Blockchain Wallet(Types, Uses, Installation) - Steemit Crypto Academy Season 4 - Homework Post for Task 9.
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.
Hello steemians, I'm glad to be hear again for this fixed class by professor @sapwood.
I'll like to applaud professor @sapwood for being detailed in his explanation for his students to perfectly understand.
How do you store/secure your keys?
Securing/storing keys to your online wallet I'll say is the beginning of the beginning in blockchain management (smile),because that will decide if the owner of the Cryptocurrencies or assets in the blockchain wallet created will remain yours in the long run.
So to secure keys, it is important that any wallet owner never access any suspicious link. I would have been a victim of that some days back when I tried clicking on a link that was messaged on my post's message box. God being faithful, network was unfriendly at the time until I was told about the intention of the person that sent the message.
Since securing keys online will make it exposed to hackers, it is ideal that we write down our keys and store them in a safe place accessible by only one person that owns the keys and remember, "never trust your friend with your keys".
What are the different forms of Private Key(Examples/Screenshot)?
Different forms of Private Keys includes the following
- Private keys
- Mnemonic keys
- keystore file
Private keys (alphanumeric)
This keys is generated when a blockchain wallet is created, it contains alphabets and numbers mixture in a manner that is difficult to cram or capture at a glance.
Private keys is generally used for wallet asset management for instance when a user wants to transfer a certain assets to another user, he/she must use the private key inorder to complete the transaction process.
Example
Gtu2Uer75tqopBsrGsTf39VkytrvStkbvch5cbghi4fgb7rhhjFdtkk4FHjfijhbbFghjfy5fg8vhjhu4
Mnemonic keys
Mnemonic keys or phrases is another blockchain key that is in words, it's readable, more easier to cram and more easier to handle.
It can be in the form below
Water test Yeast
infection Boring cup
success drugs Sit beauty food surprise
As shown above, Mnemonic keys usually have a sequence or trend and that trend must be followed when ever the key is to be imputed in any blockchain.
The first time I had a dealing with the mnemonic keys, I never knew I was supposed to write it in the pattern I saw it and I never copied it out the pattern I saw it. That made me to return back to the mnemonic keys and use the already written ones to number them as I saw it in the blockchain and after inputting it the correct order,i was able to proceed with the account creation.
Keystore file
Keystore file alone is not a private key but a combination of keystore file and a password key generated by the blockchain wallet owner can be called a private key.
Your Keystore/JSON file holds an encrypted version of your private key, which is simply your private key encoded into a cool, secret string of characters. Take, for example, the word ‘apple’. If you encrypted this word with a 4-character difference down the alphabet, it would look something like ‘dssoh’. At face value, you’d have no idea what ‘dssoh’ meant. However, if you gave someone this word and told them the way you encrypted it, they could then decode it back to the world ‘apple’! This is a very simplified version of how encryption works, but it gets the point across.source
How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?
To set up a TronLink wallet, go to
Because my phone is an android phone, I clicked for android then I am redirected to android play store where I'll download the app.
After downloading the TronLink app, it's displays various features like create account, import account and cold wallet.
Since I'm interested in setting up a TronLink wallet, I click on create account
I was redirected to app user agreement which I must accept or agree inorder to continue with the process.
Then I was asked to choose username and password and then my mnemonic keys were set later, that is, after the wallet was created
After the keys was displayed, I copied it down because the page doesn't allow screenshot.
Finally, the TronLink wallet was set
up.
Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.
Looking at the mnemonic keys and the private keys,
Mnemonic keys
C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iPEGhFknkKyD6Zwy4HKk3eZZqrs5FA9tDEEU3UhvnUsYefkhD7zfP1ySjShKJq11J9swT5Z2vHk
Private keys
For easy recollection and cramming, I'll prefer mnemonic keys but for copy and paste no stress at all, I'll prefer the private keys.
Security wise I'll prefer mnemonic keys because it is easy to write down for safe keeping.
Conclusion
Blockchain keys are generated by the use of cryptography functions when blockchain wallet is created. These private keys is just like our centralized monetary system atm pin which when disclosed can be used by a second party to claim the money owned by the user.
Setting up a TronLink wallet is easy and does not require a verification process like binace and it is easier to use when compared to binace.
I have learnt alot from the class courtesy of professor @sapwood who took his time to make his students understand