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

in SteemitCryptoAcademy3 months ago

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Hello sir

first, I will like to thank the almighty God for adding me another day and I will send my regards to [email protected] for giving us the wonderful lecture.

1.) Explain private and public Keys about custodial and non-custodial wallets.

In other to keep your assets or cryptocurrency well or in a safe place you have to keep your keys well because without the keys you can’t have access to your assets inside your wallet which is the private and the public keys

I will talk more about these keys and how they are important to cryptocurrency and others etc

THE PRIVATE KEY

The private is also known as the secrete key with the private you aren’t supposed to share with anyone because if you mistakenly link it up with anyone they might hack your wallet or steal your cryptocurrency and it's always good to keep your keys secret by yourself without giving it to the third party.

The private key is normally used as a password but users can’t memorize the private key into their head on less he or she saved it on their notepad or email etc and the private key is represented with a series of alphanumeric characters which makes it difficult for anyone to hack your wallet.

The private is a secrete key that allows user to get access to their funds and make transactions or it’s a secret key that is used to encrypt or decrypt data is mostly shared between the communicators.

THE PUBLIC KEY

A public key is a form of cryptographic code which make it easy to make a transaction between two groups which allow the user to receive cryptocurrency into their wallet without the public key the users cannot receive cryptocurrency so both the public key and the private key places an important role in other to make transferred of cryptocurrency to the user's wallet, the public key is used to confirm the digital signature to prove that wallet or account rightfully below to you before you can control your private keys

THE CUSTODIAL WALLET

Is a type of wallet where the user is the owner of the wallet and the user is not in charge of the asset and don’t have access to his wallet and but the wallet is controlled by a third party and the user private key is in the hand of another person so if you want to make a transaction on less the third party make the transaction for you since the wallet is being controlled by the third party
Examples is coinbase and free wallet

THE NONCUSTODIAL WALLET

Is a type of wallet where the user is in charge of his wallet and controls everything inside his wallet and makes transactions without having a problem with anyone and there is no central authority.
An example is Exodus and wasabi etc
Base on the definition I have made I can say that.

The public key and the custodial wallets go together because The custodial wallet is a wallet where crypto belongs to the user and he or she can't do anything with his crypto but is controlled by a central authority because the central authority controls the private key and without the private, you can't make any transaction but public keys allow the user to look after his crypto but he or she can't do anything with the crypto inside his wallet because is being controlled by the third party

The private keys and noncustodial wallet go together.
Noncustodial is a wallet where user can make a transaction without having problems with the third party this type of wallet is being owned and controlled by the users and there is no third party and with the private keys, the users can have a view of this asset and still can do whatever he or she wants to do with his crypto inside his wallet with having a problem with anyone and when you control your private keys you can control your asset and make a transaction on your own.

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

THE PROOF OF KEYS DAY

The proof of key day is an annual event which commonly happens on the 3rd January where the user or those involved in trading cryptocurrencies transfer their asset from centralized exchange to their wallets so that they can have control over their asset and if you don’t have control of your keys then you don’t have control of your assets.

Proof of key day was created by Trace Mayer to celebrate how the first cryptocurrency which is Bitcoin has helped the world and he invented this proof of key day on 3rd January 2019 and is now celebrated on the 3rd January of every year and the main purpose for the celebration is to the able user to transfer all their cryptocurrency from centralized wallet to their wallet and this will help user to know that if you don’t have control of your private then the cryptocurrency inside your wallet isn’t your and it will also let the user know the once your keys are with you them you are in controlled on your cryptocurrencies.

The proof of keys is an important day because it helps the users to keep the private key safely and it will also help them to control the assets in their wallet and it will also help to know that when you aren’t in control of your private keys them your asset is not your own.

What precautions would you take when participating?

  • Always make sure that you don’t give your public key and the private key to the central authority so that they will get access to your crypto or hack your account.
  • Always make sure that you don’t lose your private key and public key so that you can get access to your crypto or assets because once you lost your keys you can’t get access to
    Your crypto.

  • Always make sure that you send your assets to the right address to avoid the loss of assets because once you mistakenly send it to the wrong address you can’t get it back.

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

I will go for Decentralized wallets for storing my cryptocurrency.

The decentralized wallet

is a wallet that allows the holder of the keys that is the private and public keys to be able to send crypto and receive crypto to all parts of the world with having the inference of the third party but in the centralized wallet, the holder of the keys can't send and receive crypto because the user is controlled led by another person and there is the third party.

The following are some of the reasons why a decentralized wallet is good for storing cryptocurrencies

  • In a decentralized wallet, making transactions is easy and faster and it doesn't take time to finish a transaction since is being controlled by the users
  • In a decentralized wallet, the users enjoy freedom since the wallet is being controlled by the user he or she can do anything with his assets without having a problem with anyone.

  • In a decentralized wallet, it's impossible to hack a user's wallet since the user doesn't share his keys to his wallet with anyone.

  • In a decentralized wallet in the cost of making a transaction fee is cheaper as compared to a centralized wallet.

4.) Let us assume it is Proof of Keys Day:
a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.

The following steps are as follows

To the transfer steem from your Binance wallet to your steemit wallet
I am going to transfer them from my Binance wallet to my steemit wallet

  • The first I will do it’s to log in to your Binance wallet

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  • Once you log in you go and look for wallet and click on spot at the top

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  • Once you do that, you will search for the steem and you will click on withdraw

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  • You will enter the address name you are going to transfer your steem to but since when are going to transfer your steem from your Binance wallet to our steemit wallet so my steemit wallet address is going to be my user name firdaus123 and the network is going to be steem and you enter your Memo which is proof of keys day.

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  • The next step is I am going to enter the amount I am going to send to my steem wallet

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  • When I enter the amount I will click on withdraw

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  • When you click on withdraw, you will confirm, your address, network, and memo and you verify and you make sure you are sending to the right address

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  • And you make sure from the security verification you will verify your phone number and your Gmail after that you click on submit.

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  • from there the transaction is now confirmed
  • And you will receive your steem into your steemit wallet

b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
(Provide Screenshots and make sure you have your Keys).

  • First thing you will do it’s to log in to your Binance wallet

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  • From there you will go to your Binance wallet and select on the wallet and you click on spot at the top

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  • And at the spot, your search for Trx and you click on withdraw

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  • Once you are done with that you will login in your tronlink wallet

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  • And you will select on your trx and you will
    Click on your receive at the down button and it’s in two options either you copy the address and you can scan, and you copy the address of the trx.

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  • Once you are done copying the address you go back to your binance wallet and paste the address you have copied from your tronlink wallet.

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  • Once you have pasted the address you will , you will them enter into the amount you are going to withdraw
    And once you entered your amount you will click on withdraw

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  • And you make sure you confirmed well the address and the network as well
  • From there they will asked you to confirm your some security verification codes

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  • And the security verification codes are your Gmail and your phone number

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  • And you are done with those verification you will click on submit

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  • From there your transactions is done

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  • And you will receive TRX in your tron link wallet

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

  • One thing I have learned is that the most importance significance of transfers in question 4 is that a user is in charge of his or her assets or have a direct control of his asset and owns his or her asset.

Conclusions

custodial wallet is a type of wallet where the user is the owner of the account, but the wallet is being control by a third party because the private key is in the hands of the third party and Noncustodial wallet is a type of wallet where the user is the owner of the account and the wallet is being control by the user but there is no third party centralized

The custodial is a centralized wallet and the noncustodial wallet is a decentralized wallet

It is always important for a user to keep his or her keys in a safer place and shouldn’t be sharing it with anyone because he or she could get steal and without the keys, a user cannot make a transaction and a user is in control with his asset inside his wallet when he or she is in control of this private keys and he or she should make sure he doesn’t give his private key to the third party.

I wound like to give thanks to the almighty God for adding me another day and I will like to thanks professor @awesononso for giving us such an interesting and a great lecture.

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