Blockchain Wallet (Types, Uses, and Installation) - Steemit Crypto Academy Season 4 - Homework Post for Task 9 by @acbaby

Source Edited by @acbaby

(1) 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.

INTRODUCTION

Hi guys, I’m happy to do another homework post of the beginners standard courses. I will be answering the question in bold above. To make it easier for us, I have subdivided the question into different factions. Let’s get ready while we start. I will be talking about keys and how to safeguard and protect them for future use such restoration of accounts. The term keys on blockchain refers to characters which are sometimes alphanumerical, words, or numerical codes that are used to access wallets on a blockchain to enhance the security of users in order to minimize theft.

QUESTION 1a:

How do you store/secure your keys?

After downloading a dApp, I immediately prepare my mind to make a hardware copy of my wallet keys upon creating an account on any wallet. Like other normal Apps such as Twitter and Facebook I normally do this same activity and so for a dApp it becomes even more vital for me to safeguard security keys. To store my passwords, and security keys, I save them on google drive and also copy them into my codes diary where I keep in a very safe place. Most at times I even duplicate this diary separating all codes diary from highly important codes diary. This simply means that I have two diaries for saving my passwords and keys. One diary carries all and the other diary carries just the important keys to wallets and dApps I explore. To better secure the information I put in my codes diaries, I make them cryptographic in such a way that the codes are coded by me so that only I can define what is written.
I also save my keys using blockchain wallet. This tool gives me a lot of confidence with me keys since it’s highly secured and works in a peer to peer system. With its high level of encryption and being built on the blockchain technology is a guarantee that data cannot be wiped and I won’t loss my keys in the wallet.
Another place where I store my keys is in my mail box. Here I will just type a draft message which is also a cryptographic form of my codes only understandable by me.
With the above places I feel secured with my wallet keys and other information vital to me provided my mind is convinced that I coded the codes.

QUESTION 1b:

What are the different forms of Private Key(Examples/Screenshot)?

Generally the blockchain ecosystem enables blockchain wallets to provide users with a set of keys. These keys have different functions for the user during operations concerning the wallet involved. The wallet keys are broadly divided into two classes; Public and Private keys. The public keys are like a wallets address.
Looking at the functions of a Public key it is easy to have an idea on what a private key is about. The private key to a blockchain wallet is that key which enables an account user to be the sole owner of the account. The private keys are like the signature of the account holder just like we have the transaction password of an account holder in a bank. The private key should be kept private and secured due to the importance of their use to the account holder. This set of keys are used for validating transactions and for authentication purposes.

The different forms of private keys are seen below
The set of private keys include Json File/Keystore File key; alphanumerical characters/private key; seed/mnemonic key. I have described each of these keys below.

Json File/Keystore File key
A combination of the Json File key with the user password are used to restore a wallet provided the keystore file was backup upon creation of that particular wallet account.

1. The Json file is simply a more encrypted form of your private key but which allows you to use a self customized password to access it.
   When you combine this key file with your customized password it forms your private key and gives you access only provided by your private key. In this case only your customized password makes it security stronger than just your private key. Make sure the password you are using is made up of different characters and is also unique to other passwords you used on your device.
   

2. Alphanumerical characters m/private key
   This consists of a string of letters and figures entwined forming a strong private key. This key is formed by a random selection of these characters.
   As soon as your account is created in a blockchain wallet, the system automatically provides a private key of this sort with characters randomly selected and none corresponding with another key elsewhere. This is the key that is used to access your crypto assets and carry out transactions within your wallet.
   This key stands as the main password (master password ) to activities within your wallet. Every cryptocurrency supplied to your public key (wallet address) can only be accessed using this key and also, for a cryptocurrency to leave your wallet this key has to be used to verify the transaction. This intense security is because once an asset is sent out of a wallet it can not be retrieved.
   Source Image copied and pasted before screenshoted

3. Seed/mnemonic key
   This is a series of words representing particular numbers in an order most at time from 1 to 12, 15, 18, 21, or 25 words. It can function as the private key does but it is consider by many to be more easy to handle since it is readable.
   The mnemonic keys to play due to the none user friendly nature of private keys (that is the alphanumerical private keys).
   

QUESTION 1c:

Download & Install TronLink Wallet(Android/iOS/Extension)? How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?

After downloading the TronLink mobile application from AppStore, I installed it on my phone and used the following steps to create my account. In this case I already had my TronLink wallet installed on my mobile phone and for this exercise I will create a new wallet again.

Step 1
I opened TronLink application and took Create account

Step 2
I read TronLink terms and conditions and when I was satisfied with it, I clicked on agree. This was already done before creating my first account on this wallet App.

Step 3
I typed a wallet name and later confirm the name advantages seen below

Step 4
I made an alphanumerical password which is very strong. After typing my password, I clicked Next

Step 5
I repeated the password again as required and clicked Confirm

Step 6
I backup the mnemonic keys provided and also saved it to my google drive, email drafts, and in my codes diary.

At this point my wallet was successful created with security keys kept in safe places.

QUESTION 1d:

Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.

The mnemonic keys to me is quite easy to use and I think I’m comfortable using this key type. Looking at the alphanumerical key, it will require that I copy and paste it somewhere

which I will be copying and pasting whenever I want to use my wallet. With the mnemonic key, I have access to my account using the customized password I created and this stands an advantage too considering that the mnemonic key is readable. I think I find the mnemonic key quite comfortable and user friendly since with time I will get to memorize it easier than alphanumericals.

CONCLUSION

To conclude, I can say that blockchain wallets have a variety of security keys which makes it easier for users to protect their accounts provided they have the keys to the account. The public key of an account is that accounts address and the private keys are those keys used to validate transactions and they act as signatures of the account owner. Private keys exist in different forms and have been made easier by bringing the mnemonic key system which can be readable by humans. The security systems of blockchain wallets are very unique and highly secured encrypted.

A special thanks to professor @sapwood for the lecture
Thanks for reading
Let’s steem on!

Unless otherwise stated, all screenshots are gotten from the TronLink mobile application