Crypto Academy Homework Task 4: Blockchain Wallet Chapter-4 by @sapwood

in SteemitCryptoAcademy4 years ago (edited)

Hello Steemit:

Hope you all good. Today, I am doing homework task 4 by @sapwood which is basically on Multi-chain Wallets and their features and importance.

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(1) Have you ever used any Multichain wallet(Non-custodial)? Examples? (Hint- Guarda Wallet, Atomic Wallet, Trust Wallet, or any other wallet of your choice)

What is Multichain Wallet:

Multichain wallet have provide different crypto assets in a single wallet. User is able to import single chain wallet in Multichain wallet easily.

Yes, I am using Trust Wallet for two months. I think Trust Wallet app is the most easy app to use because it provides many features for users to use blockchain of different families in one platform(Trust Wallet).

(2) How many different coins(of different Blockchains) does it support?

There are many different Multichain wallets in market. Some famous multichain wallets are, Trust Wallet, Guarda Wallet, Atomic Wallet etc. Since I has been using Trust Wallet, I know more about Trust Wallet as compare to other wallets but I am studying different multichain wallets as well.
Trust Wallet supports 30+ types of blockchain, I don't know the exact number. It supports some of the common coins of different blockchain which are,

  • Bitcoin(BTC)
  • Ripple(XRP)
  • Ethereum(ETH)
  • Tron(TRX) etc.

(3) How do I back up the seed key(Mnemonic key) and/or the individual private keys of different coins in a Multichain wallet? Screenshots(Hide the sensitive info)?

Seed Key:
Seed key is the root key of all the individual private keys of different coins. Some Multichain wallet provides both seed key and private key. It consist of 12 word phrase.
It is important for any user to backup seed key offline. Write seed key(12 word phrase) on paper/notepad and place that paper or notepad at safe place.
Trust wallet provide seed key only, but user can also derive private keys from seed key.
The steps of backup the seed key in Trust wallet are,

Step: 1 -Select Setting from the right bottom corner of the home page of app.

Step: 2 - Click on Wallets which are placed on the top of the page.

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Step: 3 -Then click on Multichain wallet.

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Step: 4 - After clicking on Multichain wallet, click on Show Recovery Phrase. In this way you can easily backup your seed key. And don't forget to write seed key on paper and secure it on safe place.

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(4) How do I re-import the existing Multichain wallet in a fresh installation?

After deleting the Trust Wallet app and then reinstalling for better understanding of how to do re-import. Following are the steps to re-import the existing Multichain Wallet in a fresh installation.

Step: 1 - Click on I already have a wallet.

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Step: 2 - Then click on Multi-Coin Wallet.

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Step: 3 - Then enter your seed key which you was backup. Screenshot are not permitted on that screen because of security issues. In this way you can easily re-import multichain wallet in a fresh installation.

(5) How do I add/import a new coin in a Multichain wallet using the private key of the coin? Examples/Screenshots? (Hint- Import TRX in Trust Wallet).

Following are the steps of importing any coin in multichain wallet using private key of that coin. I'm importing TRX in Trust wallet.
Step 1 and 2 are same as in question 3.

Step: 1 -Select Setting from the right bottom corner of the home page of app.

Step: 2 - Click on Wallets which are placed on the top of the page.

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Step: 3 - Click on plus(+) button which is placed at top right corner of the page.

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Step: 4 - Click on I already have a wallet.

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Step: 5 -Scroll down the list of coins. When you saw your coin which you want to import. Click on that. As I clicked on TRX.

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Step: 6 -Select the private key tab and then enter your TRX private key, after entering private key, you can see the dialogue box of successfully imported your wallet.

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(6) How do I import a Multichain wallet(of a different service) using the seed key? Examples/Screenshots? (Hint- Import Exodus wallet or Atomic wallet into Trust Wallet).

For this question, I'm importing Exodus wallet by using seed key.

Step: 1 - Click on the Plus(+) sign button at the Wallets page.

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Step: 2 - Then click on I already have a wallet

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Step: 3 - Then import Multi-coin wallet.

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Step: 4 - Then enter your 12 words seed key and then click on Import.

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In this way, I imported Exodus Wallet into Trust Wallet by using seed key.


Hope I done my homework correctly and this post is plagiarism free and I used screenshots of Trust Wallet app.

Special Thanks to,

@sapwood, @steemcurator01, @steemcurator02, @steemcurator06
for your support.

Sort:  

Thank you for attending the lecture in Steemit-Crypto-Academy & doing the homework task-4.

Select the private key tab and then enter your TRX private key, after entering the private key, you can see the dialogue box of successfully imported your wallet.

You can import TRX into Trust Wallet using any of the three keys:-

  • Private Key, or
  • Mnemonic Key, or
  • Keystore File+Password(set by you in the previous installation)

(6) How do I import a Multichain wallet(of a different service) using the seed key? Examples/Screenshots? (Hint- Import Exodus wallet or Atomic wallet into Trust Wallet).

For this question, I'm importing Exodus wallet by using seed key.

In Trust Wallet, you can import any Multichain wallet(of a different service) if it has seed keys(12 words phrase). In a similar way, a Trust wallet can also be entirely imported into another Multichain wallet(of different service).

Thank you.


Homework Task -4 successfully accomplished.
[6]

Thanks processor @sapwood.

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