REPOST - Blockchain Wallet(Types, Uses, Installation) - Steemit Crypto - Academy Season 5 - Homework Post for Task 9.

asibi (58)in SteemitCryptoAcademy • 3 years ago

Hello guys,

Task 9 of the introductory courses introduces us to blockchain wallets and their types, uses, and installation. Cryptocurrencies wallets are used for storing and managing crypto assets, they are computer codes that uses keys or codes for encryption. Wallets can be hard ware or online wallet made of different types and forms of keys.

After going through the class, I have completed and summited my assignment on the question given.

Question 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.

Solutions

a)How do you store/secure your keys?

Your keys are your cryptocurrencies, without your keys, you have no cryptocurrencies even if you own and have the wallet in your name. This call for a great deal when it comes to the safety of our wallet keys. Cryptocurrency keys are codes made up of either alphabets or numbers or even both and uses Cryptography for encryption, cryto wallet uses the public key type of Cryptography to encrypt and decrypt information in the form of computer codes, it uses two keys, that is, a public key as the wallet address and a private key for transactions and accessing your cryptocurrencies. After looking at what a cryptocurrency key is in brief, let's go ahead and look at how to keep these important keys safely inorder not to loss your hard earn cryptocurrencies.

In the form of a soft copy: keys can be stored as soft copy in the form of word document or PDF and stored on your hard drive or pen drive, you can also secure your keys by storing it on google drive in the form of pdf or word document. With the google drive storage, even if there is any malware or theft of your gadget, you can still retrieve your keys from your google account. It is very advisable not to only store you keys in the form of soft copy, this brings us to the second way you can secure your keys.

In the form of hard copy: This seems to be more safet and secure from any online viruses and hackers, the word document or PDF containing your keys can be printed out and stored offline in a very secure place. Keys that are readable and easy to understand, like a mnemonic private keys can be hand written on a notepad or a piece of paper and stored offline. Keys that are very difficult to remember can be stored on a paper wallet, this is a document printed with the keys on them and a QR code and can be scan to sign a transaction.

Keys can be stored using cold storage: This is when keys are stored on a hardware wallet that can generated and secure keys offline using USB devices.

b)What are the different forms of Private Key(Examples/Screenshot)?

As stated earlier, your private key gives you the access to your cryptocurrency in your wallet, and private keys comes in different forms, some private keys are made up of numbers and alphabets and others are just alphabets in a readable manner whiles some private keys are made up of computer codes.

Private key: These are alphanumeric characters keys, that is, a string of alphabets and numbers. Private keys are generated randomly onces you create your crypto wallet, these keys can't be retrieve once you lose it, and they are quit long which make it very difficult to be cracked, hence it is important to keep it very safe.

Source

_{An example of private key}

Mnemonic key: This type of private key is made of words or numbers combine together in a sentence form in a pattern that is easy to understand and even memorised. It is strategically created to help put it into memory, it is also randomly generated when you create a wallet. It is use as a back up to recover your coins and wallet in case of any compromise.

Source
_{An example of mnemonic key}

Key store file: key store file in itself is not a complete private key, but it is an encrypted version of the private key, after creating your wallet, you input a local password of the key store, so to access your encrypted private key, your password and key store is used. The password and store file helps you to recover your wallet and coin. It has a json file extension and any attempt to convert to other extension may break it.

Source

_{An example of key store file.}

c)Download & Install TronLink Wallet(Android/iOS/Extension)?

To download and install a Tron Link wallet, I will login in to my google play store on my android and search for Tron like wallet in the search box.

By tapping on the install, it will download the Tron like wallet and automatically install it.

_{the downloading process.}

I have successfully downloaded and installed the Tron like wallet, and can now access the wallet by clicking on open.

d)How do you store the key

After I have downloaded the Tron like wallet, I will proceed to create my wallet account by tapping on create account.

The next step is to input the account's name, and click on next step, the account name distinguishes my account from different wallet accounts.

The next step is to input a password for my wallet account, I repeated this process before going to the next step.

The next step is to copy and safe my Mnemonic key, I was warn not to screenshot it, because that is my private key and it gives me access to my wallet.

_{my mnemonic key written on a piece of paper.}

The last step is to confirm my mnemonic key and proceed to complete the account creation.

Screenshots source

The written key on the piece of paper is my assets and hence is kept in a very secure place. Also, I scanned it and saved it in a form of word document, then uploaded it in my google drive. I think for now it is very safe.

Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.

After going through all the different forms of private keys, I Will be very comfortable to use the mnemonic key and the reason being that, it is very easy to memorize in case I lose the key from its safety place.

Conclusion

Private keys gives us total access to over cryptocurrencies and prove our ownership, non-custodial wallet gives us 100% control to our private keys and any compromise on the private key can lead to lost of coins. This class has been very helpful and I can now use and store my private keys in all the various ways of storage. Thank you to professor @sapwood for this class.

@dilchamo
@steemcurator02