Crypto Academy Season 4 Beginers' Course - Task 9: Blockchain Wallet - Types, Uses, Installation, etc.

in SteemitCryptoAcademy3 years ago

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Home work

  1. How do you secure/store your key? What are the different forms of private keys (example/screenshots)? 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 and hide/blur sensitive information.

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Introduction

Blockchain wallets have been part of our day to day life in that it serve us the purpose of securing our digital assets. There are different types and categories of wallets, and every user chooses one that soot their preference. Although there are different wallets, there is one thing they have in common and that is security. Wallets come with key phrases which is the most inmportant part of the wallet. Loosing the wallet's key phrases most times have irreversible repercussions. So, are you really careful about your wallet?.

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How Do You Store/Secure Your Keys?

On crypto blockchain, keys play a vital role in protecting our digital assets which includes coins and tokens.
Our keys are meant to be secured and privatized just like our credit card PIN. I user looses his digital assets when he looses his keys.
Lately, I lost the keys to one of my wallets and at that moment it came to me understanding the importance of keeping my keys safe.
Yeah, i learnt the hard way.

I keep my keys safe doing the following:

  • Writing it down : the usefulness of a pocket diary comes to play here. As a matter of fact after loosing one of my wallets I got a diary for my blockchain wallets. I write down the name of the wallet and then the keys below and i guard it jealously to avoid stories. By so doing i am not scared about hackers no more.

  • Memorizing it : earlier this year, I opened my trust wallet, due to the lack of a writing material at the point where i created the wallet, I had to memorise my mnemonic key and today i can still remember it vividly, and it is safe.

  • Saving on drive : using USB drive is another way of securing keys.
    Keys like steemit posting keys, master keys etc which are very long to copy can be stored in USB drives that is void of viruses and it will be safe.
    Saving keys in USB, you will have to give the key a title to avoid misplacing one key for another.

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What are the different forms of private keys (examples and screenshots)?

Private keys as the name implies, is a key which grants a user access to his/her digital assets in crypto blockchain.
Loss of these keys can lead to loss of access to digital assets.
Below are the three forms of private keys:

  • Mnemonic key:
    During registration, this is the first key given. Mnemonics keys is made up of stochastic words and phrases that can be either 12 or 24.
    The key is important in that it can be used to reset a wallet's password, restore wallet when lost, and also generate new addresses.
    Holding to the fact that mnemonic keys are easy to understand, it is very popular. The best way of keeping the mnemonic keys is by writing it down.

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The above picture shows an ideal mnemonic key

  • Private keys
    This key composes of both alphabets and number, giving it its unique alphanumeric nature. Cryptography plays a vital role here and it happens at the moment of creating the wallet.
    This key can grant one access to digital assets an should be kept safe.

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Source

The picture above shows an ideal private key.

  • Keystore file:
    This is a more complicated key. In order to back up your keystore file, you will have to create a password for the wallet. i.e **your password + the keystore file now give you the private key
    Keystore file is composed of alphabets, numbers, as well as signs and symbols. And it is not easily understood.

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Source

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Download and Install TronLink Wallet (Android/iOS/Extension)?

I will be doing the explanation using my android device.

Step 1: go to **google playstore and in tyoe in TronLink Wallet in the search bar.
Step 2Click on search and proceed to download the app.
The app is installed immediately it is downloaded.

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The above image was gotten from google playstore.

How do you store your keys? (Hint- write it down on a notepad demonstrate with examples)

You can store keys if you don't have one. So, to get a key you must create an account. So we go ahead to creating an account.

After downloading, you click on open. I have an account already so i will have to create another account for the sake of this teaching.
When the app is open click on create account, read and accept user's agreement .
Set wallet name, create password and comfirm your password.

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The above screenshots were taken from TronLink pro app.

Back up your mnemonics using any of the modes i listed earlier. Verify the mnemonics and boom! Your accouny have been created.
For me i copied down my mnemonics in my diary

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NB: the app doesn't permit taking shots of mnemonics that is why i wrote it down, and for safety reasons i had to blur my mnemonics.

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Which form of the key are you comfortable with to handle your TronLink wallet?

Memorizing things is one of my fantacies. So, to that effect i prefer the mnemonics to any other key.
Since the word are readable and easily understood. Even though i write it down in my diary, my diary will serve as a second back up. Mnemonics are best for me because with mnemonics it is easier for me to reset my password, restore my wallet on getting a new device and also generate new wallet address.

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Conclusion

This lecture is awesome i must say because it have open my eyes to more reasons why i should keep my keys safe at all times.
So, i advice my readers to do the needful and keep their wallets safe.
I really appreciate you for your time, hope you learnt a lot from my work.

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