Proof of keys | Steemit Crypto Academy |S4W7 | Homework Post for @awesononso

3개월 전

Hello Everyone!

This is Sami Zuberi , hope you all are well. I am exceptionally hope set aside a few minutes for perusing my homework post for @awesononso and valued it. Here i am going to impart my views on "Proof of Keys". So how about we begin

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Made this above poster on Canva

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Question 1.

Explain private and public Keys in relation to custodial and non-custodial wallets

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Private Keys :

Hackers are unlikely to predict private keys since they are composed of alphabets, symbols, and numbers. This should not be revealed with others; instead, it really should be kept highly private. Messages produced with both the associated public key are decoded using private keys. It is nearly hard to obtain accessibility to coins in such a wallet even without private key.

Private Keys in relation to Custodial Wallet:

The public key is merely the custodial wallet addresses, while the private keys are saved upon that trader's side so that they would have complete control of all of it. This gives it centralized in form. The private key that serves as proof-of-ownership is held by a third party or intermediary rather than the coin holder or consumer. The authority or perhaps the third party administering your wallet frequently provide enhanced facilities in custodial wallets. Frequently your private key and assets are mostly held by a third-party agency.

Private Keys in relation to Non-Custodial Wallet:

It is a distributed by means of decentralized wallet in which no third party gets control of the private key with the exception of the owner, who has complete authority over his or her private keys. A third party does not have access to the confidential private key or money. The user of such a wallet has a lot of power over it. The consumer gets a folder includes its private keys when they create a non-custodial wallet. Fundraising has a greater level of security since the chance of a data leak is substantially lower. One of the downsides of non-custodial wallets is that the currencies must first be transmitted to that of an exchanges, resulting in a significant delay.

Public Keys :

The term "public key" refers to a big integer that is being used to encrypt data. That is a consumer site's wallet address that could be read by everyone. Coins can be kept in the wallet using the public key. A private key is likely worthless without even a public key since a consumer unable decipher communications from many other participants without a public key. It is offered by a reputable source and made available to the general public. One of the functions and purposes of public keys seems to be to encrypt data and funds delivered toward a user's and coin bearer's wallet address.

Public Keys in relation to Custodial Wallet:

The public key, which also seems to have been the wallet address, is the only key known to the true owner of the coins. We can acquire our digital assets using a public key, but we can't shift them outside from our wallet. You possess the public key, but you might also use it to perform whatever function or transaction there in portfolios. Custodial wallets allow for free exchanges and will not charge a processing fee. One of the negatives of custodial wallets is that they require Internet access; in order to access to your custodial wallet or make any operation, you would have to have access to the internet.

Public Keys in relation to Non-Custodial Wallet:

This is indeed a type of wallet that offers the coin bearer or user ultimate control. We can acquire our virtual assets using a public key, but we can't move them out of our wallet. As it does not require a third party to process transactions, the trading fees is also minimal when compared towards the custodial wallet. Funding has a greater level of security since the chance of a data leak is substantially lower. There is a greater sense of responsibility here since even little errors might have unintended implications.

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Question 2.

What do you think about the Proof of Keys Day? What precautions would you take when participating?

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The proof of keys day is the day when users withdraw their cryptocurrency from Centralized Blockchains at the same time. The purpose of Proof of Keys is that to make traders and investors aware that cryptocurrency stored on an exchange platform is essentially or formally controlled by the exchange. It's a means to eliminate uncertainty and ensure that your funds are indeed in the centralized wallet. Assure investors that when they have complete authority of their private keys, and they possess their assets.

Precautions :

  • While transferring assets to just about any wallet, make sure you double-check all of the wallet's details.

  • Consider utilizing new keys that you haven't used before, that aren't saved on any key imbedded pages, and that you haven't used anyplace else.

  • It's important to remember that maybe if your account isn't authorized, your withdrawals may be limited, and the exchange may find it extremely difficult to execute them.

  • A user may only transfer out coins that they can afford to lose in the unexpected event.

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Question 3.

Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?

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For a variety of reasons, I favor decentralized wallets for keeping crypto assets.

  • Unlike centralized wallets, decentralized wallets have no or low operational costs. It allows people to engage in a system that is not based on trust.

  • In the sense that you are in command of your assets and what occurs in your wallet, a decentralized wallet is more safe than a centralized wallet. In the sense that you are in command of your assets and what occurs in your wallet, a decentralized wallet is more safe than a centralized wallet.

  • Decentralized wallets are completely decentralized and do not rely on a single server. Consumers that use a decentralized wallet have greater influence over their assets and therefore it is much secure.

  • I can manage and analyze assets in my wallet without engaging with anyone when I use the decentralization method.

  • It instils in the user a sensation of complete ownership and accountability. There are no third parties in a decentralized wallet. It relieves the senior officials of some of their responsibilities. Employee satisfaction will improve as they will be more involvement in the planning procedure.

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Question 4.

Let us assume it is Proof of Keys Day:
a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.
b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
(Provide Screenshots and make sure you have your Keys).

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  1. First, I opened the Binance application. Then i go to the wallet option and then clicked on steem.

WhatsApp Image 2021-10-23 at 5.03.04 PM.jpeg

  • After that I clicked on withdrawal button, then i put the address there which is my steemit username and a memo and a amount i want to transfer.

WhatsApp Image 2021-10-23 at 5.02.31 PM.jpeg

  • Then there will be confirmation window pop up, So i clicked on confirm.

WhatsApp Image 2021-10-23 at 5.02.31 PM (1).jpeg

  • After confirmation, withdrawal request was submitted.

WhatsApp Image 2021-10-23 at 5.02.30 PM (1).jpeg

  • Then in a while I checked the transaction history, transaction was successful.

WhatsApp Image 2021-10-23 at 5.02.30 PM (2).jpeg

  • At last, I checked my steemit wallet and you can see that steem is successfully deposited there.

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b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.

I'm going to move 50 trons from Binance to steemit wallet because I don't have an account on tronlink.

  • We repeat the procedure as before, logging into our Binance account and looking for our Spot wallet, as well as the TRX currency.

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  • Fill up the copied address, the network type (TRC20), and the amount you want to send. Then click on withdrawal.

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  • Then you'll get an interface would ask for confirmation before transferring the assets, which will just take a few seconds.

WhatsApp Image 2021-10-23 at 5.14.30 PM.jpeg

  • After confirmation, withdrawal request was submitted.

WhatsApp Image 2021-10-23 at 5.14.30 PM (1).jpeg

  • Then in a while I checked the transaction history, transaction was successful.

WhatsApp Image 2021-10-23 at 5.14.31 PM.jpeg

  • I forgot to took a screenshot before transaction, But here is the screenshot after successful transaction. I've 183 TRX in steemit wallet before performing the transaction. Now I've 233 after deposited 50 TRX from Binance.

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Question 5.

In one statement, what is the major significance of the transfers in question 4.

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The significance of such transference, in my opinion, is to demonstrate exactly what's really conducted on the proof of keys day. The transaction in question 4 above was significant in that it offered me a peek of the how important proof of key day is, as well as confirming how basic and uncomplicated a transaction may well be. Always keep in mind that the safety of our crypto asset should be one of our top priorities. This transaction serves as proof of the value of a private key on a blockchain, whether controlled as well as distributed. When moving assets between two wallets, question 4 helped me realize how important both public and private keys are.

Conclusion :

I conclude that professor gave us a very informative lecture through which I can learn more about private and public keys, custodial and non-custodial wallets. Because private keys are made up of alphabets, symbols, and integers, hackers are unlikely to guess them. The public key is just the custodial wallet addresses, while the private keys are maintained on the trader's side in order for them to have total control over everything. A large integer that is used to encrypt data is referred to as a "public key." The only key known to the genuine owner of the coins is the public key, which also seems to be the wallet address. The proof of keys day is the day when all users of Centralized Blockchains withdraw their bitcoin at the same time. It's vital to keep in mind that if your accounts isn't permitted, your transactions might well be limited, and the exchanger may have a difficult time processing them. Decentralized wallets don't really depend on a central server and are totally decentralized. Consumers that utilize a decentralized wallet have more control over their funds, making it more safe.

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Special mentions to ;
@awesononso

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Hello @samizuberi,
Thank you for taking interest in this class. Your grades are as follows:

CriteriaCalculation
Presentation/Use of Markdowns1/2
Compliance with Topic1.2/2
Quality of Analysis & Practical Approach0.8/2
Clarity of Language0.5/1.5
Originality & Expression0.8/1.5
#club50500/1
Total4.3/10

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Feedback and Suggestions
  • You really should improve on your expression. Your work is not very easy to understand.

  • You should also improve on your arrangement and markdown use.

  • You should improve on the way you present your images.\

  • You did not get the point in questions 2 and 5.

  • Your points in question 3 were repeated.

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Thanks again as we anticipate your participation in the next class.