[Blockchain Wallet-- Types, Uses, Installation] - Steemit Crypto Academy Season 5 - Homework Post for Task 9
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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.
The word KEY here refers exclusively to the passwords, used to verify, sign in, approve or better still recover a lost account. Securing and not losing your keys to the steemit platform should be your very first rule, no matter the circumstance you find yourself.
Before i get to the various methods i implemented to help me secure and safely save my keys, i'd like to share a situation wherein steemit software buildup actually saved me from a public display of my Active Key.
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These are strings of alphanumeric elements. They are created in a distorted manner, with the help of cryptographic functions, upon creation of a blockchain wallet.
AN EXAMPLE OF A PRIVATE KEY
It is very important to keep this key jealously, since it has the strength to unlock and move your assets about, from one wallet to another.
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• Mnemonic key:
This type of private key is also known as Mnemonic phrase, Mnemonic passphrase, or Seed key.
It uses BIP-32 and BIP-39 specifications, and it's easy to assimilate (handle, read, and memorized). Its phrases are always in multiples of 3, with lowest word counts mostly round 12, as it can be increased.
AN EXAMPLE OF A MNEMONIC PHRASE
It is of utmost importance to remember the sequence of the phrases, during your save up process, since it is very vital during restoration of wallet.
It can serve same purpose as a private key.
It can be used to reset passwords.
It can be used for restoration of a blockchain wallet.
It can also be used to generate a new wallet address.
This key when existing as a JSON (Java Script Object Notation) encoded version, it poses as another form of the private key.
For it to be a JSON version, it combines with the password created by the owner of the wallet, and behaves like the private key
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It is very difficult to memorise it, and can be accessed by owner of the wallet upon recovery.
As a JOSN version, it could function in place of a private key,
prefer the mnemonic key because it is easy to read and assimilate, compared to the others. It seems to be less stressful.
A sample of my mnemonic key (phrases swapped for security reasons)
In as much as i prefer the mnemonic key compared to the other keys, i ought to do my best to keep it safe and secured at all times.