Hello professor @awesononso, thanks for the lecture here is my homework task for the week.

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

Let us first insist on what a public key and a private key are.
However, before explaining in-depth, it should be noted that something triggers these switches; it is not just created that way; if we don't talk about encryption, we can't fully understand these keys. Without this encoding, there will be no such things as private keys or public keys.

cryptography

Encryption is a very common term in the world of cryptography and many of us are familiar with it.
Encryption is a strategy or technique used to transmit or transmit hidden or confidential information or messages to individuals or groups who understand the ideas behind it and can decrypt or interpret the data or ideas behind the information or messages.

public key

The public key (like the name) can be public, visible, or public. This is the wallet address for the user account that anyone can see. One of the functions and purposes of the public key is to encrypt data and coins/money sent to the user's or coin holder wallet account. Using the public key, users can lock and protect their coins and protect them from theft or hackers who wish to infiltrate and steal their coins. It should also be noted that the public key can only be used to encrypt (lock) coins, but cannot perform the function of decrypting (unlocking) coins.

private key

The private key is very similar to the user or coin holder signature in that it is used to sign and verify transactions, just as a signature is required in a banking system to verify payment. It serves as proof of ownership for the user, and only the coin holder knows it. For security reasons, it is recommended not to release it to the public. The purpose and function of this private key are to decrypt (unlock) the currency in the wallet so that everyone can get the money back! Without a private key, it is almost impossible to put coins in the wallet.

Now that we understand what this means, we can now explain how these keys relate to trustees and non-guardians.

Based on the custodial wallet

It is a kind of wallet where users have coins in the wallet but cannot fully control their coins. The private key as proof of ownership does not belong to the owner or user of the part but belongs to a third party or intermediary.
Yes, the user owns the currency, but the private key that claims ownership does not belong to the user, but to the person who manages the custodial wallet system...On the contrary, it is a system central wallet, which can be compared to a bank.

Since the third party owns the private key to decrypt your coins and money, they indirectly own your coins and can do whatever they choose without the user's consent.
The only key known to the true owner of the coin is the public key, which is the wallet address.
Examples of custodial wallets containing users' private keys;
Binance
BitMex
Blockchain.com, etc

Based on non-custodial wallet

It is a wallet that can be fully controlled by token holders or actual users. The coin holder using this wallet has full control over their coins and the public key used to encrypt the funds, the private key used to decrypt the funds, and proof of ownership. No middleman or intermediary is necessary as it is a decentralized portfolio system. The main advantage of this wallet user is that hack as the custodial wallet is not that easy to do, and control is concentrated on one point, non-custodial wallets are decentralized and control is in one position. decentralized. Compared to custodial wallets, transaction fees are also lower as they do not require third parties to verify transactions.
Examples of non-custodial wallets that contain users' private keys include:
Ledger
Nano X
Zengo
Wasabi. etc

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

In my opinion, this is a good choice for users who have assets on a centralized platform, as they can choose to verify that the currency reflected on the platform is indeed the currency claimed by the exchange, so for me, it is a good idea to make the use of centralized exchanges a reality. By participating in a large event, all users can withdraw all coins to another wallet, giving them the ability to verify the exchange they are using. If you decide to attend this event and participate, I will consider the following:

• I will ensure to save my private key to the wallet where it can be retrieved easily because once the assets are moved to a non-custodial wallet and I don't have the private key, it automatically means am losing my Crypto-asset because my private key is what
  grants me access to my wallet.
• I will ensure to have my private key in my non-custodial wallet when transferring assets.
• I will ensure that there are no errors in my note or title.

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

After reading this category, I realized how important it is to use a decentralized wallet, so if I choose to, I will naturally choose a decentralized wallet to store my cryptocurrency, as they are more secure and There are more to the property. Right, no, I have to rely on a third party to conduct transactions, and I'm not prone to computer attacks, I'd prefer to be the sole owner of my assets than anyone else.

It is this lecture that reveals to me that exchanges like Binance are not safe, I have discovered that they suffered major theft leaving users with no assets and suffering huge losses.

Let us assume it is Proof of Keys Day:

Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.
Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
(Provide Screenshots and make sure you have your Keys).

The transfer of steem from m my binance wallet to my steemuy wallet is as follows;

I log in to my Binance account

Then I click on spot wallet. On this page of the wallet, the following can be seen: deposit, withdraw and transfer.
I click on withdraw.

I then search for the coin to be withdrawn, which is steem.

Then I filled in the necessary information

After confirming this, the verification code was sent to my phone number and email address to verify that the transaction is by me.

The initial balance on my steemit wallet is 14 steem

But now that the transfer from my binance account is successful it has increased to 74 steem.

The following steps are followed in transferring TRX from my binance account to my TRonlink pro.

Firstly i login to my binace account

Then i click on wallet and move onto my spot wallet where i click on withdrawal.

Then i search for TRX in the search box

After this i filled in the information needed for the transaction

I login into my tronlink wallet to copy my
TRX address by clicking on receive as seen in the screenshot.

The above screenshot of how i got the wallet address to binance.

After this i confirmed the transaction by clicking on confirmed

After this i verify that the transction is by getting both mobile and email verification code

It seen that the the transfer is successful now in the screenshot bellow

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

From the above transaction, I can easily transfer Steem and TRX to my online wallet and Stem wallet undisturbed as I still have my private key in my hands for this transaction. Proof of this is the importance of private keys in the centralization of decentralized blockchain.

Conclusion

We can not trivialise the importance of key in the blockchain because this lecture have really broading my understanding on this system. If anyone try to trivialise they importance of is key such may find him or her self to be blame .

Thanks for the lecture. Greetings