Home Work Post for Prof. @sapwood. Crypto Academy Season 3 Beginners' course - Task 6: Blockchain Wallet-- Types, Uses, Installation, etc By @akcares
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
On venturing into the blockchain industry and the cryptocurrency world, at one time or the other one will need to know and make use of a wallet. Just like conventional banks which deals with and keeps fiat currencies, wallets are used to keep and transaction cryptocurrencies. It is virtually impossible to transact efficiently in cryptocurrencies without owning and operating a wallet.
Along with having a wallet comes the aspects of keys. Keys are intricately associated with cryptocurrency wallets. As a matter of fact, being in possession of keys especially private keys can be equated to owning cryptocurrencies. There are various types and forms of keys used within the cryptocurrency market and these keys have different functions and application.
Accordingly, this lesson by Prof. @sapwood is very vital for all students of the Steemit Crypto Academy who have the aspirations of operating conveniently in the crytopcurrency world. I have been particular enlightened by this lesson and I look forward to practicing all that I have learned. I will start by attempting all the questions listed above.
How do You Store/Secure Your Keys?
The method of Storing and securing of keys is dependent on some factors. These factors include, the format of the key, the type of key that is, whether it is a private key, which is a combination of alphanumeric characters cryptographically generated, mnonic keys which is a serious and sequence of words or keystone file.
Among these keys, mnemonic keys require careful handling. For one, the owner of the wallet has to note the correct sequence of the words and ensure they are correctly arranged.
Generally, it is not wise to store your key in any online medium like email. Thus, it is strongly advised that keys are not stored in one's email or sent to another. Reason is that, emails can be easy target for attack by hackers and their firewalls are not that strong.
Also, keys should not be put in cloud storage. However, cold storages, that is offline tools have been promoted as best storages for wallet keys.
Thus, it has been recommended by various researches and studies that the best way to store and secure keys is by writing them out or printing and then laminating this. This hard copy, I will then put away in a vault. This is how I would store my keys as it is about the most secure. It is free from hacking and hidden from access unlike taking a photo or screenshot of it.
The important points about writing out keys or printing on paper is that it must be kept in a very safe and secure location where access to it by strangers is not possible. Secondly, it must be preserved in a format where it cannot be easily destroyed. It is wise to produce more than one copy of this document and storing them separately.
Also, when storing mnemonic keys, it is best not to write out the entire sequence of the words in one sheet. It should be written in segments on different sheets.
Another safe storage for keys is hardware wallet which is like a flash drive but is has special features that support the storage and security. A number of them have been developed solely for this purpose. Alternatively, keys can be stored away in an ordinary flash drive.
The critical consideration in all these is that any storage media used for keys should be hack-proof and kept far away from fraudulent personalities.
What are the Different Forms of Private Key(Examples/Screenshot)?
The different forms of keys include:
Private Key
A private key is a security code in blockchain technology which is generated using cryptography. This cryptographic algorithm function makes it possible to combine numbers and letters in a long series. This key comprise a serious of characters which are basically a alphabets and numerals. The private key being alpha numeric in nature makes it difficult for attackers to figure out.
This complex and sophisticated form of cryptography gives the owners access to their cryptocurrency assets and also be able to manage transactions.
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Mnemonic Keys
This is another form of key which uses a sequence of words to represent codes. Other names for mnemonic keys are mnemonic phrase, seed key or mnemonic passphrase. Of all forms of keys, mnemonic keys are the easiest to read and memorize. It also offer higher flexibility in usage and handling.
Mnemonic Keys are usually in a sequence or between 12 to 24 words. With the mnemonic keys, it easier to recover other keys attached to a wallet as well as to restore a wallet itself. A necessary point to note with mnemonic keys is that the sequence must not be missed.
Keystore File
This can otherwise be called a UTC file. It is an encrypted version of the private key. It is created by combining the private key and a password. A file extension is always attached to a keystore file which is a form of encryption.
An attempt to convert this file usually change the format of the file. It is worthy to note that keystore files are protected by passwords as such, without the password, one cannot decode the file. This password distinguishes a keystore file from other forms of keys.
Download & Install TronLink Wallet(Android/iOS/Extension)?
I tried to install the TronLink wallet as an extension but probably because of my type of device, I wasn't successful.
Alternatively, I visited an app store and downloaded the android app.
After downloading the app, I successfully installed it my phone. On opening the app, I was given too options which were: create account and import account.
I selected the create account and all the terms and conditions or using the wallet were displayed in the next slide which I agreed to.
I proceeded to create a password. And subsequently a mnemonic backup.
I went on to view my private key at which point this dialogue box for inputting my password popped up.
I noticed that it is not possible to take screenshots when inside the app.
The wallet interface was then opened and since I have no transactions or tokens deposited it showed as below.
How do You Store the Key (Hint- Write it Down on a Notepad, Demonstrate it with Examples)?
As I created an account and inputted my password, the next display was for me to back up the a account with mnemonic keys. I was instructed to securely store the keys which I did.
From my research and the lesson about storing keys, I brought out a note pad and wrote down the words sequentially.
I was careful to note the correct sequence of the word and also not to write out the whole sequence in one sheet. So, I separated the sequence into three parts of four words each.
Which Form of the Key are You Comfortable with to Handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.
I am more comfortable with the format of the alpha numeric private key. This form of key to me is quicker to use. Unlike mnemonic keys or keystore file which are plenty and takes time to copy or type, the alphanumeric keys can easily be copied or typed.
Also, the alphanumeric private keys do not involve protocols like the keystore file which requires further passwords to access wallet. I am also comfortable with the alphanumeric keys because even if someone should see it, such a person cannot easily memorize it or replicate it.
So, I will be more likely to use the alphanumeric private key when I begin to use my wallet for transactions.
Conclusion
Truly, your wallet or token is as good as your private keys. Loosing them in what ever ways implies loosing all your cryptocurrency assets. So, it is a necessity to store and secure your wallet diligently. This is one of the most important thing I have learn from this lesson by Prof. @sapwood.
From this lesson, I have also been able to download, install and set up my own TronLink wallet which I had no idea of previously. Gradually, I am gaining more grounds in cryptocurrency market.
I am positive that in no time, I will come to fully understand all the intricacies associated with cryptocurrencies and I will be able to favourable trade and transact with cryptocurrencies. For now, I will make every effort to securely store and preserve the keys to my wallet as advised in the lesson.
