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

3개월 전

Hello everybody.

Hopefully, all of you will be good and happy and enjoying your health with the grace and blessings of Allah Almighty. Today, I am here to present the homework for the Task 9 of the Season 4 of Steemit Crypto Academy. So, let's start our task without any delay.

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There are three tasks assigned by the professor and he has asked to perform only one of them. So, I am going to perform Task 01.

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Question


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.



There are a few sub-tasks in this question and I will explain all of them in the given order.


How do you store/secure your keys?


Before discussing the main point, it is better to illustrate the importance of the private keys of the blockchain wallets. Private keys are actually complete access to the wallets. The one who holds the private keys is the real owner of the wallet and he can easily access the wallet and perform the wallet activities without any problem.

To ensure the security of the wallet, it is compulsory to store/secure the private keys that are assigned to us at the time of the creation of the wallet. There are several ways to make our private keys safe and secure. Some important and recommended ways to save the private keys are as follows.

  • The first method to secure our private keys is to save them in the mobile notepad. I would recommend this method because the mobile notepad has no connection with the internet. It is an offline system and due to this reason, it is the least susceptible to hacking or stealing. Many hackers are wandering about on the internet and they can access our data if we are connected to the internet. So, this is the simplest and the securest way.

  • Another way to save our wallet private keys is that we can save them in our Google Drive in the form of a text file. You can make a file of the keys and save this file to Google Drive. This method is recommended due to the reason that if someone changes his phone or his mobile has lost or some other reason to no access the mobile, we can log in our Google Drive to another phone or device and can access our private keys easily.

  • One of the best methods to store the keys is to note them on a hard page and keep this page somewhere safe in your room or anywhere else.

  • We can also save our keys in the form of a Text Document on our computer or laptop. In this way, we can access the keys whenever we needed.

  • We can also save our keys on Gmail by simply creating a mail and saving it to the draft.

  • Besides all these methods we can also save the keys by sending them to some trusted accounts like WhatsApp, Messenger, Telegram, Discord, etc.

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


As I have told you before that the private keys are the sole ways to access our wallets. There are three types of private keys that are as follows.

  • Private Key:-

The first and the widely used type of private keys is the Private Key. It is a set of alphanumerical characters. The set contains English alphabets (Upper Case or Lower Case), numerical values, both. The Private Key is used to access the wallet and manage the assets. The private Key of the particular account is created by the cryptography technology at the same time when the wallet is created.

=> Sample

An example of the Private Key is shown in the below image.

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Sample Private Key

  • Mnemonic Key:-

This is another type of private key. It is a collection of English words or numerical values that are arranged in a particular order and are used to access the wallets for performing wallet-relating activities. Mnemonic Key is also called Mnemonic Phrase, Phrase Key, Seed Phrase, etc. It is easy to remember and store in the mind as it is mostly a collection of 12 words. It is also given to the owner of the wallet while creating the wallet and is required to log in to the wallet.

=> Sample

An example of a Mnemonic Key is shown in the below image.

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Sample Mnemonic Key

The important thing in this key is that the sequence of the words must be correct to ensure access to the wallet. It is also used to generate wallet addresses.

  • Keystore File:-

Another type of private key is the Keystore file (JSON File Type). Keystore File is actually a file that contains both the private key as the password of the wallet that is set by you while creating the wallet. So, it is not a private key when alone. If we use this key while logging in to the wallet, we do not have to enter the previously set password of the wallet. So, this is a unique thing in this type of private key.

=> Sample

An example of the Keystore file is shown in the below screenshot.

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Sample Keystore File

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


So, now I am going to download and install the TronLink wallet in the Google Extension. So, we have to follow these steps.

  • First of all, open the official website of TronLink and select the Browser Extension option.

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S.S from TronLink

  • Now, select your browser type. I have selected the Chrome Web Store.

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S.S from TronLink

  • You will be directed to the Chrome Webstore and here you have to click the Add to Chrome option.

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S.S from Chrome Webstore

  • Now click on the Add Extension option shown in the top bar.

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  • The TronLink extension will be added to your Chrome browser. Now, open the extension and enter the password, you wanted to set.

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  • Now, select the Create option.

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  • Now, enter the name of the wallet and click the Continue option.

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  • Then, you will be given a Mnemonic Key Phrase. You have to save the sequence of the words somewhere safe and click the Continue option.

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  • Here, enter the correct sequence of the Seed Phrases, just saved before. And click the Confirm option.

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  • The TronLink wallet will be created as you can see in the screenshot below.

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So, this is the method to download and install a TronLink wallet.

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


I have stored and saved the private Mnemonic Key at whereas places. Such as,

  • I have saved the sequence of the Seed Phrases on my computer hard in the form of a text document.

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  • I have saved it in my mobile notepad in the form of a text file.

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  • I have also saved it in my Google Drive in the form of an image.

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  • The most important arrangement I have made is that I have put these words on the hard page and kept it in my room.

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  • Moreover, I have also stored the sequence of these words in my memory so that I can access the wallet whenever I want.

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Which form of the key are you comfortable with to handle your TronLink Wallet?


Among all the types of keys, I am comfortable with the Private Key. The reason is that the Private Key is a set of alphanumeric characters that are not guessed by anyone. The one who has the private key can access the wallet. I have saved the private key in my mobile notepad, google drive, computer, hard copy, and in the google password. I can easily access my wallet by copying it from my notepad and pasting it into the wallet.

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S.S taken from my TronLink wallet extension version

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Conclusions


There are different types of private keys of wallets. The security of the private keys is the main thing to access the wallet and to get access to the assets present in the wallets. Private Key is the set of alphanumeric characters, Mnemonic Phrase is the particular arrangement of 12 or more words, Keystore File is a file containing the private key and the password of the wallet. We must store/save our private keys somewhere safe to ensure the security of the wallets.


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So, that's all about task 9 of the Crypto Academy. Hopefully, all of you will like this post.


Special Mention: @dilchamo (Respected Professor)


Writer: @steemdoctor1 (Crypto Student)

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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.

Hello @steemdoctor1,

Thank you for participating in the #09 Fixed course for Newcomers in the Steemit Crypto Academy.

Your grade on this assignment is as follows:

CriteriaGrade
Presentation/Use of Markdowns2/2
Compliance with topic1.5/2
Quality of Analysis2/2
Clarity of Language2/2
#club50500/1
Originality0.5/1
Total8/10

Homework task: 8/10

Feedback and Suggestions :
  • Your effort in this task is appreciated.
  • You have done a good explanation for most of the questions.
  • You can expand the answers a bit more explained way.
  • Overall work is good.

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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.