Crypto Academy Season 4 Beginners' course - Task 9: Blockchain Wallet-- Types, Uses, Installation, etc.

iloveakuma (61)Beginner[2,3,4,5,6,7,8,9,10]in SteemitCryptoAcademy • 3 years ago

(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.

Good day to members of steemit crypto academy. Today I shall be presenting task 9 of the Beginners' Course, season 4. Today, we'll be talking about Blockchain wallets and I will be answering the questions highlighted above. I thank Prof @sapwood for his lectures.

Introduction

On a daily basis, we use Blockchain wallets to store and secure our digital assets. These wallets are of different types and categories, and every user chooses thiers according to their preference. Despite the fact that these wallets are different, they all have something in common and that is security. These wallets comes with keys/passwords. Loosing these keys/passwords sometimes have irreversible consequences. So, how careful are you about the security of your wallet?

How do you store/secure your keys?

Keys/Passwords, play an integral role in securing our digital assets (coins and tokens) on cryptocurrency blockchains. Just like the PIN to our credit cards, they are supposed to be kept safe and confidential. In a decentralised cryptocurrency blockchain, if the key is lost, a user losses all access to their digital assets. We are also supposed to keep them safe, so that they do not get into the hands of hackers.

Well, after loosing access to some of my accounts on multiple occasions because I couldn't recall passwords, I discovered just how important it is to keep them securely. So you can say I learned the hard way.

Today, I keep my keys safe by doing the following:

• Memorizing: When it comes to mnemonic key or simple one phrase passwords, I memorize them. I remember setting up my Trust Wallet earlier this year. That was the first time I encountered a mnemonic key. Of course I wrote it down, but I also took time to memorize it, and in its correct order. Today, I can recall it, and it is safe.

• Writing it Down: I have a book dedicated for this purpose. I make sure to write down my passwords at all times in the book, and I also guard the book jealousy. This way, there is no need backing up online therefore, my keys are safe from hackers.

• Saving on a USB Drive: I have a 4GB USB Drive where I save my passwords, especially long passwords like private keys which I cannot memorize or may make an error in copying it down. I save the keys in pdf files before transferring to my USB Drive. I make sure to give titles to all of them so that I know where they are to be used.

What are the different forms of Private Key(Examples/Screenshot)?

Private key, is a key which gives a user access to their digital assets in a Cryptocurrency Blockchain. This key is also used to authenticate/approve transactions on a Blockchain. If a user loses this key, they lose access to their digital assets. Private key comes in 3 forms, as we will be seeing below:

• Private Key:
The main feature about this key is its alphanumeric nature. It is composed of both letters of the alphabet and numbers. This key is generated randomly using cryptographic function the moment you create a wallet. This key can be used to access digital assets and should therefore be kept safe at all times.
A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png
^{Example of private key to the right👉 Image source}

• Mnemonic Key:
This is usually the first key given during registration. A mnemonic key usually consists of a group of random words or phrases written in a particular order. The number of words can range from 12 till 24 words/phrases. The key can be used to restore a wallet, reset passwords, as well as generate new wallet addresses. Mnemonic Key is very popular due to the fact that it can be read and understood. But to use them, we must take note of their order at all times. This key is best kept by writing it down.

IMG_20210909_162529~3.jpg

^{Example of a mnemonic key}

• Keystore File:
A Keystore File is more complicated than the other private keys because a Keystore File on its own is not a private key. Firstly, you need to set a password by yourself for the wallet, before backing up the Keystore File. In this case, the private key becomes The password set by you + The Keystore File

A Keystore File is composed of numbers, letters, as well as other signs and symbols. One cannot understand what it means just by looking at it.

^{A Keystore file Image source}

Download & Install TronLink Wallet(Android/iOS/Extension)?

I am an Android user, do I will be explaining the procedure on an android device.

• Firstly, Go into Google playstore and in the search bar, type in TronLink wallet.

• Perform the search and proceed to download the app. Once its downloaded, it will Install.

^{Screenshots from Google playstore}

How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?

Inorder to store the key, we must first create an account. Therefore, we proceed to creating an account.

• When the download finished, you click on open. You then take the option of create account, then read and accept the users' agreement.

• proceed to setting the wallet's name after which you'll have to set and confirm a password

^{screenshots from TronLink app}

• You backup and confirm the mnemonic, do the few exercises and your wallet is all setup. Don't forget to copy down the mnemonic key in a secure book. I copied mine down in my password book.

NB: There are few screenshots because the app doesn't permit taking screenshots of mnemonic key for safety reasons. I also had to blur the page carrying my mnemonic key for safety reasons.

Which form of the key are you comfortable with to handle your TronLink Wallet

I am very comfortable with the mnemonic private key as I said earlier in the first question, one of the ways I keep my keys is by memorizing. The words are readable and quite easy to understand. I have equally written them down. Therefore, I won't face any problems memorising it. I also choose the mnemonic key because with it, I can restore my wallet, reset passwords and generate new wallet addresses.

CONCLUSION

It is very important that we safeguard our keys and passwords using the appropriate measures. These keys give us access to our digital assets, and if they get lost or get into the hands of wrong people, we could lose a lot. Start taking measures today for your safety...

Thanks for reading...

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