Blockchain Wallet (Types, Uses, Installation) - Steemit Crypto Academy Season 4 - Homework Post for Task 9

in hive-108451 •  3 months ago 

Hello, dear steemians. I am very glad to participate in this homework task 9 which is about Blockchain Wallet-- Types, Uses, Installation, etc. by the professor @sapwood. Let's start.


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Image designed in Canva | by @shemul21

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QUESTIONS


(1)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.

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💢How do you store/secure your keys❓


Keys are really important things. When we registered on Steemit, we all got a pdf file. In the pdf file, there are many types of keys we got. Those are the most valuable things for our accounts and assets. On steemit and every platform, if you register your account, you have to create a password for that. And without the password, you can not get access to your account. So, everybody should keep their keys with maximum care. In the case of Steemit keys, you can not recover your keys if you lost the master password.

So that, I have stored my keys with the max protection. Now I'm sharing some key protection methods with you.

  • At first, I have downloaded the PDF file of keys to my steemit account. Then I stored it on my personal hard drive. On my computers' drive, I made a folder to store every password of mine. As with others, I store my steem keys on that drive folder. And I set a simple password for the folder too.
Image captured by @shemul21
  • Secondly, I have written my keys in my personal diary. I think it's the most secure place to keep any keys. I preferred this method to everyone because I think everyone has a personal diary that is really secure. Cause it's totally offline. Nobody can hack it. I had taken a picture when I was writing in my diary. I'm attaching that image here.

  • Thirdly, I recommend everyone to keep their keys on any online or virtual drive. As I have uploaded my PDF to my personal google drive account. Google drive is really helpful for anything to store. I can retrieve the keys anytime anywhere I want.

There are also many other methods to keep our keys secure. I suggest everyone to store their keys at different destinations. Because in a decentralized platform like steemit, there is no recovery option to get back user keys. And there is a saying, keep your keys safe, it will keep your assets safe. So be careful and use multiple methods to secure your keys.

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💢What are the different forms of Private Key(Examples/Screenshot)❓


There are three forms of Private Keys generated by cryptography that grants the users access to the desired cryptocurrency. Those are:

  • Private Key
  • Mnemonic Key
  • Keystore File Key

⌛ Private Key 🔑


It is the most important key is also known as the Master key or Master password. The Private keys play a major role in symmetric or asymmetric cryptography that is based on an algorithm to encrypt and decrypt data of the cryptocurrencies. These keys are typically long & randomly generated with sequences of bits. It can not be easily guessed by any hackers. If you want to transact or receive any assets, you will need this Private key to do action. It is highly recommended to keep it safe. Because, if you lost your Private key, you can not get access to your own assets and it is not possible to retrieve them by any method. So, keep your assets safe by securing your private keys. Here is demo of a Private key below:

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Image designed in Canva | by @shemul21


⌛ Mnemonic Key 🔑


A Mnemonic key or phrase is a list of 12 to 24 words that are used to create an infinite number of private keys. The Mnemonic phrase is a private key that is presented in another way. It is created during the process of opening a new cryptocurrency wallet and can be easily memorized. Private keys have numbers mixed in with the alphabet that is complex but difficult to memorize. Unlike private keys, users can easily memorize Mnemonic because it is really easy to remember. Recently, many digital currency wallets offer their users a mnemonic key instead of a private key. I am providing a demo of the Mnemonic Key below:

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Image designed in Canva | by @shemul21


⌛ Keystore File Key 🔑


The Keystore file key is another form of the private key, and this form is a (Java Script Object Notation)JSON-encoded version of the private key. A Keystore file key is a very nice version of a private key that protects your assets and it is protected by a password of your choice which is amazing. It's a good idea to always try to make your password unique, not the password you used on other sites or social media accounts. You must use a strong password consisting of letters, numbers, symbols, and symbols. Of course, this is complicated that can not be remembered, and can only be used by an authorized user when retrieving their wallet. I'm attaching an example of a Keystore File Key is given below:

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Image Source

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💢Download & Install TronLink Wallet(Android/iOS/Extension)❓


Step1: First visit https://www.tronlink.org/ and click on the browser extension.

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Step2: Click on Add to chrome and add the extension.

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Step3: Click on the extension at the top right corner of the browser. Then type your passwords. And click on continue.

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Step4: Now click on create.

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Step5: Now set a new account name and click on continue.

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Step6: Take a screenshot or write it down in your diary and click on continue. Because this is a mnemonic key. It is really important as I have described above. I have input blur on some of the words for security.

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Step7: Now re-enter the words as directed on the first image that you have written or snapped. And then click on continue.

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Step8: Done. This is my wallet dashboard.

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


I have answered for this question above in details that how to protect the private keys and how I have done it. But here I am explaining once again the security process of my private keys. I have written my keys on my personal diary. And I believe that this is very secured place to save any passwords. I am adding the image of the Mnemonic key below. I have also saved it on my google drive and I can use it from anywhere and anytime.


Image captured by @shemul21

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


Now everyone knows, we have three types of private keys and each has different aspects of complexity. When saving a private key, I advise you to write it carefully and check it before saving, because the private key is always long and it is a combination of numbers and alphabets, so something could go wrong. The same principle applies to key stores, you need to take the time to protect them.


Image captured by @shemul21

However, when it comes to the Mnemonic key, which is the most convenient type of key, care should be taken, but not as private and key storage. So, I preferred the Mnemonic key to use in wallets. Because I am comfortable with the Mnemonic Key to handle my TronLink Wallet. Above is an example of how I wrote and saved Mnemonic phrases in my diary.

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💢Conclusion💢


I have explained all the questions given. I want the thank professor @sapwood, for arranging this informative homework task about Blockchain Wallets.

Thanks for reading my post. Please comment below your opinion.

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Please do not use the #club5050 tag unless you have made power-ups in the last month that are equal or greater than any amount you have cashed out.

I'm doing continuous Powerups. And I got the grading for #club5050 on this homework post. Then why are you saying that I haven't powered up!!!

I checked my #club5050 status before posting. And still, it's showing more than 50%. I'm attaching the screenshot of my current #club5050 status for the last 1 month.

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It's clearly showing that I have powered up 74.3%.

Requesting your attention-
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