Proof of Keys- Steemit Crypto Academy- S4W7- Homework Post for @awesononso

INTRODUCTION

Proof of keys is really an interesting topic which help me to understand what the day is all about and also how to perform transaction on steem and tron.
I really enjoyed the lecture in that I was educated on the precautions to take when dealing with decentralized exchange.

Question 1

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

Private key and public are 2 important keys when it comes to blockchain though the act differently and as such I will try to broaden it.
Private keys, is a very important type of keys that is personally given to the owner of accounts after he might successfully create or open and account, it is one key in blockchain in which when you are going through the terms and conditions of the blockchain you will know how important it is, because once the key no way to be found same thing will occur to the asset inside the account. This type of key can not and should not be exposed to even friends because it is very important.
Public key is a key that is different from other key is a key that a blockchain user will need to successfully trade or transfer assets from one account to another, this key i can be exposed and share but the must be well confirmed before any transaction is proccess.

In relation to custodial and non-custodial wallets.

When it comes to the custodial wallet, the assets in the account is not being managed by the person that owned the account but rather by a third party. Which will control the activity in the account and you may choose to withdraw anytime.
In non custodial wallet, you owe no one an apology, you have full right control of the account and you with also the keys to use the account, in this type of wallet the account owner is always free to do his choice and make his decision freely.

Question 2

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

Well, proof of key day as a day that is celebrated in the whole world as the day that decentralization in cryptocurrency came to stay, it is day that we always remember the founder of bitcoin because it wasn't a easy for some to bring about something(cryptocurrency).it is a day that without it maybe I wouldn't have participated in this homework because without that day the would have been no blockchain or we don't know how long it would have taken, it is a very symbolic day that we celebrate.
We not only celebrate the day but we make out time to go out see people and boost about our different decentralized exchange, we try teaching them what block chain is all about and it has come to stay. We also let them them know the precautions that is involved when it comes to blockchain, I will list a few below.
It is a very important day, that we should always take note of. We also use this day to perform some verification in the exchanges each an everyone of us use.

precautions

we should always be mindful and careful with our keys, because of it functions and important it has, keys such as private key should not be shared and this is always clearly stated out in the terms and conditions but when it comes to the public key it can be shared and when you are using the public key you have to be very careful to avoid missing any letter because it is what you use to send funds to others and one mistake you do may take it to another individual account and you lose your own asset
I can also be able to do transaction at anywhere I feel like, such as my bedroom ,parlour and I will also check out the charging rate to know that am not overcharge.
I will also be very mindful and care when transacting funds and be very careful when it comes to exchange that I am using because some may be clone or hacking application in which once you invest the run with the funds, I will also know that the have a better security before doing anything in it, to prevent risk that I hear it has been hijack later.

Question 3

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

Decentralized wallet
Because with the decentralized wallet am very sure that my funds are secured because here their security network is very tight not only that I will not need anyone intervention before I can run transaction because in the decentralized wallet, I am with the private key and this means am the am the one that is running, managing and doing transaction in the wallet and at my pleasure area be it drinking palour or any other place I chose and at anytime and I will also be charged at a very lower rate,
Also when it comes to trust with the way it is secured My trust level will increase.

Question 4

Let us assume it is Proof of Keys Day: (a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.

To transfer from my binance account to steemit wallet, I will have to first open my binance account, and I will click on the wallet in the left below corner.

After clicking on the wallet, what display next is my portfolio and from the you will see my total number of steem which is the and I have 25 steem.



After that, I click on steem where the information about steem will display and I click on withdrawal



After clicking on withdrawal, you will have to fill your details in the next page, details such as wallet address, memo and the amount you will transfer, for me am using 20steem and a network fee of 0.01steem will be charged which means am receiving 19.99steem



After filling my details, I will still have to confirm incase I made mistake so that I correct it.



After confirming, 2 codes will be sent one to my massage another to my mail box and after verification, my request will be summited and successful



After that, I will go back to my steemit wallet to confirm

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

Before opening my binance wallet for theis transaction, I have to first open my tron link wallet to get my receiver address which is also the wallet address or public key and it can be shared.

After copying the receiver address, I will now go back to my binance wallet and open it, go to wallet where I will click on tron



When am done with that information about tron will display and I will on withdrawal to proceed.



After click on withdrawal, I have to fill my information such as the wallet address that is the receiver address, I copied from the tron link wallet.
The amount will be 55tron but I will receive 54trx because am charged a network fee of 1 tron



Once am done clink on withdrawal, I will have to confirm the details.



After clicking on verification and verifying my transaction is going to be summited and it was successful.



After that I will go to my tron link wallet to confirm, and I saw the 54tron.



From the history, it has shown that I received 54 tron

Question 5

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

The major significance here is that all part of the lecture plays an important role during the transaction from the private key to the public key, the private key was not exposed or shared but it was with the help of the receiver address or the public key which we can share that I was able to transact the funds from one exchange to another.
The charges rate too here was low, and it was smooth and easy, the transaction was also fast.it also shows that am the real and authentic owner of the account because through out all my transaction I didn't call any third party for help or intervention.

Conclusion

Now I know how symbolic 3rd January is, and how it has affected todays world I must say the topic has really help me know more about how to use binance account and tron link account.
I want to thank prof @awesononso for the lovely and educative lecture