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

PUBLIC KEY

With this type of key is usually helping all users to store their funds very secured from all fraudsters.The public key also permit authorization to all the users to their funds in wallet,But whenever they intend to remove their assest the public can’t be used to proceed.In short we can say the public key is purposely serving as a path to a user assest in wallet but can’t serve as a path for a user to remove their funds in wallet.Usually the public key is used to lock a user funds but can’t be user to unlock a user funds,It can also be used for installment.

PRIVATE KEY

With this type of key it differs from the public key,usually the private key permit all the users to have a full care of their assests in wallet.Whenever a user intend to remove his or her fund in wallet the private key can be used to perform that,In most time the users private key can be in the full care of the user or the party line this is also relying on the user,If he is making utilize of the decentralization application plafform or centralized application plafform.With the private key users are able to use to remove their funds anytime not like the public key which can’t be used to remove funds from
Wallet.

For this task I would be talking about the private key in correlation of both the custodial wallet and non custodial wallet.

CUSTODIAL WALLET

In most time all the users in use of the private key in correlation to the custodial wallet,Do not owned their private key but rather it is always owned by the platforms.Also all the users transactions made in his or her wallet is always supervise by the plafform because they you do not have full control of your private key.Since the plafform is having the full control of your private key,They have their own way out to your funds or assest in your wallet at any moment,With this all the activities going on in your wallet is not managed by the user.The custodial wallet has a very high risk to scammers,Users may start to encounter their funds not up to their actual amount in wallet because it is controlled by the plafform mistakes can happen anytime.We classified the custodial wallet to be a centralized plafform.Every centralized plafform all any other activities are not managed by the users but rather the third parties or mediators.

NON CUSTODIAL WALLET

This type of walllet differs from the custodial wallet because the private key in correlation of the non custodial wallet,All the activities that goes in the wallet is fully managed by the user it self without the involvement of any mediator.With the non custodial wallet all users has the chance to perform any transactions without the approval of any third party.The wallet has been classified to be a decentralized plafform because the activities in the wallet are fully controlled by the user itself without the involvement of the third parties.All the people using the non custodial wallet must always keep their private key in a very cool and safe placed to prevent from misplaying it,Unlike the custodial wallet it can be easily get back because they are managed by the third parties but for the non custodial wallet it is always managed by the user so it will be very difficult to get it back.

This is usually a day we put out there just in honoring and examining all the activities going through in the exchange and also how genuinely with all the users who has deposited their funds in there due to their faith in the exchange,So to my understanding I believe this is an unforgettable day and a very useful day,Usually used in honoring Bitcoin as the first cryptocurrency and this always take place in 3rd of January,Due to this it has really helped bring out many presence cryptocurrencies we have now.Now that we have so many types of cryptocurrencies a lot of users including myself are investing to get enough profit.With the proof of key it gives a fully control of users over their assests without involvement of any mediators in the decentralized registry.

The reason for this proof of key is to show that all the funds users stored in the care of the people is well saved.The proof of key is also helping other users to learn all the usefulness of their private key and how their private key can be used.The proof of key is purposely launched in favor of the users to have fully control of their funds without any control from all mediators,This is because they want to get the belief of the users from the centralized wallet in other for them to utilize more of the decentralized system wallet,This is also helping the users to get enough interest and also give the users all they require just to evolve,Also it makes the user to be fully possessor of their assests in wallet.

For a user to participate in this proof of key day he or use must take a serious note of the following.

• The user private key and public key must be well saved to prevent misleading them because it is very useful to the user when accessing their walllet.

• The user must not just use and store their funds or assests in any wallet but rather must take a lot of time to invest in the wallet they are storing their assests just to confirm either is trusted wallet or not to avoid fraud or loosing assests.

• Whenever the user want to make transactions he must be very careful because you can make a wrong transaction,To avoid this the user must well check the addresss and the amount of funds entered,Since there is no reversal whenever an order is created so users must well check their transactions details before they proceed.

• All users must never use their private with others and must also take a very good control of them.The user might lose all their funds stored in the wallet and also opened to fraudster when they misplaced their private key,It is very hard to get them back and this may caused your account not to be accessible since you don’t have your private key,Users must take serious care of their private key.

Both the centralized and decentralized exchange has their own good uses,But personally I would love to go for the decentralized exchange to keep my cryptocurrency in there with a good reasons of.

• It gives all users the fully control over their assests or funds and hostage with no participation of a mediator.

• In the decentralized wallet you are not required for any KYC approval as compared to other centralized system.

• For decentralized wallet all users are having a full control of their wallet so they are also responsible for keeping their own private key and public key this makes it very difficult to fraudsters or hackers.

• In the decentralized system I have notice that transactions fee is very less and also their transaction is very quick compared to the other centralized wallet.

For this task I will first begin with the transferring of 20 steem from my BINANCE to my steem wallet,Follow the my steps it is very simple.

• You will first access your BINANCE and search for steem and click it.

• After clicking on steem it will open to a next page click on withdraw.

• You will then be asked to enter your address and the amount of steem you would like to transfer,Personally I decided to enter 20.100,I will be receiving 20 steem because the transaction is 1 steem which will be deducted and click on withdraw.

• You would then be asked to confirm your transaction by clicking on confirm.

• My transaction has been succeeded which am hoping to see my steem in my steemit wallet and these are the informations about my transaction.

• As you can see from my screenshot my transactions has been successfully sent to my steemit wallet.

For this task I will be using the same steps I used to transfer steem to my steemit wallet,Kindly follow the steps below.

• You will first access your BINANCE and search for TRX and click it.

• After clicking on TRX it will open to a next page click on withdraw.

• You will then be asked to enter your address and the amount of TRX you would like to transfer,Personally I decided to enter 52 TRX,I will be receiving 51 TRX because the transaction is 1 TRX which will be deducted and click on withdraw.

• You would then be asked to confirm your transaction by clicking on confirm to proceed.

• My transaction has been succeeded which am hoping to see my TRX in my Tronlink wallet and these are the informations about my transaction.

• Now my TRX has been successfully transferred to my Tronlink wallet.

The major significance about my task during in time of the transactions it clearly show us that all users have a fully control over their assests they can send and receive funds anytime,Also the private key is very importance it must be saved well because it is required in all the transactions you intend to do.

CONCLUSION

Before I bring my work to an end,I would like to give a very massive thanks to our noble prof @awesononso ,For bringing out with this creative and educative lesson.Indeed I have been able to learn a lot from this lesson.