Web3 Learning: Day 2 Insights and Hurdles

Topics Covered

• On Day 2, I dove deeper into several crucial Web3 concepts:

  • Authorization in Banking vs. Blockchain

  • Public and Private Keys

  • Encoding Methods: ASCII, Hex, Base64, Base58

  • Hashing vs. Encryption

  • Asymmetric Encryption

  • Creating Public-Private Key Pairs

  • Blockchain Transactions

  • Hierarchical Deterministic (HD) Wallets

  • Seed Phrases and Mnemonics

Where I Learned

I explored these topics through a combination of resources:

• Online Tutorials and Articles: Websites like Medium and developer blogs provided clear explanations of these concepts.

• Technical Documentation: Reading the official documentation of technologies like Ethereum and Bitcoin (Bitcoin whitepaper)helped solidify my understanding.

• Interactive Tools: Platforms like Codecademy offered hands-on experiences with cryptographic functions and wallet creation.

Problems Encountered and Solutions

• Understanding Authorization Mechanisms

  • Problem: Grasping how banks and blockchain handle authorization differently was initially confusing.

  • Solution: I compared traditional banking encryption (like SSL/TLS and AES) with blockchain’s public-private key system. I created a comparative chart to visualize these differences.

• Deciphering Encoding Methods

  • Problem: The various encoding methods (ASCII, Hex, Base64, Base58) were overwhelming.

  • Solution: I used online converters and tools to practice encoding and decoding data, which helped me understand each method’s purpose and use cases.

• Hashing vs. Encryption

  • Problem: Distinguishing between hashing and encryption was challenging.

  • Solution: I focused on practical examples: I implemented a hashing algorithm to verify data integrity and compared it with encryption examples for securing data. This hands-on approach clarified their distinct roles.

• Creating and Managing Key Pairs

  • Problem: Generating and managing public-private key pairs seemed complex.

  • Solution: I followed step-by-step guides to generate key pairs using libraries in Python and JavaScript, which made the process more manageable.

• Working with Hierarchical Deterministic (HD) Wallets

  • Problem: Understanding HD wallets and how they derive multiple keys from a single master seed was tricky.

  • Solution: I used wallet creation tools and tutorials to practice generating wallets from mnemonic seed phrases, which helped me grasp the concept of hierarchical key management.

Conclusion:

Day 2 was a deep dive into critical aspects of blockchain technology and cryptography. By combining theory with practical tools and resources, I tackled the challenges I faced and gained a clearer understanding of these essential concepts. Excited to continue this journey and apply what I've learned to real-world scenarios!

THANK YOU 💐

Happy Learning !

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