Ever since I joined Steemit, I have really learnt And gotten to know most things about keys and things involved in them.

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

In simple terms private keys is also known as a secret key, that is used to decrypt data. It is not one that should be shared with people, rather it should be private and personal. It is typically long and cannot be easily guessed.

Advantages of private encryption key

• It is more secure, private keys that are difficult to guess is more secure from hackers and fraudsters.
• Faster symmetric key encryption is much more faster than assymetric encryption.

When it comes to private keys, it should be kept in a safe place because exposure to others might attract hackers.

Public keys as the name implies is used to encrypt while private are used to decrypt. Public keys are freely shared, thereby making it easier for for users to encrypt content .
Most at times, public keys are shared, and are too big or long to be remembered easily, so they are stored on digital certificates.

Now that we have gotten to the definition of both, we then relate it to custodial and non-custodial wallet.

In custodial wallet, the private key is held by a third party, meaning that they have control over your private key, and if you lose your private keys, requesting the key from the owners can help retrieve it.

Advantages of custodial wallet

• In custodial wallets free transactions are made possible, it doesn't demand a transaction fee, thereby enabling transactions to be made freely without payment.

• In custodial wallet, private keys that are lost have no major effect as a result of the third party that manages it, so even if your keys are lost, it is quite easy to regain them back, and gain access to your wallet and funds.

• The central authorities or the third party handling your wallet often offers backup facilities.

Disadvantages of custodial wallet

• Third party's control over your money. This means that you do not Have any control over your wallet. Instead the third party has complete control over funds.

• Need for customer id, it is almost impossible to gain access to fund without proving identity.

• Internet connection is needed, it is a must to have internet connection in other to be able to login to your custodial wallet or perform any transaction.

In non-custodial wallet, you are your own bank, which means that full control over your own funds, in this wallet both your public and private key belongs to you.

Advantages of non-custodial wallet

• Every individual has full control over his funds, they do not need to look up to any third party to manage their funds.

• There is a higher safety in funding as the risk of having data breach is much lower.

• In non-custodial wallet, it is easier to withdraw, without consulting any third party.

Disadvantages of a non-custodial wallet

• There is more responsibility because the tiniest of mistakes could lead to unplanned consequences.

• If any keys are lost it will be almost impossible to retain them back And that means that the money is gone.

• There will be a trade of delay as the currency will have to be initially sent to an exchange.

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

The proof of keys day is an event where people simultaneously pull their cryptocurrencies out of Centralized Blockchains. A sole goal is to make sure that exchanges have all the funds claimed to have had.
In other to participate in the proof of keys day, we need a wallet address, it is a place were you can own your private key. We need to take some precautions when doing so, so we need to apply the following tips:

1 We need to be sure we are using the correct Blockchain address, we need to make sure that we are entering the correct wallet address, this is to aviod losing funds to another account.

2 We need to keep in mind that if your account is not verified, your withdrawal might be limited, further the exchange might find it difficult to process an excessive amount of withdrawal request at a time.

3 We need to be careful not to use keys we think are compromised.

4 We also need to consider the pricing risk.

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

I prefer Decentralized wallets for storing my coins because of the following reasons:

• It reduces the burden of the top executives.
  In the centralized system, the entire center of storage which is the top executive, but In decentralization method, the center of storage is the private key honour and no one else.

• Better supervision and better control
  When using the decentralisation system, I can be able to monitor and control funds in my wallet without Consulting anyone.

• it enables users to participate in a trustless system.
  This way one doesn't have to trust a particular organisation to secure our wallets, we can do so ourselves.

• There is an easier relationship with customers
  If we want to properly relate with customers it is much easier in the decentralized systems as they may not be restriction based on how to meet and so on.

• Flow of information
  Decentralized systems, make it easier for information to get to users it is also much more faster as it doesn't need to pass through stages of government before getting to their users.

• It promotes motivation
  Decentralization makes it easier for the formation of small groups, this improves morale of employees as they will get involved in decision-making process.

4a Let us assume it is Proof of Keys Day:
a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.
Step 1: We should first of all login into our steemit wallet and then click on the wallet icon.

Step 2: It will bring out a list of different cryptocurrencies, we then select steem coin.

Step3: I already have a total of 60 steem, bit for the purpose of the practical, I will use 20 steem, so now I click withdraw.

Step4: Next we input , the user address, the memo address, and the amount, for the practical I input 20.01 steem , in case of charges, then I click withdraw.

Step5: The next screenshots below, is on confirm the transaction, I then click confirm.

Step6: After that I view history to be sure of my transaction, therefore the transmission is completed

Step 7: Lastly, I then confirm from my steemit wallet.

4b Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
(Provide Screenshots and make sure you have your Key)

Step1: I first of all login to my Binance

Step2: Then a list of cryptocurrencies and then I select Tron wallet

Step3: I already have a total of 225 TRX, so I just click withdrawal

Step4: Next I go to ahead to copy my receiving address.

Step5: I then input the address, and the amount.

Step6: I then click to confirm and view history

Step7: Then I finnally confirm from my Tron wallet.

In one statement, what is the significance of the transaction in question 4

I think that the significance of the transfer is to show is exactly what is done on the proof of keys day. It also shows us the importance of being cautious when joining because, of the keys of a decentralized wallet is lost, it cannot be recovered.

conclusion,

I am grateful to @awesononso for the amazing and well understood lesson, I thank him a lot, and I hope my first participation in the cryptoacademy assignment, will be a fruitful one.
Thanks for reading