It's once again a great time in crypto academy with one of my favorite professors @awesononso.
It is to my appeasement that I am participating in the crpytoacademy S4W7 class by prof. @awesononso.
In affirmation to the understanding of the teaching, I will be attending to the below assignment .

Homework

1. What are public and private keys in relation to custodial and non-custodial wallet.
2. What do you think about the proof of keys day? What precautions would you take when participating
3. Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?
4. Let us assume it is Proof of Keys Day:
   a.)Transfer at least 20 Steem from your Binance wallet to your Steemit wallet.
   b.) Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.
   (Provide Screenshots and make sure you have your Keys).
5. In one statement, what is the major significance of the transfers in question 4.

INTRODUCTION

This lecture on proof of keys as handled by prof. @awesononso is a spectacular one i must say, because it opened my eyes more to two very important elements for securing my cryptocurrencies. And it also made me understand how vital public and private keys are stating to an extent the importance of private keys over public keys.
Due to unavailability of time I will go further to answer the assignment that accompanied the teaching.

QUESTION 1

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

For better understanding of the above question, it will be to the best interest of my audience that i throw a little light into the concepts of
i. Private keys
ii. Public keys
iii. Custodial wallet
iv. Non-custodial wallet

Private keys

Source
As the name implies, private keys are confidential keys given to a user in a blockchain together with his/her public key for the purpose of sending and receiving assets in the blockchain.
Private keys are made up of alphabets, characters and digits combined making it likely impossible for hackers to guess.
Private keys are used in retrieving lost accounts, in the case of lost device or when a user changes his/her device.

Public keys

Source

Public keys is a disclosable key to a user's wallet which serve the purpose of sending coded messages to a user. Without a public key, a private key is likely useless because without a public key a user cannot decode messages from other users.

Custodial wallet

Source
In my own understanding, a custodial wallet is a type of wallet owned by a user but under the control of a third party. i.e the user doesn't have access to his/her private keys. Therefore, the user is trusting the third party to safeguard his/her asset and return it whenever it is needed.

Non-custodial wallet

Source

Non-custodial wallet is way the best type of wallet in the sense that the user has full access to his/her asset and his keys. Non-custodial wallet is void of third party or middleman.

Haven explained the above important concepts, i will go further to describe private and public keys in relation to custodial and non-custodial wallet.

Public key avail us access to our digital assets but doesn't permit us to move assets out of our wallet. i.e i allows us to protect our wallet but it doesn't give room for withdrawal due to the fact that we do not have full control of the wallet. Hence, the private key (which is in the custody of the third party )is required to complete any given withdrawal request.
Here, the security of our wallet is under control of a third party.

Private keys on the other hand grants us full access to perform any given transaction in our wallet. Putting the security of our digital wallet into our own hands. Therefore, if peradventure we loose access the wallet, we have no one to blame, and if you want to perform a transaction you will not need any middleman.

QUESTION 2

What do you think about proof of keys day? What precaution would you take when participating?
The concept of proof of keys is a memorable celebration done on the 3rd of January yearly in remebrance of bitcoin as the first ever mined cryptocurrency. Assets are been withdrawn from centralized wallets by users.
On that day centralized exchanges are meant to demonstrate how they have genuinely handled users funds in their custody by transferring in full user's assets.

Due to the fact that when transferring assets from a centralized wallet to a decentralized one, the full responsibility is as well shifted to us the following should be taken note of:

• First thing, first. Safekeep your public and private keys. Because if a jacker lay hold on your private as well as your public key, the assets there will be gotten rid of and if by mistake you loose your device, if you don't have the private keys the wallet is gone.

• Abstain from scam, before sending asset to any given wallet , make sure you confirm every information about the wallet by checking for the users feedbacks and the authenticity of the app.

• select a secured wallet in the crypto space, advantages and disadvantages of a given crypto wallet should be taken into consideration before sending asset into it.

QUESTION 3

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

From experience, I prefer decentralized wallet because of the following

• Level of autonomy it provides me.
• A decentralized wallet is void of third party. i.e there is this owner-asset relationship unlike in centralized wallet which is been controlled/oversaw by a central body or government.
  -Decentralized wallet is more secured than the centralized wallet in the sense that you are in charge of your assets and what happens in your wallet.
• In decentralized wallet there is zero or minimal maintenance fees unlike in centralized wallet.
• Decentralized wallet can safeguard assets from different networks like TRX-20, ERC-20, BEP-20.
• Freedom of conducting asset exchanges/swapping expressly from the wallet.

with the above listed points i guess you agree with me that decentralized wallet is better than centralized wallet.
But for safety purposes I will advice newbies to start with centralized wallets as they get acquainted with the decentralized wallet.

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

To attend to the above questions i will start with the first which is transferring 50 steem from my binance to my steemit wallet.

My steem wallet before transaction

Below are the vital steps i took in transferring steem from my binance to my steem wallet.

step 1
I open my binance app

step 2
I click on wallet

Step 3
I go to my spot wallet and then to steem

step 4
I will click on withdraw

• step 5*
  I will go further to fill in my username and the amount of steem i want to send and then click withdraw.

step 6
I will have to verify if I'm really the owner of the account by putting in codes sent to my mobile number and email respectively

After putting the codes and submitting it, the transaction is marked successful.
So i will be going over to my steem wallet to check for confirmation.

*my steem wallet after transaction.

From the above illustration you can understand how to send steem from binance to steem wallet.

Secondly i will be transferring 50 trons from My binance to my tronlink pro

My tronlink wallet before transaction

I will take these simple steps to transfer tron from my binance to my tronlink wallet.

step 1
I will copy my tron address from tronlink and go over to my binance

Open tron asset

**step 3 **
I will click on withdraw and below is what will show and i will fill the provided spaces with the required informations.

step 4
Next i will click withdraw and confirm the order by verifying mobile number and email.

Then i will go over to my tronlink wallet to confirm the transaction.
Below is the receipt of the transaction

QUESTION 5

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

One vital significance of the transaction in question 4 above is that it gave me a glimpse of how proof of key day is and also help me reaffirm how simple and straightforward a transaction can be.
Question 4 above made me see the importance of my public and private keys when transferring assets from centralized wallet to a decentralized one.
We should always bear in mind that the security of our crypto asset should be among our priority because having a full knowledge of how these wallets work (both centralized and decentralized wallets) it will minimize the risk of getting scammed.

Conclusion

It is of great importance to us in the crypto space to understand fully the security measures in each type of wallet before making choices.
I must not fail to appreciate prof. @awesononso for this great time of learning from him, your effort is very much appreciated prof.

I am @ezege11

CC;
@awesononso