Blockchain Wallet(Types, Uses, Installation) - Steemit Crypto Academy Season 5 - Homework Post for Task 9.

in SteemitCryptoAcademy2 years ago (edited)


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Here is my homework post for fixed beginners course in the steemit's Crypto academy season 4 task 9 by professor @sapwood.

How do you store/secure your keys? What are the different forms of Private Key(Examples/Screenshot)? Download & Install TronLink Wallet(Android/iOS/Extension)? How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)? Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.

what are keys and How do you store/secure your keys ??

Keys are tools use to unlock a close door even as we know it to be in the physical world, but when it comes to Cryptocurrency, it is the a function held by the decentralized wallet use to access the wallet ( unlocking it for various action) and a means of identification of personality.

The blockchain as a storage of data for Cryptocurrency has a lot of benefits it serves to Cryptocurrency, Decentralization and security through it is one that will always be appreciated.

The blockchain wallet holds two type of key which are used by the wallet to perform all operations concerning it. These two keys are

  1. Public key: public key are key held by wallet used as a means of identification to the public. This key can be given to anybody on the blockchain so that they can be able to send or reach out to the owners via the blockchain network.

  2. Private key: private key is a key in the blockchain wallet that an individual use to identify himself has the owner of a particular amount of asset on the blockchain network . This key has to be kept private and must not be revealed or released to any other person. If any body can present tge private kat to the blockchain he has access to spend any asset on the wallet that owns the private key.

How do you store/secure your keys ?

After creating a wallet, the wallet indicate that we should back up and safe our private key wallet has it the only thing you have to withdraw your asset from the wallet and therefore you should back it up properly.

The private key when lost or forgotten cannot be recovered has the block chain does not offer the chance to recover lost keys. The blockchain do not have the forgotten password option like most website use. Therefore the private has to be secured with optimum security.

The private key can be stored by

  • Writing them down in a piece of paper
  • Copied and save on a Gmail for easy access
  • Saved on an hard drive
  • any other place we can think of without other people reaching out to it

What are the different forms of Private Key

There are 3 different type of private key

  1. The private key: this form of private key is a combination of randomly generated alphabet and numbers that are encrypted which are made in a way that cannot be imagined or guessed by humans. The key can easily be stored has it can be copied to a save place and it is used everytime to access the blockchain wallet. The holder of the key is always the owner of the fund.


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  2. Mnemonic phrase : this form of private key are not encrypted and they are made up of phrases which are easily understood by human which makes it's owner to easily memorize them. The phrase are made up of different words and the phrase might be made up of different amount of words too.


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    The user must notice the combination of the word that make up the mnemonic phrase as the arrangement of the word are in sequence which must be followed to unlock the wallet. The phrase serve the same purpose as the private key as it is used to access the wallet.

  3. The key file: the key file form of private key are coding that are held together in a file document with referencing to an object that are been used to access a blockchain wallet. This key file do not work alone to be used to access the block chain wallet but they do require the owner to set up a unique password combination to secure this file which will prevent another person to access the wallet even if the key file is been leaked.


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Download & Install TronLink Wallet

Visit the Google play store and Search for Tron link pro wallet and click on install to get the application from the playstore. After installation click on open and access the wallet.

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Open the application and click of create wallet or import wallet to move an already created account to the the new application. To create ACCOUNT accept the after accepting the userterm of the application click on create wallet and set a name for the wallet. The name has to be unique to you only.

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Then you input a password to protect your account, these password make have all the details required before you can then click on next step . After which you will have to type again the password for confirmation and then click on confirm.

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Now you will have to back up your mnemonic phrase so that your wallet can be secured. Then you confirmed you have back up by choosing some phase number correctly. After then your wallet is done

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How do you store the key

The key I got from the Wallet I created was back up on my Google drive which is the major form of my storage for the online activities but I also write down the phrase in my book just as I do for other too. Bellow is the evidence for my back up.


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Which form of the key are you comfortable with to handle your TronLink Wallet?

The best form of key am always comfort with is the private key as it is easy to copy and easy to paste without the thought of worry over arrange of the words or letter within them. The online storage I use I quite trust worthy and have been my own most comfortable form of storage for most of my key even those that are not for tronlink wallet.


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Conclusion

The blockchain wallet are responsible for hold of Cryptocurrency and they have their own form of protection which is provided by the ability of these wallet management to be decentralized on the blockchain network. This security is been made sure by the keys which are the form of identification to individual wallet both for sending and for receiving.

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Do not use the #club5050 tag unless you have made power-ups in the last month that are equal or greater than any amount you have cashed out.

 2 years ago 

After professor graded my post and didn't yield to my complaints about me not having a post in the last 14dayz and did powerup all of my reward from my last post, I went ahead to buy steem so that I can power up. I have evidence that I'm qualified for the #club5050 below in the screenshot.

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Please you can verify my word from the above screenshot. Thank you

Cc : @steemcurator01
@steemcurator02
@sapwood
@dilchamo

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