Crypto Academy Week 2 Homework Post for @sapwood|Blockchain Wallet- Chapter-2
Blockchain wallet is a software program . These wallets are basically used for the saving of cryptocurrencies , for sending cryptocurrencies and for receiving cryptocurrencies. These wallets are secured by the keys. Your keys in case of crypto wallets are very important.
Today i have attended the lecture of sir @sapwood about the Blockchain Wallet- Chapter-2 and i learned many things about the wallet its uses and its keys. If you have not yet attended the lecture by him them come and join the class and learn a lot of great things which you must as you are dealing with the crypto.
- How do I download & install a wallet? Examples(Hint- Etherum, Tron, etc or any other you wish to)?
- How do I restore a wallet using a Private key/Mnemonic key/Keystore file?
- How important is the Mnemonic key or Private Key or Keystore File during the installation/restoration of a wallet?
- How do you store/secure your keys? Examples?
- Any Blockchain wallet you have used before, having the experience of any/all the three forms of keys-- Private/Mnemonic/Keystore file?
How do I download & install a wallet? Examples(Hint- Etherum, Tron, etc or any other you wish to)?
As everyone know that there are a lot number of wallets which everyone is using. Today the use of wallets has become very common as most of the people are coming to the crypto and they prefer to use crypto wallets other than exchange. If you want to know that why they prefer to use crypto wallets than exchanges then you can check my this post.Cryptocurrency Exchanges and Cryptocurrency Market Capitalization
Now i am selecting Tron wallet to tell that how can we do with tron wallet.
- First of all you have to go to the playstore or app store to download Tron link wallet app. In my case as i am using android then i will go to the playstore.
- After opening your google playstore then type there Tron Link Pro
- You will see there tron link pro app which i have highlighted with the help of an arrow of the red color. Click on that app.
- Then you will see the app to install you simply have to install that app in your mobile phone. After installing you will see their option to open the app.
How do I restore a wallet using a Private key/Mnemonic key/Keystore file?
- It is quite simple to restore your wallet with the tron link pro.
- After opening the app you will see a interface like this as i have shown you in the below picture taken from that app from starting.
- As you can see there are three buttons ; one of blue color and other of the dark yellow color and the last button is of white color.
- If you want to make your new account then you have to select the first button of the create account. And you will see a interface of the privacy policy which you have to accept to move on to the next step.
- If you already have your account of the tron wallet then you can also access your account in just a simple way by selecting Import Account. In this way you can access your previous account too and for this you also have to accept the privacy policy.
- After that step you will see an interface like this. Here you can choose private key if you are going to restore your prvious wallet. Then don't hesitate and put your private key there and set your username and manual password . Besides using your private key you can also restore your wallet with the help of the mnemonic and keystore keys.
- Here you can see first step to create new wallet . If you click on the next button you will see a section to choose your username and then you will see a section to enter your manual password.
- After these steps your wallet is ready to use . Your wallet is ready to accept and to send your assets.
How important is the Mnemonic key or Private Key or Keystore File during the installation/restoration of a wallet?
There are almost three types of keys which wallets mostly use to give access to the owner of the wallet. And these all the keys are very important. No Keys No Your Money This rule is strictly followed by every wallet that you must have your keys safe and sound.
These important keys and their features are given below:
- Private Key
- Mnemonic Key
- keystore
- Private Key: Private key is basically generated by the blockchain wallet with the help of the cryptographic techniques and these are unique keys for everyone and every wallet has its own unique key like your fingerprint which is also only one for every person and every person has different finger print. This key is very important to access your previous wallet. So be careful to store this.
- Mnemonic Key
Mnemonic is also an important key which is in the form of the phrase . The main and important thing in this key is to manage the setting of this key. Every word should be at the right place. If you change words then you will not be able to use your mnemonic keys .Mnemonic Key is another important factor which is counted in the keys and wallet restoration. If you want to reset your password then this key may be helpful to reset your wallet. You can also use it to make new wallet addresses - Keystore
When we make our wallet in any blockchain and then we set a manual password to acces it easily at anu time on that device. And there is also a option to back up your keys. These are called keystore and if you backed up and save your those keystore then you can easily access your wallet with that keystore.
How do you store/secure your keys? Examples?
As i have already told that No Your Keys No Your Money This rule is strictly applied here in every wallet and you can say that it is a drawback of the wallet. I stored my keys in the soft forms and in my mind. But now i am thinking to store my keys in the print form means to say in the hard and visual form. I always made at least two copies of every key to store it safely. So that i can access my keys at any time from any place. Firstly i saved my keys in the Gmail but now i have changed the trend to store my keys.
Any Blockchain wallet you have used before, having the experience of any/all the three forms of keys-- Private/Mnemonic/Keystore file?
Yes i have used some wallets such as atomic wallet and tron wallet. If i tell you my experience with the Tron Wallet was not good. Because when i re-joined steemit i did not know about tron and i did not saved my tron keys properly . But when i came to know about the Trons then i wanted to made the wallet but i did not have my keys for the tron wallet and at that time i had almost 226 trons and at last i losed my trons.
Here you can see my own example of loosing keys so please put your keys at right place from where you can access your keys at any time when you want.
This Is My Home Work Task Which is originally done by me and 100% unique and which is plagiarism free and all the images used in the post are mine screenshots taken from the Tron Link Pro app.
Cc:-
@steemitblog
@steemcurator01
@steemcurator02
Thank you for submitting homework task-2 in Crypto-Academy.
That's correct. But do note that restoring a wallet using the Keystore file requires the password (set by you in the previous installation) whereas restoring a wallet using a private key/mnemonic does not require a password.
Keystore file+Password(set by you)~Private Key
The password set by you in a particular installation, in a particular device protects that wallet locally whereas a private key ensures universal/absolute control of the wallet. So always keep your private key safe & secure, preferably keep them offline.
Thank you.
Thanks dear for your kind response towards me and telling me about careful use of the private key as first time i lost my private key of my tron wallet so i lost my almost 226 TRX but now i have secured my private safe and sound.
Thanks! Sir @sapwood