Crypto Academy Season 3 Beginner Course: @lesandra || Task 6: Types and Uses of Blockchain Wallet

Hello friends,today I have talked about the wallet, how to install the wallet and many other things about the wallet in this lecture. Here now I am going to write homework for @sapwood.

On a centralized platform, it is somehow possible to recover your lost password. You can recover the keys in any way because there is a third party that helps you to recover your keys. But on a decentralized platform, losing your password and keys once means losing them forever. If you lose your keys, you will not be able to get them back in any way. All the work and data that you have done on your account is wasted. That is why it is very important to keep a safe backup of your keys. So if you lose your keys in any way, you can get them back from the backup file.

I always keep 2 to 3 backup copies of my keys. First I actually have a USB.therein USB I maintain all my password All the keys from one of a kind systems are stored there. Each one has a separate folder so you can easily get them back if I lose them. Second, I encrypt my keys my way. As if the key was "backup", I would type the key as "6738Hle286" and send the file to my other email address.

I don't believe at all to store keys online like on your google drive. I feel like the online strategy is a bit risky. Because once someone has access to your online storage address, they could have access to all your keys and could misuse your accounts. Hacking is possible, so keeping the backup offline is a more secure way.

I have a diary, all my personal details are written there. I keep that journal in private in my bedroom closet. I always write all my keys and passwords in that journal. In case of losing your password and having trouble getting the online backup, it would be easy to disconnect them from that journal. But the safest way of all time is to memorize the keys. preserve a backup of your keys on your mind. Then there will be no risk of losing or stealing them.

There are 3 varieties of private key. Let ME make a case for all of these one by one

• Private key (in form of Alphanumeric character)
• Mnemonic key
• Keystore file

Private Key:

The private key is generated by cryptographic functions of our public key. It is a large combination of alphanumerics, which would be alphabets together with numbers, without a doubt it is a very difficult key to memorize for anyone, the best thing would be to directly make a copy on a notepad and strictly print and then laminate.

Example

Mnemonic key

The Mnemonic key or seed phrase consists of 12 to 24 words that are phrases. When we create a wallet and we agree to use the mnemonic key, we will get 12 words for the most part, in some cases it could be 24, we must copy them or save them directly in a safe place, why then we will ask for a confirmation that it will be, place them again in the order that had been shown.

Example

It will always be important to quickly save the words, have them in a notepad or write them down on paper, in case we need to restore our account we will have to use our mnemonic keys.

Keystore file:

A keystore is another private key, but in an encrypted form and needs to be protected by a password. It is not a private key by itself, it needs a password to function, so we must take very good care of this key to keep it in a safe place. The storage file plus additional a key configured by us, will give us our private key.

Example

There are following steps which are given as:-

• Go to Google playstore and search for "Tronlink Pro wallet", install the wallet and click on "Open" to begin the process.

• After you open the Tronlink wallet, there are three (3) options
  Create Account: that is you want to create a new account, maybe you are a new user or you needed a new wallet then you can create a new account
  Cold Wallet: this is an offline wallet, the most secured wallet.

• But since am creating a new wallet, I will only click on "Create Account"

• Then two options will appear in which we have to go directly to create an account where I have the arrow marked in the following image.

• Here we will ask for a name which I was putting my username [lesandra]

• Now we are going to move on to a very important point, since a table will open with our 12 words of the mnemonic key which we have to copy, save in a notepad and write down on a paper because then we are going to have it to use.

We have to replace those same words as a confirmation method, it must be in the same order as it was previously shown.

• We would already have our TronLink wallet account ready in a few very simple and quick steps for anyone.

They gave me a file of mnemonics. Let me show you ways I even have secured them.

I have given you the 12-letter mnemonic during the registration process. As it is not possible to shorten the screen due to privacy problems, I took a photo of that page from another mobile and saved it on my USB. Now I will retrieve the mnemonic at any time from that USB. I also write it in my journal. So you can disconnect it too.

Should you choose one of the private keys mentioned above, it would surely be a mnemonic. Mnemonics are just alphabetic letters. You can easily memorize them and write them mostly without any mistakes because it is simple. But if we talk about private keys and keystore, both are not just letters. These are mix. The private key is a combination of alphabetic letters and digits. While the keystore key is a combination of letters, digits, commas, parentheses and many other signs that are very difficult to memorize. So I will be able to prefer the mnemonic types of private key.

We can end up knowing that there are different formats of private keys, where some are more comfortable to use, the most important thing that we must take into account is how to store our keys very well, because in case of losing these keys we would be losing all our funds of the wallet, good examples were given of how to save in a notepad or the best copying on a handwritten paper. The steps of how to create an account in TronLink through the browser extension were also detailed, after a few simple steps you can obtain our access to the account.