Crypto Academy Season 4 Beginners' course - Task 9: Blockchain Wallet-- Types, Uses, Installation, etc.
QUESTIONS
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?
Cryptocurrency keys are cryptographic codes in form of a combination of long numbers and alphabet or a series of phrasal words used to access cryptocurrency assets. Keys serves as a means of security to assets, they are held by the owner of an asset as a means of security and this keys are not disclosed to anybody.
There are actually two types of cryptocurrency key and they are; private key and public key.
Private Key:
A private key is basically the key generated by cryptocurrency wallet for access to cryptocurrency funds. It is basically used to access and safekeep funds.
Public Key:
A public key is generated from a private key. Transaction are meant to be made in cryptocurrency which involves sending and receiving of certain cryptocurrencies. Therefore for there to be any form of sending and receiving of coins or tokens, public keys in the form of addresses to which the coin will be destinated is sent.
Methods of storage or security:
In order to safekeep an asset, the keys generated needs to be secured. Here are some ways in which crypto-keys can be secured.
Generating Paper Wallet:
A paper wallet is a cold storage wallet that involves writing down keys on a paper and storing it in a place safe where only the asset owner knows its whereabout.
Hardware devices:
A hardware device combines cold storage's idea of safety and combines it with the easy access of hot storages.
Keys stored in hardware devices are not connected to the internet and can be of use when it is connected to a PC or desktop depending on the user's choice of use.
Offline Storage:
Keys can be saved offline depending on the user's choice of offline storage. Keys can be encrypted and saved in Google drive or an IOS cloud all depending on the user's choice of storage.
WHAT ARE THE DIFFERENT FORMS OF PRIVATE KEY?(EXAMPLES/SCREENSHOT)
Sometimes, users who are exceptionally new to cryptocurrency tend to be confused when they don't get a private key but a different kind of key. What they don't know is that all keys though differing in their forms still serve the same purpose, which is to safeguard assets.
The different forms of keys are;
Private keys:
A private key is a cryptographic password in the form of sets of alphanumeric codes held by an asset owner alone for easy access and safekeeping of the assets. Now most wallets or exchanges generates keys in the form of private keys while others might choose to do different. Here is what a private key looks like.
Seed phrases/Mnemonic keys:
These keys are generated in the form of ‘phrasal codes’ mostly twelve(12)or twenty four (24) in number. They consists of numbers of alphabetical words written in order. For these words to be inputed, they have to be inputed in the order at which they were generated. It is important to note that this kind of key is not screenshoted but mostly written down.
Keystore file:
This type of key is in a file format that has private keys enlisted in it and can only be accessed with the user's personal password. It is basically an encrypted version of a private key placed in a file format by which a password is used to encrypt the file. This is a more complex key out of all three forms of cryptocurrency keys.
DOWNLOAD & INSTALL TRONLINK WALLET(ANDROID/IOS/EXTENSION)?
To download and install Tronlink wallet, go to Google play store for Android users or App store for iphone users.
Type in Tronlink wallet on the search bar and the option Tronlink pro wallet app will be shown to you, click on it.
If it has not been downloaded before, click on install and the app will be installed.
The images above shows that Tronlink has been installed on my phone
HOW DO YOU STORE THE KEY(HINT- WRITE IT DOWN ON A NOTEPAD, DEMONSTRATE IT WITH EXAMPLES)?
After downloading the Tronlink wallet app, I proceeded to creating an account, for which I created a username and a password.
A mnemonic key/seed phrase was generated for me that I had to write down on my notepad because screenshots were not allowed.
After verifying my mnemonic key, I took measures to save the keys by creating a ‘doc’ file on my WPS and inputed the phrasal codes, which I took measures to properly store in my WPS cloud.
Here are the steps:
Step 1:
After inputing the codes, at the top part of the page, an arrow head close to the edit sign is seen, click on it.
Step 2:
Afterwards, a tab indicating ‘upload now’ would appear, click on it.
With my mobile data on, It took only a few seconds, for the ‘doc’ to upload. And there it is, my Tronlink wallet key is successfully saved and secured in my WPS cloud.
WHICH FORM OF THE KEY ARE YOU COMFORTABLE WITH TO HANDLE YOUR TRONLINK WALLET? INCLUDE SCREENSHOTS & HIDE/BLUR THE SENSITIVE INFORMATION
I am more comfortable with Tronlink wallet's mnemonic/seed key because it is more relatable since they consists of basic words that are understandable and quite easier to memorize compared to other keys.
To me, a mnemonic key surpasses all other forms of keys in terms of it's easy access and simple nature.