Crypto Academy Season 3 Beginners' course - Task 6: Blockchain Wallet-- Types, Uses, Installation, etc.
- 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.
When my friend introduced me to Steemit, the first thing he told me after creating the steemit account was to secure my passwords/keys. Unlike other passwords which I just keep off my head, I saved my Steemit keys onto my Google Drive since they mean a lot to me.
When I dealt with the decentralized blockchain system, I realized that one has to be cautious when securing his/her keys since there are a lot of hackers who can try to get access to them.
For me, by saving it on my Google Drive, I can be able to access it anywhere at anytime. I have also created a private chat on WhatsApp with the same number I use and I normally save sensitive information on it.
There are three main forms of private keys, which are;
• Private key
• Mnemonic key
• Store fine key
The private key combines both upper and lower case letters mixed with random digits. The private key is used to access your wallet and also has a QR code system which provides you with the private key. An example of a private key is given below;
This key consists of randomly mixed letters and is understood when read. The Mnemonic key will be the first key your account will provide you with immediately after you finish your registration. Having this key means you have full control of your wallet, so there is a need to secure it in a safer place, since someone can access your wallet when he/she has that key. It is always a good thing for you to secure it and make sure no one has access to it or gets access to it.
Below is an example of a Mnemonic key;
This key is found in your account and it consists of mixed letters, digits, and punctuation marks (colon, comma, bracket, semicolon, question marks) and others. This key is the most unpopular form of private key and it is hard to memorize. It is always advisable to encrypt one's key before storing it online so that hackers won't be able to have access to invade that document/file.
Below is an example of a store file key;
• In my Steemit wallet, I scrolled down and clicked on download tronLink wallet
• Then click on Android
• Then it will send you to the Play store, then click on install.
• Click on Open after the installation is complete
• Click on create account
• The User agreement will show, click on Accept
• Enter your user name and click on the Next Step.
• Create a password and click on Next Step
• Reenter password to confirm
• Click on Back up now to backup your password
• After backing up the mnemonic key will appear as shown below then you again click on i have saved it securely
• Then you have successfully backed up your Mnemonic key and the account is created successfully.
To make sure my keys are secured and safe, I have stored some Mnemonic key phases offline on my secret notebook and have store the remaining somewhere else so that incase someone have access to my notebook the person will not be able to steal my assets.
As shown in the image below are the phases which I have written in my notebook and the remaining at somewhere known to only me.
Comparing all the three forms of keys, the mnemonic key will be of comfort to me. I have chosen that because, it will be easy for me to memorize it since it consist of only letters and I can even write them down without making any mistakes, unlike the other keyswhich consist of letters, digits, and punctuation marks. And the mist complicated one among the three is the store file key which is difficult to even think of memorizing and when you try to copy it inside a book you can make several mistakessince it is lengthy and also mixed with letters, digits, and punctuation marks.
Thanks to @sapwood for the lesson notes. Having gone through the lesson notes, I was able to create my TronLink account and was able to back up keys and also learnt the mixed system of securing my keys and it is highly secured now.
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