Crypto Academy Season 4 Beginners' course - Task 9: Blockchain Wallet-- Types, Uses, Installation, etc. @sonofremi

in SteemitCryptoAcademy2 months ago

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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

In running a cryptocurrency account there are specific sets of keys that are given to a user and required to be stored well to avoid losses. There are different types of keys used to run an account there include, The private key, the memo key and the public ke. Each of the keys have different roles they play in the functionality of a cryptocurrency account.

  • Private keys: this is a unique code that is generated by a cryptocurrency wallet to access a user's funds, it is used to login into the wallet and required as an authentication for sending out cryptocurrency.

  • Public keys: this is a key that can be shared with people, it is used to receive and send cryptocurrency. They serve as an address where cryptocurrency can be sent to.

  • Memo key: this is a key that acts as a memo for a particular transaction, it states where that particular token is heading to in a blockchain. While using certain networks, it's important to add a memo without it, a token can be lost in a blockchain.

How to Store/Secure keys?

When a hardware or software wallet is created there would be SEED PHRASES generated for the running of the account, the seed phrase should not be written on a digital device that can be erased. It is advised to use a hard copy paper to write down this seed phrases because not all exchanges would aĺlow the user to take a screenshot of the phrases. They are arranged from 12-24 words, and can also be written in a steel wallet that can withstand fire and water damage. It is advised not to have one copy of your seed phrases, it can be written and given to a loved one for safe keeping.

Paper wallets are run by one private key and one public key but Hardware wallets are built upon a seed backed up as 12-24 words. This seed is used to generate an enormous amount of keys for the user for receiving cryptocurrency. It generates a new address for every transaction and it does this from a single seed with no problem, it can be backed up by mnemonic phrases. While a paper wallet has only one private key and one public key, it only exists on paper.

Methods of Storage

  • MAKING OF PAPER WALLET: this simply means writing the seed phrases on hardcopy and sharing with trusted loved ones to avoid losses.

  • SAVING OFFLINE/CLOUD: In some devices, the keys can be stored in Google Chrome or drive and also be stored on the IOS cloud so that the user can access his keys anywhere he is in the world with a functioning device.

  • HARDWARE WALLETS: these are devices that allow one to store his private keys, it can only be accessed when it is plugged into a hardware device. Even when the device is hacked it is difficult for hackers to get hold of the private keys.

  • SAVING ONLINE: Some wallets are run directly from the Internet, the private keys are stored in the browser and accessed online.

What are the different forms of Private key(Examples/Screenshot)?

Being new to cryptocurrency, it is often common for a new user to get lost in terms they don't understand like the Private and Seed phrases, but they all perform the same function which is protecting cryptocurrency assets in the wallet.

  • SEED PHRASES: Hardware wallets are built upon a seed backed up as 12-24 words. This seed is used to generate an enormous amount of keys for the user for receiving cryptocurrency. It generates a new address for every transaction and it does this from a single seed with no problem, it can be backed up by mnemonic phrases.

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  • PRIVATE KEY: is a set of alphabetical and numeric characters that are used to send cryptocurrency and also required to log-into your crypto wallet. Loss of these keys signifies loss of assets.

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Source

  • KEYSTORE FILE: is a computer file that stores the private key, they are secured by a password/ passphrase that is required before access is given to the private keys. It is described as an encrypted file that can only be accessed by a password, that would give the user access to the private keys.

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Source

Download & Install TronLink wallet(Android/iOS/Extension)?

The TronLink waĺlet is available in playstore and on Apple store for IOS users .

  • Firstly go to the android play store, and click on search at the top right corner.

Screenshot_20211107-071145_Google Play Store.jpg
Image from Google Playstore

  • Type "TronLink Wallet " in the search bar and click on the first application that pops up.

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Image from Google Playstore

  • You will be directed to another page, where you will see the application, then click on install and wait for it to download.

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Image from Google Playstore

How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?

  • On downloading the application, open Tronlink and proceed to create an account, with your username of your choice.

Screenshot_20211107-071603_TronLink Pro.jpg

  • Then you will be directed to create a unique password that contains numbers, characters and alphabet to help secure the wallet.

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  • Then a set of Seed Phrases would be given to the user, it is advised to write them down as screenshots were not allowed, the mnemonic key is for safekeeping and storage to avoid loss of funds.

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I took precautions by writing it down on a hard copy and also snapping an image on my phone, then I went forward to send a copy to my mother and father on WhatsApp to help me secure the keys and I also stored it as a document in my Google drive.

Which form of the key are you comfortable with to handle your TronLink Wallet? Include Screenshots & hide/blur the sensitive information

For me I would say that the mnemonic key is most reliable because they are typical everyday words that are understandable to a layman and are written in a specific order.

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All the images that wasn't sourced were screenshots provided from my phone ( Samsung A12)

Conclusion

I would like to thank Professor @sapwood for this wonderful assignment and making me understand the usefulness of the private keys.

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