Crypto Academy Season 3 Beginners' course : Task 6 by @preshymukel :Blockchain Wallet types, uses, Installation, etc.
Hello Great minds......
Prof. @sapwood I applaud you for the wonderful lecture... Indeed it was an impactful one and I'm happy to be a part of it.
Here's my home work task
How do you store/secure your keys?
You can store or secure your private keys by writing them down in diary no one else have access to and keep it safe completely away from a third party.
Some persons store their private keys in their brain, this this quite difficult but it is absolutely the best.
What are the different forms of Private Key(Examples/Screenshot)?
Forms of private key includes;
- Keystore/JSON File
- Mnemonic key(Seed phrase)
- Private Key.
1. Keystore/JSON file
A Keystore/JSON file work hand in hand with the user password, it is generated upon the creation of a password when creating a wallet account. Keystore/JSON file encrypt your private keys and stores them.
Keystore/JSON file looks like gibberish.
Example of a Keystore/JSON file
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2. Mnemonic Key
The mnemonic key/ seed phrase is also a form of private key, they are group of words that used to to recover a wallet account. It consist of 12 phrase or more. Mnemonic private key is the most preferred private key because it is readable and can be easily remembered when frequently recited.
Example of a mnemonic phrase
3. Private Key
Private key is a secret wallet code, the code usually consist of numbers and letters randomly mixed together. Private keys are generated on the completion of a wallet creation.
Example of a private key
Download & Install TronLink Wallet(Android/iOS/Extension)? How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?
Steps on how to download TronLink Wallet
- Step 1: Search on Google Play Store for TronLink wallet and I clicked on TronLink Pro wallet.
- Step 2: Clicked on install.
The app was successfully installed... There after I proceeded to the creation of the wallet.
Steps on wallet creation
- Step 1: Open the app, on opening the app two options will pop up; Create Account and Import Account. Click on Create Account.
- Step 2: Agree to the user privacy agreement by clicking on accept.
- Step 3: Set your user name and click on next step.
E.g;
- Step 4: Set a password for your wallet and click on next step, you'll be asked to repeat your password and then click on confirm.
E.g;
Step 5: Back up you mnemonic
Step 6: Confirm your mnemonic by selecting the word that corresponds with the provided number and click on next step.
Congratulations... Your wallet have been successfully created.
How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?
Your mnemonic keys is what you use to recover your wallet in a case of a stolen wallet account, so never let it known to a third party and never keep it carelessly because if the keys are lost a stolen account can not be recovered.
In my own case I used the offline storage method by writing it down on a notepad and afterwards I stored it in a very secured place away from a third party.
E.g:
Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information.
Mnemonic key is the private key I will say I'm comfortable with reasons been that the group of words used for the mnemonic phrase are readable and can be easily memorized and be saved in one's brain instead writing it down in a piece of paper or notpad that could be misplaced or even stolen.
Conclusion
Private keys are very important keys in the crypto world because with the private key one can gain access into your wallet and make away with your tokens, therefore it should be well secured.
It is essential for every wallet account owner to know how to store/secure their private keys.
I'm happy I participated in this lecture because it has really broaden my knowledge on the forms of private keys and how to back up wallet account.
Thanks for visiting my post, hope you find it interesting.