Steemit Crypto Academy Season 5 - Homework Post for Task 9|| Blockchain Wallet(Types, Uses, Installation)
(1) How do you store / protect your keys?
(2)What are the different forms of private key (examples / screenshot)?
(3)Download and install TronLink Wallet (Android / iOS / Extension)?
(4)How is the key stored (hint: write it down in a notepad, prove it with examples)?
(5)What key shape are you comfortable with to operate your TronLink Wallet? Include screenshots and hide / blur confidential information.
Blockchain Wallets are online wallets where crypto currencies are being stored. It is used also to send and recieve crypto currencies in a secured and easy way through a chain of blocks.
Being a virtual/digital currency, it only exist digitally and not physically seen unlike the bank notes, so for a safe keeping of this digital currencies, it needs a digital wallet to store and manage them. This digital wallets are also managed by digital keys (private and public keys) which serves as the personal and secret keys a digital wallet account owner needs to control their wallets.
Lets start by defining this different keys mentioned above.
Private keys: As the name implies, it is a secret and most powerful key in a digital wallet. It is not to be shared with anyone as it is the key to access our digital currencies and also to perform transactions. This key might be in form of a password or pin.
Public keys: This is a public usage key as it is used for public transactions. This key is similar to the bank account details (account number), it is used to receive digital currency from another user.
In the case of safe keeping my public and private keys, i make a written note of this keys and saved where my important documents are being kept, i also make a print out of this keys and laminate it to avoid lost.
I also have soft copy of it saved in an external hard drive device, made a pdf of it also, saved on my desktop notepad and in my icloud too. All of this i have done to ensure that my keys are well preserved.
- Private keys: private keys are stretch of alphanumeric numbers and alphabets that is randomly created immediately signing up a blockchain wallet by using a cryptographic consequence.
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- Mnemonic Keys: The mnemonic keys are mostly used by many wallets which tends to remembering different numbers of expressions. It is ideally a data retaining method.
Wallets that uses this method of security requires its user to be able to recall the mnemonic words which are mostly 12-24 words.
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Mnemonic keys can be used as wallet password reset, regenerate wallet addresses, Also pay attention to the phrases when resetting wallet keys.
- Keystore File: This private key is managed by JSON format. while setting up a wallet, you probably set your personal password centrally on your device mainly for that particular wallet.
You restore your wallet keys through the help of the password you set previously only if you made a back up for the keystore files
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A written note is best option to have the keys saved physically, printed copies and icloud saving (PC and Phone) is best for it as it makes you feel comfortable about your keys.
Mnemonic keys make it more secure and reliable because a well written down passwords that is saved and stored is easily to access back Without complications and can not be hacked by any means.
Basically, This class reminds of the achievement 2 post i wrote some months ago which talks about the basic security on steemit, the same is applicable here on blockchain wallets. I really appreciate our professor @sapwood for making this course an interesting one and reminding us for the need to know how to manage our blockchain keys. Thanks once again and welcome to my task entry.
