Crypto Academy Season 4 Beginners' course - Task 9: Blockchain Wallet-- Types, Uses, Installation
Designed on canva
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.
How do you store/ secure your keys?
To lock something is to put it in a secure area so as to disallow any unauthorized access. This indicates that whatever is locked is valuable and can only be accessed when a user has the proper authorization.
The Blockchain wallet in this instance is like a savings box, a user is only allowed to keep, take out or modify the contents but only if the user knows the right access codes. An access code is what we will refer to as a key. A key is used to perform a number of functions and transaction processes on the Blockchain wallet.
The Blockchain network is a very secure network that will deny any attempt to make unauthorized changes, and as such it can only be accessed or subject to any form of change by the keys specific to that wallet. Once the key is lost, it is not recoverable, which is why they are always to be kept secured.
Keys are divided basically into two namely
• PRIVATE KEYS
• PUBLIC KEYS
As the name implies private keys are to be kept private and extremely secure at all times because they provide all access to the wallet. Public keys unlike private keys do not have the authorization to provide access to the wallet.
How to store keys
Knowing the importance attached to my keys, the following are the methods applied to store them.
| STORAGE | HOW? |
|---|---|
| i | |
| •Cloud Storage | Using access to my emails majorly the Google mail known as Gmail, one can save the keys as an encrypted document and saved on the cloud using cloud storage. |
| ii | |
| •Hardcopy | Users can save the keys by writing them down on a piece of paper or typing and printing it on a piece of paper and then keeping it securely. Personally i use a private diary to secure them this way. |
| iii | |
| •Harddrives | Harddrive which is also called a harddisk can be used to secure keys offline. The keys are saved a as a document which can be encrypted with a password and then saved on the harddrive. |
This method is quite handy for users who are not very comfortable with writing it down or saving on the cloud.
What are the different forms of private key (Examples/ Screenshot)
Private keys come in a number of different forms, they are listed below
• PRIVATE KEY
• MNEMONIC KEY
• KEYSTORE FILE
•Private key
A private key consist of alphanumeric characters . Alphanumeric meaning it consists of both numbers as well as alphabets.
When creating a wallet the private key is also created randomly by the use of cryptographic functions.
The private key can be used to gain access into a wallet and authorize transactions, as such it is to be kept highly secure.
•Mnemonic key
Mnemonic key are also a type of private key. Like the private key initially explained, mnemonic key can also be used to access a wallet.
They come in the form of English words making them easier to get familiar with, and human understandable. Mnemonic key are usually up to 12,15,18,21 or 24 words long.
It is usually favored when restoring a wallet because of it is easy to memorize, but the sequence in which the words are arranged must also be followed.
•Keystore file
Keystore file also known as JSON file is a kind of key that can only be used with the wallet user password. On its own it cannot be referred to as a private key because only when it is in use with the wallet password can it perform the function of a private key.
JSON-file and User-password equals a PRIVATE KEY
Download and install Tronlink wallet (Android/ iOS/ Extension)
I make use of an Android device, so I will be showing how to install Tronlink wallet in The following easy steps
STEP 1
Go to play store and search for Tronlink, then download the app.
STEP 2
Upon launching the app, we will select create account as that is what is our aim.
Image Sourced from my Tronlink wallet
STEP 3
Read the license rules, and click accept.
Image Sourced from my Tronlink wallet
STEP 4
Now the first step in creating a wallet is to choose your account name.
Image Sourced from my Tronlink wallet
STEP 5
Then you're required to create a password passing all the parameters listed.
Image Sourced from my Tronlink wallet
STEP 6
You are required to enter the password again to confirm if it's correct.
Image Sourced from my Tronlink wallet
STEP 7
A mnemonic phrase is listed for you to backup, I wrote this down on a piece of paper. Then I was asked to confirm the 7th and 9th word.
STEP 8
After doing all this, I successfully created a Tronlink wallet
Image Sourced from my Tronlink wallet
How do you store the key?
I restored the key from the newly created account by writing it down, this i will be confirming in the following steps.
STEP 1
STEP 2
I clicked on backup mnemonic
STEP 3
Then i input my password
STEP 4
Then I copied down the words
What form of the key are you comfortable with to handle your Tronlink walet?
For handling of my Tronlink wallet, i prefer the use of the mnemonic key.
Currently i have memorized the first four words of my wallet mnemonic key and can recall it from memory.
This shows that they are easy to handle and deal with. For a user who is able to memorize all the words it is an advantage on the side.
Compared to other keys like the JSON file and alphanumeric characters, the contents of the mnemonic key are easily familiar because of its appearance in English format.
CONCLUSION
The importance of securing the keys to a wallet cannot be overemphasize, loosing your keys is the same as loosing access to your wallet and whatever funds are available within it.
I remember learning the importance of keys in my Achievement 2 task and since then I have always been very careful with my keys.
A thanks to professor @sapwood for this wonderful lecture.