Steemit Crypto Academy Week 4 Task: Blockchain Wallet- Chapter 4 | lecture by @sapwood
Introduction
Hello, esteemed Steemians. It's another wonderful time to be back here at the @cryptoacademy to learn about cryptocurrency amd this time I learnt from the crypto professor @sapwood. The professor talked about Blockchain wallet- Chapter 4 which encompasses the concept of Multichain wallets. I will attend to the questions in this task and I invite you to be my guest till the end.
Have you ever used any Multichain wallet(Non-custodial)? Examples? (Hint- Guarda Wallet, Atomic Wallet, Trust Wallet, or any other wallet of your choice)
My answer to the question above is YES. I use Trust wallet which is a Multichain wallet on my mobile phone. It's important to know what Multichain wallet is all about, Multichain wallets are cryptocurrency wallets that supports different types of cryptocurrencies placed on different blockchain such that the wallet can support many cryptos like BTC, TRX, ETH, BNB and many more , all operating on different blockchain.
Trust wallet on my mobile
Multi-chain wallet have several crypto wallets on it with each operating differently with one of its kind, for example, Bitcoin wallets on Multi-chain wallet can be used to transact with other Bitcoin wallets either a Multi-chain or Single-chain wallet, and Ethereum wallet to transact with its family operating on its network and so it is for all other cryptocurrency wallets on a Multi-chain wallet.
Features of Trust wallet
- Built-In decentralized applications (DApps) to interact with other DApps.
- Web 3.0 incorporated, wallets that operates with Semantic web and AI and Blockchain. Otherwise called Web 3.0 wallet.
- Built-in exchange of assets which requires no placing of buy or sell orders but quick swap.
- Staking features known as Proof of Stake where users earn rewards for staking.
- Supports a long list of cryptocurrencies.
- Have private/public keys for easy import/backup of assets.
- Interacts with other wallets either Multi-chain or Single-chain.
How many different coins(of different Blockchains) does it support?
Trust wallet supports numerous coins, I mean many. The list of supported cryptos is a long list which range from BTC, ETH, TRX, BNB, JULD, TWT, ANKR and many more.
How do I back up the seed key(Mnemonic key) and/or the individual private keys of different coins in a Multichain wallet? Screenshots(Hide the sensitive info)?
How to backup Mnemonic key on Trust wallet
I will show you the steps to backup the Mnemonic keys on Trust wallet. The steps are shown below with screenshots;
- Download and install the Trust wallet App from the App Store or Google Play store and Open it. You will see the interface below; Select Create a New Wallet.
Trust wallet new App
- Agree to terms and conditions.
Trust wallet terms and conditions page
- Proceed to backup.
Trust wallet backup page
- Write down the 12 back up words in a safe place.
Trust wallet 12 back up words
- Arrange the words in order by selecting them and click done.
Trust wallet Back up
- Your back up is complete and the account is ready.
Trust wallet wallet created
How do I re-import the existing Multichain wallet in a fresh installation?
How to re-import a Multichain wallet on Trust wallet
The resource needed to re-import your Multichain wallet is the Mnemonic key, which is a set of 12 phrase mostly and sometimes the Mnemonic key maybe up to 24 words. This is needed in a situation whereby you are trying to migrate your funds into a new wallet. And I will like to show it in the steps below;
- From the new App page, Select I already have a wallet.
Trust wallet App first page
- Agree to terms and conditions.
Trust wallet T & C
- Select the preferred re-import option, Multi-coin wallet.
Trust wallet re-import Multichain wallet
- Input the 12 back up words in order.
Trust wallet back up words
- Click import and your wallet is imported in a few seconds.
Trust wallet wallet re-imported
How do I add/import a new coin in a Multichain wallet using the private key of the coin? Examples/Screenshots? (Hint- Import TRX in Trust Wallet)
How to add a new coin using the private key of the coin into a Multichain wallet on Trust wallet (TRX coin into Trust wallet)
I will copy the coin private key and open the Trust wallet App
Open the Trust wallet App and select I already have a wallet.
Agree to terms and conditions.
Select the coin you are importing, example Tron (TRX).
Trust wallet import private key
- Select private key at the top of the page, paste the private key and click import. You TRX will be successfully imported.
Trust wallet TRX import
How do I import a Multichain wallet(of a different service) using the seed key? Examples/Screenshots? (Hint- Import Exodus wallet or Atomic wallet into Trust Wallet)
Importing Atomic wallet into Trust wallet
In this part, I will be importing a Multichain wallet into another Multichain wallet, example; Atomic wallet into Trust wallet. It is believed that I already have my Atomic wallet Mnemonic key backed up to facilitate the process.
- Open the Trust wallet and select I already have a wallet.
- Agree to terms and conditions. Proceed to backup.
- Click on Multi-coin wallet as an option for import. Paste the Mnemonic key and click import.
Importing Atomic wallet into Trust wallet
- Atomic wallet successfully imported.
Successful Atomic wallet import
Thank you all for reading this far and thanks to professor @sapwood for his teachings and I hope I've done much justice to this as I look forward to learning more from all crypto professors. Thank you.
Special regards;
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @sapwood
Written by; @fredquantum
Thank you for attending the lecture in Steemit-Crypto-Academy & doing the homework task-4.
Always, hide the sensitive keys(private keys/mnemonic phrase), if it is your real account, then don't even hide partially, completely blur it out.
You have covered all the sub-parts and demonstrated it by including your own screenshots. I appreciate it.
Suggestion:-
Thank you.
Homework Task -4 successfully accomplished.
[7.5]
Thanks for the kind review professor @sapwood. I appreciate your suggestions and I look forward to make it more organized next time. Thank you once again.
That sounds great.
Thank you.
Nice write up but you need to reshade your keys very well cause they're still clear.
Thank you bro.... It's actually a demo account.