Proof of Keys- Steemit Crypto Academy- S4W7- Homework Post for @awesononso

_{Edited in Polish by @chimeroselam}

Introduction

Greetings everyone.
I appreciate Prof. awesononso for the practical classes we had on Proof Of Keys. This is my Homework post for awesononso.

1. Explain private and public Keys in relation to custodial and non-custodial wallets.

Private Keys: Private keys are a set of keys that an owner of a wallet can use to perform transactions in his wallet. The owner of this key can withdraw his/her assets without limitations, in relations to the non-custodial wallets. Non-custodial wallets allows the owner to assess his wallet without the knowledge of a third party to limit it. An example is our normal wallet that we can take out money at anytime we need it.

_{Private keys:Edited in Polish by @chimeroselam}

Public Keys: Public keys do not allow you access to your assets in your wallet. This means that you can not withdraw using a public key.
In relation to the custodial wallet, where you have a third party that monitors, not only monitor but can also perform some actions in your wallet. Just like the bank can deduct your money before informing you they have done so. They have the power to use your assets without your permission.

_{Public keys:Edited in Polish by @chimeroselam}

2. What do you think about the Proof of Keys Day? What precautions would you take when participating?

The Proof Of Keys Day is like a Bank Run where customers decide to withdraw all their digital assets in the centralized wallets into the decentralized wallet because of fear that it might be lost. This takes place on the 3rd of January, and was cleverly brought up by Trace Mayer to save the digital currencies which was a huge blow in the years past.

Some precautions that are needed to be taken is to mostly without fail transfer all assets in the centralized exchanges into the decentralized wallet before the day which is in 3rd of January. That day is 12days close to my birthday on the 15th.

3. Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?

Yes, I do prefer centralized exchanges to Decentralized ones because I have the power over my digital assets without any third party obstructions and limitations. Some other reasons are:

• I don't need to go through hurdles to transact money in my wallet
• I will use my private key instead of emails and passwords
• I don't need to be afraid of hackers and unauthorized functions

These also calls to mind the protection of these private keys

4. Let us assume it is Proof of Keys Day:

a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet

Step1
Open your wallet under spot

Step2
Put in the requirements and click on Withdraw

I do not have any steem in my Binance wallet right now and I haven't purchased any. I am currently going through the training of buying and selling of currencies on Binance to avoid loss of coins

b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.

Step1
In the wallet under spot. Open your Tron wallet

Step2
Put your address (i.e, Tron wallet link) correctly and click on Withdraw

My Tron wallet on spot is likewise empty and I wish to buy the currency but the fear of Proof Of Keys Day still trembles me and that of hackers as it is a centralized exchange

5.) In one statement, what is the major significance of the transfers in question 4.

The major significance therein is that the wallet that recieved the steem token differs from that of the TRX. Again, steem transfer uses the username as the address while the Tron uses the TRX link as it's address.

Conclusion

I have learnt so many things from this Season 4- week7 of the crypto academy [Beginners] as a student and also as a steemian in operations in the wallet and what exactly am doing there. All thanks to Prof @awesononso for his tireless efforts. I am also determined to increase the amount of steem and TRX I have in my Binance wallet.