Crypto Academy Season 3 Beginners' course - Task 6: Blockchain Wallet-- Types, Uses, Installation, etc || for sapwood by ahsanjawed
Hello everyone and Welcome to my Task 5 Post of Crypto Academy Season 3 Beginner Course
Homework Task (Q.1)
💠 (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?
A cryptocurrency wallet is a blockchain wallet. It enables customers to conveniently exchange funds. This wallet is easily accessible from any web-enabled device. Blockchain wallets carry out transactions and exchanges in a secure and timely manner. Blockchain wallets allow transactions between various coins to be made.
A private and public key are generated when you create a blockchain wallet. A public key is similar to a bank account number or an e-mail address in that it may be given to someone to conduct transactions. When it comes to receiving payments, the public key is crucial.
A private key, like a password, is a secret key. It is not transferred to a third party. If someone obtains your private key, they may be able to hack your wallet. The private key is required to spend the funds in your wallet. If your blockchain wallet gets hacked, it might be the end of your blockchain wallet.
It is self-evident that a user's private keys for a blockchain wallet should be kept in the strictest of confidence. The private keys of the blockchain wallet can be secured in a variety of methods. To protect the keys, users can use two-factor authentication. Users can hold a limitless number of digital assets in a blockchain wallet, which is a hazardous situation. As a result, it is safer for customers to keep a small portion of their money in a blockchain wallet and the rest in another secure location. Users can save their private keys in a variety of safe places. I've saved it in my Google Drive, my notebook, my USB drive, and I've also written it down on a piece of paper and kept it in my cardholder. Strong passwords can be used to protect digital assets in the wallet, ensuring that no one can hack your wallet. It's risky to forget the passwords that users have set up for their blockchain wallets.
💠 What are the different forms of Private Key(Examples/Screenshot)?
According to the discussion that began at the outset, a private key is a key of high value. Private keys come in a variety of shapes and sizes.
💠 Private key
- This is a hexadecimal code with a value of 256 bits. This key should be kept hidden and out of reach of third parties. The user can spend digital assets in the blockchain wallet using this key.
An example of a private key is shown below, obtained fromSource
💠 Mnemonic Key
- This is a more complicated key with some discernible patterns or words. This mnemonic key phrase should be properly written down. The phrase of words is easy to remember since it has a meaning that the user is familiar with. This is a simple 12-word sentence to remember.
This is merely an example of a mnemonic key that was for demonstration purposes alone.
💠 Key store File
💠 Download & Install TronLink Wallet(Android/iOS/Extension)?
Go to TRON WALLET First. The interface will then look like this.
Then select Chrome Extension from the drop-down menu.
Then select Add to Chrome from the drop-down menu.
Then, in the dialogue box, select Add Extension..
Now type a strong password into the box and click proceed.
Then, after entering the user name, click the proceed button.
The mnemonic key is below. Continue by writing the mnemonic key on a piece of paper.
I Took a screenshot of keys.
Now, by referring to what is written on the Screenshot , enter the mnemonic key and click Continue .
Your Tron Wallet is now ready to use. To install the Tron wallet, a user must go through such a simple procedure.
💠How do you store the key(Hint- write it down on a notepad, demonstrate it with examples
In dealing with digital transactions, the private and public keys in a blockchain wallet are extremely significant. The keys must be maintained in a safe and secure location. Users can keep their keys secure in a variety of methods. The private key, in particular, should be kept safe.
💠 Hardware Wallet
- The private key can be stored in a hardware wallet. It's similar to an HD flash drive in that it produces keys using mnemonic phrases or seeds. This is an offline option that you can use when you require the private key but don't have access to a computer.
For example, the hardware for the Ledger Nano S can be acquired for around LKR 25000.
💠 Software Wallet
- A software wallet is a web program that acts as the user's hard drive on their PC. It offers you complete control over the keys and ensures their security. The user is the only one who has access to his or her computer. When the computer is turned off, the private key should be saved, which is a critical factor.
Exudos.com is a well-known software wallet.
💠 Hot Wallets and Cold Wallets
- A hot wallet is a virtual wallet that can be used to conduct transactions between two parties over the internet. Because hackers can access your keys through the internet, this is not a secure wallet to keep your keys in. A cold wallet, on the other hand, is an offline option. Hackers have a hard time breaking into cold wallets. Government laws can make hot wallets vulnerable, while cold wallets are not. The cold wallet is the safest way to store private keys. Users can choose to keep their private keys in a cold wallet.
A hot wallet, for example, might be a desktop or online wallet. A hardware or paper wallet can be used as a cold wallet.
💠Which form of the key are you comfortable with to handle your TronLink Wallet?
In my perspective, both the mnemonic key and the private key are secure. In order to make my Tron wallet, I used both ways. However, I believe that utilizing the mnemonic key made it easier for me to log in because it is easier to understand than the private key, which contains hexadecimal symbols. It's preferable to be familiar with both approaches because they'll come in handy when working with blockchain wallets. As a user that enjoys working with Tron wallet, I find working with the mnemonic key to be a lot easier and more comfortable.
This concludes my homework task 6 post. Professor @sapwod, thank you for sharing your extensive understanding of blockchain wallets.