Steemit Crypto Academy | Multi-Chain Wallet | Homework Task Week # 4 For Professor @sapwood

in hive-108451 •  4 years ago 

Hello Steemians specially steemit crypto academy members, hope you guys are doing well . So I am here and doing homework after learning the sapwood lecture. And i will try my best to give answer of the following questions and supposing that other my steemit mates get some knowledge after learning the following question answer.

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Question No.: 1

Have you ever used any Multi Chain wallet(Non-custodial)?


Yes, I have used a trust wallet and also still using. The Trust wallet is a mobile wallet that lets you transmit and collect various cryptocurrencies. It is intended to be straightforward and user-friendly.

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This has a lot of capabilities, is lightweight, and easy to use. Trust Wallet is a mobile, decentralised cryptocurrency wallet with 160 digital assets as well as the ability to gain interest through piling coins. It is responsible for the Ethereum blockchain growth. Multichain wallets are cryptocurrency wallets that back several cryptocurrencies on various blockchains, such as BTC, TRX, BNB, and others.

Question No.: 2

How many different coins(of different Blockchains) does it support ?

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Trust wallet accepts a wide range of coins i.e. BNB, BTC, TRX, LTC, DOT, ETH, and others.Crypto stacking is also supported by the wallet. Vechain, tron, Tomochain, Tezos, Cosnos, and a slew of other cryptos are only a few examples. ERC20 and ERC223 tokens are supported by the Trust wallet.

Question No.: 3

How do I back up the seed key(Mnemonic key) and/or the individual private keys of different coins in a Multichain wallet ?


The Trust wallet is made to be simple to use. I'll walk you through backing up your Mnemonic keys in Trust wallet. Take these quick steps to backup your wallet in Trust wallet:

Step 1:

Go to the Settings icon in your Trust Wallet.
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Step 2:

You'll see your Wallets after you've opened the settings. Go to Wallets and choose it. It's possible that there are several wallets.
WhatsApp Image 2021-03-07 at 12.28.07 AM.jpeg

Step 3:

I just have one wallet, as you can see in the screenshot. Select the three-dot menu from the drop-down menu.
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Step 4:

Following a click on the three dot menu, you will be presented with two options, as seen in the screenshot here. Your recovery phrase will be shown after you hit Show Recovery Phrase.
WhatsApp Image 2021-03-07 at 12.27.45 AM (1).jpeg

Question No.: 4

How do I re-import the existing Multichain wallet in a fresh installation ?


The following steps will show you how to re-import a current wallet into Trust wallet. Make sure the phrase/Mnemonic key is backed up before proceeding.

Step 1:

You'll see two choices when you open the Fresh Trust wallet on your phone: Build a new Wallet and I have already a wallet. If you already have an account, click I already have a wallet.

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Step 2:

Multi-coin wallets and various blockchains, such as Ethereum Smart Chain, BNB, and others, are now available. Select Multi-coin wallet from the drop-down menu. You'll be asked to paste the phrase to import the wallet after pressing multi-coin wallet. Paste your backup phrase into the Import Wallet box and press Import Wallet. Your wallet will now be imported.

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Question No.: 5

How do I add/import a new coin in a Multichain wallet using the private key of the coin ?


The measures outlined in the previous issue can also be used to import a coin from a separate blockchain into Trust wallet. Instead of using a multi-coin wallet, choose the coin you'd like to import. Any wallet can be imported into Trust Wallet in four different ways: word, keystore json, private key, and address. As a result, entering the private key of the coin you wish to import would quickly import it into the trust wallet.

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The trust wallet app prevents you from taking a screenshot of the last import tab. That is why I am not posting the last page of Import.
In this phase, we will import Trx into our trust wallet.

Question No.: 6

How do I import a Multichain wallet(of a different service) using the seed key?


For this mission, I'm importing atomic wallet into trust wallet. Atomic wallet is imported into trust wallet using the seed key in the following stages.

WhatsApp Image 2021-03-07 at 1.03.54 AM.jpeg
Click on Wallet Connect after going to the trust wallet setting. After that, check the QR code given by the atomic wallet. This QR code scan will take you to a page where you'll be prompted to enter your seed key. I was able to import a multi-chain wallet using the seed key throughout this manner.

Thank you @sapwood for this great lesson and give an exciting homework task. I try my best to give answer of the following question and hoping that if beginner read this post they will get some knowledge. Once again thank you @sapwood.

Special Mention:
Cc: @sapwood
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemcurator03
Cc: @steemcurator06

Regards,
@syedfarhan

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