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

You can restore your wallet using any of the three forms of private keys-- Private key/Mnemonic key/Keystore file.

A private key is a string of alphanumeric characters.

The mnemonic key is a simplified version of the private key which are generally 12 words phrases (15, 18, 21, 24 words also). When you save your Mnemonic key, pay attention to the correct sequence of words, the correct sequence can only unlock your wallet.

A keystore file is a JSON file, an encrypted form of the private key. However, a Keystore wallet alone is not a private key. So when you recover your wallet using the Keystore File 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

So if you ever use a Keystore file to recover the account, you have to enter the password(set by you in the previous installation). So, in that case, you have to remember your password too.

You can create their PDF and store it in any pen drive, laptop or Google Drive. But never share them with anyone.

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.