Hi steemian, welcome to week 7 of the beginner's course. Am so glad to be part of this week interesting lectures. Thanks you prof.@awesononso for the well explanatory lecture post, indeed have learnt alot . Has usual, today I will be expressing my understanding of this topic through the homework assignments below.

Home work Question

1.) Explain private and public Keys in relation to custodial and non-custodial wallets.

2.) What do you think about the Proof of Keys Day? What precautions would you take when participating?

3.) Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?

4.) Let us assume it is Proof of Keys Day:
a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.
b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
(Provide Screenshots and make sure you have your Keys).

5.) In one statement, what is the major significance of the transfers in question 4.

1.) Explain private and public Keys in relation to custodial and non-custodial wallets.

Private keys

When trying to make transaction we use private key to finalize or sign transaction which shows that we are the rightful owner of the cryptocurrency or asset.

Private key is a complex or complicated form of cryptography that allows a user to access and utilize the coin on their wallet. It is a secret key used to decrypt data.

Once you purchase a cryptocurrency you have to chose which way to store it, either in a custodial wallet or non custodial wallet both involved different methods of storage.

Private key in relation to custodial and non-custodial wallet

With custodial wallet,your private key is being control by a third party or a cryptocurrency exchange which their responsibility are to secure your funds and return them when you wish to trade.
WHILE
With non custodial wallet, you have solely in control of your private keys in otherwords, control your cryptocurrency and proof ownership of your funds.

public key

Public key is a large numeric value that can by used by anyone to encrypt data sent to their wallet so while the private key is use to decrypt,public key is use to encrypt.

It normally uses cryptographic code to facilitate transaction between two parties allowing users or third party to recieve cryptocurrency in their wallet. And also, this public key is use to lock coin in the wallet.

Public key in relation to custodial and non-custodial wallet

Just as private key
With custodial wallet,your public key is being control by a third party or a cryptocurrency exchange, which their responsibility are to secure your funds and return them when you wish to trade.
WHILE
With non custodial wallet, you have solely control of your public key in otherwords, control your cryptocurrency and proof ownership of your

2.) What do you think about the Proof of Keys Day? What precautions would you take when participating?

Since cryptocurrency came into existence alot of investors have lost their crypto asset due to crypto exchange being hack or exchange being engaged in fraud and scam. This brought fear to alot of investors , which some of them later withdraw their cryptofunds from centralized exchange to decentralized wallet.
But due to the ignorance of other investors proof of keys day was created.

Proof of keys day was created to sensitize investors on how important their keys are and create incentive to investors to transfer their asset from centralized exchange to decentralized wallet to give them full autonomicity of their crypto asset.

For me I think the proof of keys day is a welcome development and should be globally recognise looking at the benefits and the aim of this holiday.

• The benefits of this day is to create awareness on how to use the private key and also keeping it safe and secure to ensure financial independence.
• This day also create awareness on how storing asset on centralized exchange is dangerous owing to the fact that exchange has full control over their private keys which we all know this policy and pupolar saying "not your key not your coin" in otherwords who own the key owns the asset.
  So this day hereby encourage decentralized storing of funds.

What precautions would you take when participating?

• knowing that whoever has your key can assess you account,when participating I will not expose my key to anyone or let someone has knowledge of it either will i misplaced them in the course of participating.

• when participate i will do well to verify and recheck my password to check if it correct so i would not redirect or transfer my funds to a wrong wallet.

3.) Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?

For me i prefer decentralized wallet when it comes to storing of my cryptocurrency.

Decentralized wallet offers me the best form of storing my cryptocurrency as it give me complete autonomy of my asset as well as giving me complete control of my keys, here no one can access my credentials or either spend my funds without my keys. With the total control of my funds i can move my funds anywhere and anytime i want without the present of any third party.

Generally, decentralized wallets offers me a smart way of storing my keys as it offers me low transaction fees,easy and reliable transaction, transaction privacy which mean there is no third party and finally it encourages peer to peer transaction.

4.) Let us assume it is Proof of Keys Day:
a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.
b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
(Provide Screenshots and make sure you have your Keys).

To transfer 20 steem from my binance wallet to my steemit wallet below are the step

Step1

I log on to my binance app, immediately it open i move to my wallet then click on spot. Then search for steem and click on withdraw.

Step2

After clicking on withdraw, a page will open were i will input my wallet address, the network and the amount of steem am withdrawing. Then I will proceed by clicking on withdrawal as seen below.

Step3

After clicking on withdrawal a page will popup requesting for confirmation of order, which I will confirm by clicking confirm, but before i confirm i will make sure all my input are correct to avoid transferring to a wrong wallet.

Step4

Immediately I confirm my order,it was successfully submitted as seen below.

And it was successful transferred to my steem wallet.

To transfer 50TRX from my binance wallet to my tronlink wallet here are the step.

Step1

I log on to my binance wallet as usual, then search for TRX, click on it, then the page below will open then I proceed by clicking withdrawal.

Step2

After clicking on withdrawal a page will open which I will input my wallet address were I copied from my tronlink wallet, then input the amount of TRX am withdrawing and finally the network am about using,as seen below.

step3

A page will popup requesting for confirmation of my order which I will confirm by clicking confirm.

Step4

Immediately I confirm my order was submitted successfully as seen below.

Finally, I successfully recieved my TRX in my tronlink wallet.

5.) In one statement, what is the major significance of the transfers in question 4.

The major significant of my transaction is that after the transaction I am now fully in control and in position of the ownership of my transferred steem and trx,as i now owned the keys to my funds personally.

Conclusion

Crypto Keys, especially the private keys are very important when it come to the cryptoworld, cause it can be use to show and proof ownership of any funds regardless of who owns the funds. So it is required from us to hold and keep are keys safe from third party.

Proof of keys day is a very important day as it is set aside to sensitize us the investors on how important this keys are and the importances of having full control of are key and by moving are funds from a centralized exchange to a decentralized wallet to avoid risk and loss of fund,owed to the fact that in centralized system we are not in control of are funds and keys.

Once again thank you prof.@awesnonso for the well explanatory lecture you really took time to explain to my understanding