Blockchain wallet - Steemit Crypto Academy Season 4 - Homework Post for Task 9.
QUESTIONS
(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.
HOW DO YOU STORE/SECURE YOUR KEYS?
The Cryptography is crucial in blockchain technology as it secures blockchain wallets. This security comes in the form of encryption, which is accomplished through the use of keys. There are two types of keys associated with a wallet: private and public keys. Using banks as an example, the public key is the account number, and the private key is the PIN or password.
We utilize banks to store and secure our money, but we don't maintain our crypto assets in bank accounts like we do our cash. Rather, we keep them in crypto wallets such as the Tronlink wallet, Trust wallet, Exodus wallet, and others. These wallets are simple to use and allow us to send and receive funds quickly.
Now that we know the difference between the blockchain wallet and the bank, let go to the question, how do I store my key?
Since the key functioned as the passcode to my funds I made sure it was stored in a secure spot because I would be held responsible if something happen to it. So, in order to prevent this, I penned down my keys on a plain piece of paper, laminated and framed it, and stored it in my safe box, which I locked with a special password.
All this process of writing down my key on a paper, laminating and framing the paper was was done for security reasons; if I put it on Email, or Cloud, anything might happen; my device may be stolen or exposed at any point, allowing malicious users access to my keys, allowing them to access my wallet and extort my assets.
WHAT ARE THE DIFFERENT FORMS OF PRIVATE KEY(EXAMPLES/SCREENSHOT)
Users can access their crypto assets using three different types of private keys. This private key acts as a passcode or PIN. The 3 forms of private keys are;
Private Key
Mnemonic Key
Keystore file
The Private Key: A top-tier security provider creates the private key, which is a cryptographic string of characters. The key is a highly sensitive key that is automatically produced from our public key using cryptographic procedures. The keys are frequently long and made up of a series of bits at random. No phisher will be able to figure this out easily. This key should be kept secure and out of the hands of anyone who shouldn't have access to it. This key is required to send crypto assets to a blockchain wallet. If someone gets their hands on your private key, they'll have access to your wallet and funds, so keep it safe.
Example:-
Below is an example of a Private key, the source of the image is well cited
A Mnemonic Key: A mnemonic, like a private key, is a phrase seeds made up of 12 to 24 phrase words. For example, if you want to set up wallet using the Mnemonic Key as the private key, you'll be given a list of 12 to 24 to write down, then you'll be told to re-enter it in the same order as it appeared. When I use the Mnemonic Key to set up a new wallet, I make a mental note of the phrase words, write them down, and store them safe. Because it is a phrase of words with meaning that the user is familiar with, the phrase of words is easy to recall and remember.
Example:-
Below is an example of a Mnemonic key, the source of the image is well cited
The Keystore File Key: The final type of private key is a keystore file, which is a one-of-a-kind key that requires the user's password to work. It is a password-protected version of the user's private key, as I previously explained. This type of key is commonly saved to an email account because it is difficult to write down on paper and even more difficult to remember, as well as the fact that even a little error in writing it down will result in its loss.
Example:-
Below is an example of a Keystore file, the source of the image is well cited
DOWNLOAD & INSTALL TRONLINK WALLET(ANDROID/iOS/EXTENSION)
- Go-to your browser, and visit Tronlink website, or for Android users go-to Google playstore and search for Tronlink Wallet, or on App store for Iphone users and search for Tronlink wallet. I'm using Android phone so I go-to Google playstore. After downloading, click on Open
- Select "Create account" this is to create new account
- In the next page click on Accept this is done to accept all Tronlink link terms and policies.
*In the next page, enter your preferred username, this case I entered my username ademuji, after that I click on Next
- In this new page, I will need to enter a memorable password. However, it's important to use a password that contains at least 1 character, 1 number. After I have entered my preferred password, I wass prompted to confirm it by entering it once again.
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- This you can decided to backup your key or skip the process, backing up on Tronlink is with the Mnemonic Key, what I do is click on Back Up Now
- Now make sure you note down your 12 Mnemonic phrases in the order they're displayed and write them down, then click I have saved it securely."
- Now you need to confirm the 12 phrase word by clicking on it in the same order as it appeared when you typed it down, then clicking "Next Step" and "Carry out" to finish the confirmation.
- Congratulations, you have completed the process, and now successfully created a new account on Tronlink wallet. You can send, receive and interact on the Tron network now.
HOW DO YOU STORE the KEY(HINT- WRITE IT DOWN ON A NOTEPAD, DEMONSTRATE IT WITH EXAMPLES)?
I need the key, which works like a pin, to access my funds; without it, I won't be able to do so. As the wallet's owner, I am instantly responsible for the protection of my key. When I created my wallet, I instantly back it up with any key I want, however I like the (Mnemonic phrase form of private key). After I've backed up my Mnemonic phrase, I take out a clear white piece of paper and proudly write down my keys, making sure they're visible. The paper is then laminated and framed to preserve it from tears and winkles, and the framed paper is stored in my closet safe box, which I generally lock with a special passcode.
WHICH FORM OF THE KEY ARE YOU COMFORTABLE WITH TO HANDLE YOUR TRONLINK WALLET? INCLUDE SCREENSHOTS & HIDE/BLUR the SENSITIVE INFORMATION.
I prefer the Mnemonic phrase form of the private key because it is a phrase of words that is easy to write down because there are words, and I can easily recall or memorize it, as opposed to the other two forms, which are a mix of one character, alphanumeric, and if we skip one of the letters, we would most probably lose the account and the assets inside the account
In a nutshell, I'm really comfortable with the Mnemonic form of private key, and I'll always use it to create my blockchain wallet because it's easy to memorize.
CONCLUSION
There are 3 forms of private keys, and you must choose the one that best suits your needs. It is critical to back up and save our private keys in the safest possible location. We can keep them as drafts in our Email or Clouds. It's sometimes preferable to keep them offline in notepad or an offline document. but for me I'm still much comfortable with writing it down myself in a clear plain piece of paper, make sure it's laminated and framed this is to prevent it from tears and winkles.
Thank you for this insightful lesson, @sapwood.
#club5050 😀