Crypto Academy Week 2 Homework Post for [@sapwood]

in SteemitCryptoAcademy3 years ago (edited)

Hello steemian. This is the homework given by @sapwood our steemit professor.

I will be writing about how to install mew wallet. I've been using Trust wallet all this while, but their charges is too high. I was introduced to new wallet and discovered they are far better when it comes to charges. So how do we download mew wallet

How to download mew wallet

Step 1. Go to Google play store. [Use this link](https://play.google.com/store/apps/details?id=com.myetherwallet.mewwallet), it will take you straight to where you will download and install Mew wallet. You can also type mew wallet in the search option to locate the wallet and download

Step 2. After downloading and installing, open the app

Screenshot_20210221-073947.png

Step 3. Click on create a free wallet as shown above in the image. After clicking it will take you to the next page. Click on create a wallet
Step 4. Create a 6 digits pin. Make sure you use the pin you won't forget. Re-enter the pin again for certification and you will be taken to another page once the pin matches

Screenshot_20210221-074711.png

Step 5. Click on start using new wallet, and when you are directed to the next page, you must backup your account. Please don't click on I will risk it, because if you do, you might lose your fund if anything happens to your device

Screenshot_20210221-075010.png

Step 6. So click back up now and click start. You will be asked to input the pin you created at the initial stage. Input your 6 digit pin and you will see a list numbered from 1 to 24. Write down everything accordingly on a paper. If you have a double phone, you can snap and keep it safe from prying eyes. Note that these are your seeds or recovery phrase, and you cannot screenshot because it has been automatically disabled from the app

Screenshot_20210221-075320.png

Step 7. By the top right hand side, click on next. You will see several options you need given for you to select the right phrase. If you copied them appropriately, click on the right one with right number. Make sure you check you paper where those phrases are written and be sure you are doing the right thing. Once you are done selecting the right phrase, click done, and lo, your wallet is set up

In case you lose your wallet due to phone lose, how can you recover your new account
?

Step 1. Once you get another device, download new wallet and open.

Step 2. Click on restore and click on recover phrase. You will be asked whether you have your recovery phrase. If so, you continue

Screenshot_20210221-081410.png

Step 3. Enter all the 24 recovery phrases accordingly without a mixing them. After that, proceed and set a new pin on the next page

Screenshot_20210221-081548.png

Step 4. Click on start using new wallet and you are done.

How important is the Mnemonic key or Private Key or Keystore File during the installation/restoration of a wallet
?

The mnemonic key, private key, seed or whatever name given to it is an integral part of a wallet that should be kept well. If a wallet is set up without these keys, such wallet cannot be recovered again because the key is what would be used for the wallet recovery. So without the key, there is no recovery of account

How do you store/secure your key

Keys can be stored in many ways. I store my key on cloud, and also on a notepad that has a pin I can never forget. Even if I lose my device, I can download and have access to my keys and other passwords. However, I still dim it fit to store my keys as a hardcopy and keep it save admits my documents. One thing I've leaned not to do is keeping my keys on a PC. I would say I prefer the hardcopy way of storing keys to any other way


I've used a wallet that has both password and seed. Metamask has these and also. To import metamask account into ethereum wallet, I think a Keystone must be put into a special directory. So the seed can be used to generate private keys that would be imported to the ethereum wallet
I appreciate @sapwood for this wonderful topic. Looking forward to more of his tutorials and homework. Thank you

This is ckole the laughing gas. One love.

CC

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Thank you for submitting homework task-2 in Crypto-Academy.

you will see a list numbered from 1 to 24. Write down everything accordingly on a paper. If you have a double phone, you can snap and keep it safe from prying eyes. Note that these are your seeds or recovery phrase, and you cannot screenshot because it has been automatically disabled from the app

That is called a Mnemonic key, which is a simplified version of the private key, easily readable for humans. You should not take a screenshot or should not even keep them in an email account/cloud storage. Always write them down on a paper/notebook/diary, keep them off-line. Do remember that the correct sequence of Mnemonic phrases can only unlock your asset.

I've used a wallet that has both password and seed. Metamask has these and also. To import metamask account into ethereum wallet, I think a Keystone must be put into a special directory. So the seed can be used to generate private keys that would be imported to the ethereum wallet

If you are using a private key/mnemonic key then you can easily restore your wallet(without a password)t, you can then set a new password in a fresh installation/restoration.

But this is not the case with a Keystore File. In that case, you also need to enter the password(set by you in the previous installation). So be careful with your password, better save it just like you save your private key(if you are using a Keystore file).

Keystore File+Password(set by you) ~ Private Key

Keys can be stored in many ways. I store my key on cloud, and also on a notepad that has a pin I can never forget.

The best practice to secure your keys is to write it down on a notepad/piece of paper, better break it into 3/4 parts and keep them safe, off-line. Never take a screenshot, never try to store them in an email or cloud storage facilities. You can use a brand new Pen drive to store your keys. But always keep a hardcopy.

Thank you.

Yea, I understand. Thanks for the extensive explanation.

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