Crypto Academy Season 4 Beginners' course - Task 9: Blockchain Wallet-- Types, Uses, Installation, etc
(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.
(2) Please indicate your Steem integrated TronLink wallet in Steemitwallet.com? If you already have the private key/public key of your Steem integrated Tron Link wallet, demonstrate how do you restore this wallet in a fresh installation or device? How important is the password that you set locally in a fresh installation? Which form of the private key needs the password too to unlock the crypto asset? Include Screenshots and hide/blur the sensitive information.
(3) If you have already installed your TronLInk wallet, demonstrate how do you export your account? Which form of the private key are you comfortable with to deal with your wallet? How do your store your keys? Demonstrate your experience with all three forms of keys during the installation/restoration of the TronLink wallet? Include screenshots and hide/blur the sensitive information.
Regardless of what wallet type your using, there is always a public key and a private key related to those wallets. Public keys is like the Account number, account name that is being shared in order for funds or crypto to be sent to you or for you to receive funds or crypto. While is like the bank PIN, OTP, but in Crypto it helps the user to access it cryptocurrency which is associated with the blockchain. So if the anyone can have the private keys then, that person can access the cryptocurrency such as bitcoin, Ethereum etc. So it very important to secure that in every where that you can. So quickly, lets talk about some ways that the keys especially the private key can secured.
- It can stored in your notepad or in a document and they store it in a google drive or drop box or to save it in a cloud storage which is the most common way it is being saved. With this method you can access it from any where, anytime . but the issue with cloud storage is that it is a third party, and if someone knows your email and your password, they can easily access your private keys and all your funds can be taken which can be a very big disadvantage.
- It can also be stored locally in your computer on a text document and ensure to encrypted document. Someone can easily hack your system if it is connected to the internet
- Another common way is to write it down on a paper and put in a safe box. But the problem is that it is very easy to damage a paper.
- You can write your private keys on a ductile stainless steel material, in this way fire cannot burn and it cannot be destroyed
Private keys which must be duly protected are of different forms and the include the following
- Private Key( A string of alphanumeric characters)
- Mnemonic key (seed)
- Keystore file (JSON file)
Private Key( A string of alphanumeric characters):
A private key consist of alphabets and number which is written in a randomly which is created using the cryptographic functions once a blockchain wallet is been created which is used to access and also confirm transactions in a wallet. And example is
Mnemonic key:
There is another wonderful form of private key that is called Mnemonic Key or Seed key or Mnemonic passphrase etc. It usually does the same job as the private key. Mnemonics is an unencrypted private key that is easy to handle, which can be easily memorizes based on the user capability and also easy to read. The seed most times consist of 12, 15, 18,21, 24 words long. For you not to forget it, you should always understand the sequence of words or use something else to replace for your easy understanding . Mnemonic key are used to generate wallet addresses, restore a wallet and also reset a forgotten password.
Keystore file
This is a form of a private key which is made up of server’s certification which uses cryptographic that has its private key in it. It is mostly used to recover wallet. When you combine the keystore file which has the server’s certification and the password, your wallet can be recovered. Most of times, to generate the it you have to use your private key and a password you have formed. Due to the much words and number used, understanding it becomes very difficult, it is best advised to store in a cloud or using trusted device of your choice.
To download and install the TronLink Wallet in Android, these are the steps that must be taken
- Search and find Tronlink on Google play store
- Quickly Click the install button for the installation to take place
- On the Completion of the Installation, You can now click Open to launch the app
Notepad has been one of the ways people store their private keys, it has seem to reliable for years now . So, quickly lets show you the way you can do that.
- The first step is to open your Notepad by searching on the windows
- Type in your private key and save it with thing of your choice
- After finishing the save up, you can encrypt with the help of Win Rar archive by right clicking and selecting “Add to archive”
- Then click on set password
- Then Enter any password or your choice
- You can select ok and save it
Knowing that my crypto wallet has a crypto asset that is of very high value to me, I would choose a very complex password which only me knows the password and due to it nature of complexity, I will choose the Mnemonic key. Moreover, Phrases can be easily memorized which I love to do natural.
In conclusion, Crypto wallet are made up of public keys and private keys. Public keys can be shared but private keys can not be shared, they are meant to be kept secret from any third party. There are different forms of Private key which includes the private key, Mnemonic key and the Keystore file. They are both important depending on the user. It is very important to secure your wallet to avoid had I know. Use the best form of the private key that suits you and you should also learn how to save to your private key for you and you only. In doing this properly only can have access to your wallet.