HOMEWORK POST FOR TASK-4|| FOR PROF. @sapwood || ON BLOCKCHAIN WALLLETS (TYPES, USES, INSTALLATION, ETC.)|| BY @gi-de-on.||
GREETOMGS EVERYONE
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[edited on https://www.canva.com/]
QUESTION-1: How do you store/secure your keys? What are the different forms of Private Key(Examples/Screenshot)? 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 & hide/blur the sensitive information.
INTRODUCTION
This is a very interesting area of cryptocurrency to talk about with beginners. Hence for more clarity of the topic and easy understanding purpose, I will, first of all, I will like to explain separately the key terms as used in this homework post.
BLOCKCHAIN: The term blockchain is hence very cumbersome and this has made it quite difficult to define but in its simpler term, a blockchain is simply a form/type of a database. But you will agree with me that a database is a series of information that is been stored on a computer system which are been stored electronically.
image source
With this, a blockchain can be said to mean an electronic/digital public ledger that records various transactions that are been made/processed online. Blockchains simply serve as a coherence of cryptocurrencies which encrypt transactions, validate and hence record various forms of transactions that are been done.
WALLET: Just like our normal wallets which we use in storing some valuable items this is not far fetched from the cryptocurrency wallet. Hence, the cryptocurrency wallet in a simple term can be said to mean an app which is been used by cryptocurrency users for the storing and retrieving of their assets in form of a coin or even fiat money.
image source
But on the other hand, a more standard definition holds that cryptocurrency wallets are simply devices, programs, etc in which the public and private keys are been stored and hence utilized in the performance of transactions. It also does the job of encrypting, and also information signing.
Since the meaning of Blockchain and crypto wallet has been explained above, this would guide us in defining what is known as Blockchain wallet.
BLOCKCHAIN WALLET: Blockchain wallets are simply digital wallet that enables cryptocurrency users, traders/investors to store, manage, and also trade their various cryptocurrencies such as; Bitcoin, Etherium, USDT, etc.
Hence, a blockchain wallet is simply a digital program/software that runs on a blockchain that has in its possession the private keys and public keys and as well enables a crypto user to trade, and exchange cyrptocurrencies that are related to both the private and public key on the blockchain.
image source
FEATURES OF A BLOCKCHAIN WALLET:There are things we are to note about a blockchain wallet that is important and some of those things are:
🔵 Low transaction fee
🔵 Easy to use and comprehend
🔵 High level of security present
🔵 Transactions are been done across numerous numbers of cryptocurrencies.
🔵 Transactions are done and concluded at an instant. Hence this helps prevent the involvement of third parties present in any transactions.
How do you store/secure your keys? What are the different forms of Private Key(Examples/Screenshot)?
HOW TO STORE/SECURE MY KEYSOne major aspect of working with cryptocurrencies is knowing to keep safe your keys for if there lack the proper safeguarding there deserve it will therefore lead to loss of most valuable assets on the side of the trader.
There are several ways/methods in which we can all apply to ensure the safety of our assets. Below are hence some of those very helpful ways to help us safeguard our assets.
🔵 The most common way usually done is by writing down the keys and keeping them in a secure place that suits the owner of the keys.
🔵 My keys are been stored on my computer set. I created a folder and saved them in it and keep it in a part of my system that is far from reach from persons outside me.
🔵 The folder path in which my keys are been saved is encrypted by me. This is to say even if an outsider stumbles upon the folder, access can still not be given to them due to I only have access to the folder.
For more securing of these keys, it is advisable to remove your keys from your file-sharing app so to prevent someone from sending them alongside other files. Also, saving these keys on a cloud service or an email address might seem healthy at first but is not a good practice for these platforms can easily be targeted and hence expose your keys to some form of risk and put your entire wallet at more risk than ever.
THE DIFFERENT FORMS OF PRIVATE KEYSThe private keys majorly consist of three forms which are:
🔵 Private Key(A string of alphanumeric characters)
🔵 Mnemonic key(Seed)
🔵 Keystore file(JSON File)
Private Key(A String of alphanumeric characters): The private key can be said to mean a well-advanced form of secure communication system/technique that allows users to have access to their cryptocurrencies/assets.
A more standard meaning will hold that, a private key is simply a string of alphanumeric/hexadecimal (i.e, a combination of numbers and letters).
The private keys that take various forms most often use are the alphanumeric characters which make it very hard for hackers to have access or crack. The private key usually takes the form of a normal wallet address as shown below.
E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262
sample of a private key
Mnemonic key(Seed): The Mnemonic seed/phrase is simply a means/way in which large numbers are randomly generated and been arranged in a sequence of words that enables users to store them at ease/without much stress.
On the other hand, these words generated are therefore used to create a seed which is used for the creation of extended keys.
Also, the Mnemonic phrases/seed is simply a group of words that represents a wallet, which when its utilization by crypto users gives them access to cryptocurrencies. One important feature of the Mnemonic key is simply the fact that it is easy to comprehend and understand, it can be readable. Also, the Mnemonic seed/phrases are generally composed/made up of 12, 15, 18, and 21 words.
EXAMPLES OF A MNEMONIC
Keystore file(JSON File): A keystone file is simply an encrypted category of a private key that can simply be password protected and therefore used in place. The keystone file is mostly referred to as the JSON file (JavaScript Object Notation).
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The keystone files have its benefits to be:
🔵 Usability: Since the private keys seem very long and hardly memorable, the keystone file hence enables users to transfer and trade their funds with ease using a password of their choice.
🔵 Security: The keystone help keep users' cryptocurrencies safe from hackers attempting to hack, the hacker will need both the keystone file and the associated password.
Download & Install TronLink Wallet(Android/iOS/Extension)?
The TransLink wallet can be of various forms. Some examples of such forms include; Android, iOS, Huawei HarmonyOS, and also the Google Tron Extension.
For the purpose of this lesson, I will be working with the Google Tron Extension. Below are the various steps to follow in setting up a Tron link wallet through Google extension.
🔵 Visit the official TronLink Site which is https://www.tronlink.org/, A page will come up all that is to be done at this stage is to click on `Chrome Extension.
[screenshot form official https://www.tronlink.org/ site]
🔵 Then you will have to click on Add to Chrome and then click on Add Extension.
[screenshot form official https://www.tronlink.org/ site]
🔵Once that is done you will have to wait for the extension to download and install once that is done you will get a notification to show that download was complete. You will have to click on the Tron link Icon to continue registration.
[screenshot form official https://www.tronlink.org/ site]
🔵 For the wallet set up you will have to enter a new password and click on continue. Then another menu/page will load up, three options Create, Restore, & Hardware. You will have to click on Create since it’s a new wallet we are setting up.
🔵 Once that is done you will have to set up your account name and then click on continue as shown below.
[screenshot form official https://www.tronlink.org/ site]
🔵 After that a set of Mnemonic will come up, writing them down is what is therefore required to proceed. You will have to input the Mnemonic in the other arranged as generated.
[screenshot form official https://www.tronlink.org/ site]
🔵 After all, the confirmation button is the next thing to be done then your account is set.
[screenshot form official https://www.tronlink.org/ site]
Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.
Among all the forms of keys available, I am more comfortable with the Mnemonic keys. The Mnemonic key is preferable to me due to the fact that it has a simple and very simple and easy to understandable feature.
[Screenshot taken from my notepad]
Another reason why i prefare the Mnemonic key is the usability Feature. Making it possible for users to memorize and understand with ease.
CONCLUSION
The protection of our account should always try to be our first priority as a cryptocurrency user/trader/investor. This is really an essential aspect to really take note of. The ability to protect and keep safe our various keys (private/public) is also a factor to determines how successful and how well a user will last in the cryptoworld for there are valuable items that when gone will be very hard to get back. This will indeed be a drawback for a trader/user/investors.
A big thank you to prof. @sapwood for this very wonderful class it was indeed really wonderful and has very much impacted in us a lot to hold onto for the main.
Best reagard: @gi-de-on.
CC: @sapwood
CC: @dilchamo