Steemit Crypto Academy / S4W7/ Homework post / proof of keys for @awesononso
Question no.1
Explain private and public Keys in relation to custodial and non-custodial wallets.
Private key.
Private key is the most important key of your account whenever you lose your private key your all keys will be lost, then your wallet is not safe after that Whatever is there so private key is very important and it is always save in a good place and should be saved in a private place.If your private key is lost, you can lose all your funds.If your private key is lost, then you will not be able to post your content and similarly you will not be able to convey your message to others will you be able to receive your messages, only through your private key, you can vote for others and you can post your content.
Public key.
Public key is play very important role of sending and receiving cryptocurrency. If you want to transfer anything from your wallet to this person, then it is very important to have public key because as long as You will not have account public key then you cannot transfer your funds or your coin or token to another wallet.you can use public key to transfer simple funds for example if i want to transfer steems from my wallet to my other wallet i need to easily transfer the syeems from my other account to my binance account through my public key only If I can transfer Steems, I will need public key for this that is public key is very important.If you lose your owner key then you can get it through private key and if we lose our private key then we can not get owner key through that so for that we give owner key to our funds transactions use the public key. public key is our wallet adress we can receive funds use this key.
Custodial Wallet.
This is a type of account in which third party is involved for example which are attached to our bank account is with the bank but the money which is in it is our money, similarly it is from the account. in this account involve third party and they control it and the one who owns it does not have all its access.Similarly, in this account we do not have all our access in it, there is third party involved, so the third party who is there has control it.
Non Custodial wallet
In this account all access are with its owner, there is no third party involved in this, and apart from this, all the information of the account is controlled by its owner himself and no one else can control it.And whoever has its key, the one who owns it has all the means to control it and the same man controls his account and the same man controls his duty.
The public key in relation to custodial wallet
In Custodial Wallet is that you are the owner of your funds, but you do not have control they have and there is a third party involvement in it, similarly you cannot do translation from your account without third party.Similarly the owner of the wallet cannot transfer to his funds or do any transaction unless he has third party involvement. because the public key has third party.
Private keys in relation to non-custodial wallet
In non Custodial wallet the owner have all control to the funds. he has all the control over it and he can transfer it whenever he wants to anyone, any place without third party and so on through his accounts. he can easily transfer his assets from one accounts to another account by using his private key.it is very easy and there is no third party involvement in this as in our steemit wallet you are with us like this there is no third party involvement in this.
Question no.2
What do you think about the Proof of Keys Day? What precautions would you take when participating?
In proof of day, people are given awareness to keep their assets in non-custodial wallets because that they have complete control over the assets that are close to and they can get control their assets completely You can transfer or save anywhere.celebrated on 3rd January as Proof of Day, on this day people are also given awareness that in which wallet and how to keep their asset store and they are informed about how to save the cryptocurrency itself. is to be used and all information about it is provided.And on this day all those who are cryptocurrency holders, they transfer their funds to non-custodial wallet to Custodial wallet. And the purpose of this transaction is that the centralized exchange is working properly or not.Whenever you transfer your assets to Custodial Wallet, you should make sure that the private key you have with you should be there because if you have the private keys only then you can transfer funds again to your wallet. Other wise, you can lose the assets you have, so save your private key.
Whenever you transfer your assets to a custodial wallet, it is very important for you to have his private key.
whenever you transfer your assets you must be sure that the blockchain you have selected is the correct blockchain.
Always careful that the memo you put with your wallet adress is absolutely right.
Question no.3
Do you prefer Centralized exchanges or Decentralized wallets for storing your cryptocurrencies? Why?
If we talk about centralized and decentralized wallets, then I prefer this as a trader decentralized wallet is best because it gives lot of benefits to users I like it very much so I prefer decentralized wallets.The biggest reason to choose Decentralized wallet is that there is no third party involvement in it and whatever your assets are lying in your wallet cannot be used by any person without your permission as there is no third party involvement in it.Similarly, there are many traders choose decentralized wallet because they know that nothing can be done on that wallet of their own free will, so they mostly control the decentralized because that has totally control.
In decentralized wallet, you are the owner of your funds, there is no other thing in this, there is no involvement of any third party, you can transfer them anywhere and at any time as per your wish.
I do not involve third party with decentralized wallet, so the security system it has is very present because when there is no third party involvement in it, the security risk in it is very low.
The execution of transactions in the decentralized wallet is also very fast because there is no third party involvement in it.
Decentralized wallets The transaction fee through centralized wallet is also less and apart from this other transaction speed is high.
The other charges in the decentralized wallet are also very less because the other charges are more in those which are centralized wallet, it also includes maintenance fees but decentralized wallet maintenance fee is very less.
Question no.4
Let us assume it is Proof of Keys Day:Transfer at least 20 Steem from your Binance wallet to your Steemit wallet. Transfer at least 50 TRX from your Binance wallet to your TronLink wallet.(Provide Screenshots and make sure you have your Keys).
First of all i transfer steem from my binance account to steemit account. so lets start.
Step 1
Login your Binance account and select steem token.
Step 2
Click on your wallet option. and select steem.
step 3
Select steem.and click on withdraw option.
Step 4
Put your steemiy wallet adress and memo.
Step 5.
Click on confirm option.
Step 6.
Withdrawal requests is submitted.
step 7.
21.414 steem is received from my binance account.
My transactions is successful.
transfer trx from my binance account to tronlink wallet.
Before transactions my tronlink wallet.
Step 1.
Open your binance account.
step 2.
select trx coin.
step 3.
Click on withdraw option.
step 4.
Put the tron address and click on withdraw option.
step 5.
Click on confirm option.
Step 6.
Our transactions request is submitted.
After transaction my tronlink wallet.
My tratransactions is successfully completed.
Question no.5
##In one statement, what is the major
significance of the transfers in question 4
As you can see in question no 4 how i easily transferred steemit from my binance account to my steemit account and how i transferred my trx to binance account to my trx account this proves that It is a good exchange and with this you can withdraw your funds in at any time and your funds are safe in your binance account, they are not being used by any third party. And we can transfer our assets binance account to our anyaccount.
Conclusion
In this lecture i learnt a lot of knowledge about keys how the keya are important for our accounts. and in this lecture i learnt a lot of new things about cryptocurrency.and i know about proof of key day. i am very thankful to professor @awesononso for this wonderful and very informative lecture. thanks a lot professor.
ReGards @rasheedkamboh