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RE: Crypto Academy Week 2 Homework Post for [@sapwood]

in SteemitCryptoAcademy3 years ago

Thank you for submitting homework task-2 in Crypto-Academy.

you will see a list numbered from 1 to 24. Write down everything accordingly on a paper. If you have a double phone, you can snap and keep it safe from prying eyes. Note that these are your seeds or recovery phrase, and you cannot screenshot because it has been automatically disabled from the app

That is called a Mnemonic key, which is a simplified version of the private key, easily readable for humans. You should not take a screenshot or should not even keep them in an email account/cloud storage. Always write them down on a paper/notebook/diary, keep them off-line. Do remember that the correct sequence of Mnemonic phrases can only unlock your asset.

I've used a wallet that has both password and seed. Metamask has these and also. To import metamask account into ethereum wallet, I think a Keystone must be put into a special directory. So the seed can be used to generate private keys that would be imported to the ethereum wallet

If you are using a private key/mnemonic key then you can easily restore your wallet(without a password)t, you can then set a new password in a fresh installation/restoration.

But this is not the case with a Keystore File. In that case, you also need to enter the password(set by you in the previous installation). So be careful with your password, better save it just like you save your private key(if you are using a Keystore file).

Keystore File+Password(set by you) ~ Private Key

Keys can be stored in many ways. I store my key on cloud, and also on a notepad that has a pin I can never forget.

The best practice to secure your keys is to write it down on a notepad/piece of paper, better break it into 3/4 parts and keep them safe, off-line. Never take a screenshot, never try to store them in an email or cloud storage facilities. You can use a brand new Pen drive to store your keys. But always keep a hardcopy.

Thank you.

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Yea, I understand. Thanks for the extensive explanation.

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