Hello dear lovely friends
Hope you're all doing very well. Today I'm going to present my homework which is about Blockchain Wallet(Types, Uses, Installation).
Lets Begin
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.
.png)
How do you store/secure your keys?
Wallet Blockchain is a DApp whose job is to store or secure passwords (private and public keys), where cryptocurrency can be sent and received. The key feature of the blockchain is that it acts as a digital accounting book (Immutable), meaning that it is completely secure, where no user can manipulate the data within the network. Wallets allow us to keep our digital assets (Cryptos) in a peer-to-peer (P2P) way without any intermediaries.
Types of keys that handle blockchain wallets; Private Key & Public Key.
Private key : This is the user's unique signature, which has the authentication function, so it should be completely private. If this key is lost, the user loses the asset, as there is no option to reset the password in the blockchain. On the other hand, if other users have access to the private key, there is a greater risk of it being hacked.
Public Key : This is what any user can see and receive for transacting or sending crypto (payment). It bears a striking resemblance to account numbers, where the user transfers this information to another user to receive payment.
Users should be careful and store their private keys in a very secure place, without risking their access to others. There are many ways to protect keys, in my case I save them as follows:
I manage and store them in the cloud on my mobile device & laptop (both with their respective passwords).
I saved them to a new personal pen drive.
I wrote them in the notepad of my cell phone.
I have printed and written them on physical sheets of paper and saved them.
P.S : The private key should never be stored in an email nor should it be passed on to others it's quite insecure.
What are the different forms of Private Key?
☆ Private Key: It is important to remember that private keys should not be shared with other users. Characters are numeric combinations in the form of private keys hash (unique and one-sided). When users use it, they can access their wallet for free and make transactions (buying and selling digital assets).
An Example Of Private Key
☆ Mnemonic Key: These are word combinations that contain only lowercase letters. These are incompatible with each other, as its own word says, "Mnemonic" is used as a strategy to remember passwords very easily, but with the feature that each the word has a number as an identifier, which must be in order. The moment the wallet requests it, for example; If it is requested to have word 4 in the wallet, then the relevant word must be entered.
Here is an example of what the words of the mnemonic will look like. They are frequently in pharases like this
An Example Of Mnemonic Key
☆ Keystore file: These are a collection of encrypted keys inside a file stored on a device. This is a version of the private key that works by combining a user's private key and a key or password created by the same user to access the file.
An Example Of Keystore File
Download & Install TronLink Wallet(Android/iOS/Extension)?
How do you store the key(Hint- write it down on a notepad, demonstrate it with examples)?
My Mnemonic key acquired by the TronLink wallet I have saved physically, scripted in a notebook, in this way, I would dodge losing my keys in case I have problems with the cloud of my device.
Mnemonic Key Written In My Notebook
Another way of how I do it is by taking a screenshot of my password, transferring it to the cloud of my computer and saving it on a pendrive. It is advisable to use a virus-free USB stick, preferably a new one.
Source
Which form of the key are you comfortable with to handle your TronLink Wallet?
I feel more comfortable using the Mnemonic key, since it seems to me an easier strategy to learn it, since there are only 12 words that can easily be learned, on the other hand, private keys are more difficult to learn because they are random letters and numbers that they do not form a word as such and are very long.
Conclusion
After reading and understanding the relevant class, I conclude that; Blockchain Wallet is a decentralized application that allows us to secure passwords and manage our own assets for sending and receiving without intermediaries. The keys are a great way to keep things safe. Write them on a sheet of paper and store them on the device's cloud and pen drive. Also, be careful not to store them in email and don't share with others.
I would like thank professor @sapwood for this wonderful lecture.
