Proof of Keys- Steemit Crypto Academy- S4W7- Homework Post for @awesononso

INTRODUCTION

After going through this wonderful and impactful lecture from the professor, I must say that it has really made and help me understand a lot when it comes to proof of key and how symbolic the day is to the user of crypto currency, being the day bitcoin was first mined. I will complete, the homework by giving my best answers to the following questions.

Question One: Explain private and public Keys in relation to custodial and non-custodial wallets

private key

These are key that also act as a password to individual blockchain account. The private keys are keys that can be used for so many different purposes and should not be exposed because with it, it means you are the authentic owner of the account and by the key you can monitor and also manage your account. It is a secret key that is very important and should be kept in a safe place, not accessible by Anyone except the owner,we can also make use of the private key when we want to perform transaction.

There are three types of cavities.

• private keys
• mnemonic key
• Key store file

• private key

The private key is an alphanumeric that gives access to the account. This means it is a password that combines with with alphabet and numbers. The alphabet can be capital or small. It as an example is shown below.

G6ty48hgd4UGHHGFJ6ty4o

• mnemonic key

This key is the type of keys that is made up of twelve to twenty four simple words that are neatly arranged in rows and column and can be memorized. It was a simple that you can memorize it. An example of this is shown when you want to create a tron link account, I'll show example below.

• keystore file

This is the type of team that has a combination of three things, which are alphabet, numbers and symbol is a very long key. That is always advised to be save offline because it is a JSON file.Example below

H&hhguj-f-7yjjgy-y556i&hhj6t-h5ythhy5hjh5tr%f%d#d--

Public keys

The public key is more of keys that have been shared between one another for different purposes such as assets transferred. It is also a wallet address that in with a should taken as important because once you make a slight mistake in its funds will be sent to a wrong account.
the public keys and the private keys are somehow. In relation to each other

In relation to custodial and non-custodial wallets

For custodial wallet

In this type of wallet as the name implies the user is the owner of the funds but is in the custody of exchanges or third party and it is the third party that has the private and public key, here you can authorized transaction to be taken.
Here, it is more of centralized exchange in that there is a third party involved which means your account is prone to hacking.

In non-custodial wallet.
In this type of wallet, it is more of decentralized exchange unlike the custodial wallet, because there is no third party involved it is the owner that is the manager and the controller of the account and he is the one with the private key and can share the public key.

Question Two: What do you think about the Proof of Keys Day? What precautions would you take when participating

• Proof of key

The prove key is a memorable day that is always to be celebrated by blockchain is like jelly on the 3rd of January, which was the date that the first Bitcoin was mine, it is a day to celebrate the decentralized system. It is also a day in which blockchain use to verify the exchange platform the use and how secured it is and also the promotion about the decentralization system.
It is a day in which individuals will be able to educate one another about the private keys and how to keep it safe. It is a day that we also teach newbies and how to manage the accounts.

precautions

• The first thing here is that you verify information about the exchange application before venturing into it, you do not rush into it but you have to be sure of how secured it is to be sure that your fund is secured.

• keeping your private key very safe as gold because it is what shows that you are the authentic user of a particular account, you don't expose it.

• Always ensure to confirm the wallet address and memo before you complete transaction.
  

  
  
  

Question Three: Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?

I will prefer decentralized wallet over and over again with so many factors. First let me set an instance in which a mother of a child leave her daughter to the hands of a house maid to control the house maid will not take care has the mother will.

My fact about decentralized wallet.

• In the decentralized wallet, in as much as you are the one with the private key, you make decisions on what you feel to do, how to spend your funds without bringing in any third party to assist or help in management.

• when it comes to the way in which you will be charge when performing transaction it is always low.

• The level of security here is very strong which means it can not be hacked or manipulate by any body because it is strong and can be trusted.

• when it comes to the way transaction is done, it is fast and easy to be used.

Question Four: Let us assume it is Proof of Keys Day: a.) Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.

I will first of all open my binance account, loging and then click on wallet

After click on my wallet, I will see my steem and from my wallet I have 23 steem then I click on the steem to move to the next step.

After clicking on steem, I will see my available steem and brief details about steem then I click on withdrawal which below the right corner.

After clicking on the withdrawal, a page will come up where I will fill information such as wallet address, memo and the amount I want to transfer which is 21 steem and here I will be charged 0.01 network fee which means am receiving 20.99 steem after that I click withdrawal

After clicking on the withdrawal I will see a page in which I have to cross check and confirm the transaction , so that I don't make any mistake.



After clicking confirm verification codes will be sent to my email and my binance number after putting the code and verify my transaction will be summited and successful

After that, I will go to my steemit wallet to confirm and after few seconds it appears in my steemit wallet which shows it was successful

b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.

step 1
The first thing to do is to get the receiver address so I go to my tron link account first so that I can get the address and I will copy it. I can also scan the QR code.

After copying the receiver code, I will go to my binance account to complete the transaction.
I will click on my wallet then tron.

Here, my tron will open and the amount of tron I have will display and I will click on withdrawal

After I click on withdrawal, a page will appear and I will be required to fill the address I earlier copy from my tron link account and the amount I will be transferring and 0.99trx will be charged as network fee after that I click on withdrawal

After click on withdrawal, I will be ask to cross check and confirm the wallet address and the details after that confirm.

After confirmation, verification codes will be sent to my email and SMS after verifying the transaction will be summited and successful

For confirmation, I will go to my tron link account to check and it was received successfully.

Question Five: In one statement, what is the major significance of the transfers in question 4.

The major significance of the transfer is that first of all you have to be careful when inserting the wallet address and your private key should be kept safe from anyone else
The charge fee was low and transaction was fast, no delay. Here, I performed the transaction easily.
I did all this transaction at my convenient.
I also had full control of my own account.

Conclusion

Having gone through the lecture and answering the question, I must commend the prof @awesononso for the wonderful lecture
I have really understood what proof of keys is all about and how to perform transaction and also take note of the precautions here.