do you think about the Proof of Keys Day? What precautions would you take when participating?

---

Answer: The Proof of Keys Day event on 3rd January. This is a celebration of the first block anniversary that was mined.
the proof of keys celebration is all about taking control of your funds. Private keys are the keys that provide you or grant you permission or access to the funds.

Source
the precautions that we should take before participating in proof of keys day is to check the TRX address and confirm before withdrawing because if the TRX address is wrong then the amount is debited from your account but not received.

---

3.) Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?

---

Answer: Let me first define centralized exchanges, lets began: platforms and apps that enable traders to buy, sell, and exchange cryptocurrencies against fiat currencies or other cryptocurrencies. Centralized cryptocurrency exchanges are an important vehicle for the transaction. Transaction of cryptocurrency is completed using a centralized cryptocurrency exchange. these are the most common ways to do cryptocurrencies holdings transactions.

Source
so by the above information, we reached the conclusion that centralized exchanges are good because there is an extra layer of security and reliability is available in them.

---

4.)a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.

---

For transferring 20 steem, Go to Binance Wallet and then Click on Withdraw and then Select Steem Currency.

Then, Fill the Steem username in Address and then Fill the memo as your choice and then enter the Amount you want to transfer and then Click on Withdraw.

After confirmation, Enter the Code sent to your Mobile Number and Email and Proceed.

steem transferred to my account

4.b.)Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.

(Provide Screenshots and make sure you have your Keys).

For this, Starting process is same which is Click on Withdraw and then Select TRX.

Enter the address and enter the amount of TRX which you want to transfer from Binance Wallet to Tron Link Wallet and then Click on Withdrawal.

Here is my transfer screenshot to Tron Link wallet.

---

5.)In one statement, what is the major significance of the transfers in question 4.

---

In one word, We can say that We have proper and full control on all our assets in transfer. If we have our keys then We have full control on our assets in transaction and transfers.

---

Conclusion

---

Thanks professor @awesononso for this lecture. I have learned so many new things from your lecture. I am glad to participate in your homework task.

---