Achievement 2 @tanveer741 || Task: Basic Security on Steem
Hello steemians. It’s my second post on Newcomer’s Community as part of Achievement 2. Though I’ve joined this platform 2 months ago and completed Achievement 1, now I’m determined and willing to complete all the steps of Newcomers Achievement Program.
In this post I’m going to share my learnings on Steem Security & Steem Wallet.
There are 4 types of security key that are used for different functions. I have saved them in different places for backup purpose, in case I lost them (I hope not so).
Here are the 4 types of security key and their functions:
Posting Key: It allows you to post, comment, edit, vote, resteem, and follow or mute other accounts while you are engaging in Steemit. Most users are logging into Steemit with the posting key.
Active key: It is used for wallet related tasks such as transferring funds, power up / power down, transactions, converting steem dollars etc.
Owner key: It is considered as the most powerful key because it is used for changing other keys and recovering your account.
Memo Key: It is used for encrypting and decrypting memos when transferring funds to other steem wallet or somewhere else.
Master Key: Master key is very important as it generates all other keys.
Now, let’s talk about Steem Wallet.
From the above screenshot of Steem Wallet, we can see that there are 3 types of Steem:
STEEM- You can call it as liquid steem. You can buy, sell or transfer this portion of your wallet in the market and also convert into STEEM POWER at 1:1 ratio.
You can perform this task by clicking the small down arrow icon on the right side of “STEEM” and a drop-down menu appears like this-
STEEM POWER- The more STEEM POWER you have in your account the more power you have to grow in steemit platform. STEEM POWER cannot be directly convert into STEEM. You need to power down to convert STEEM POWER into STEEM, this process takes 4 weeks. You can rent STEEM POWER by delegating it to other user or community and get STEEM from time to time.
STEEM DOLLARS- It is like STEEM. You can transfer or sell your STEEM DOLLARS and get STEEM anytime as you wish.
My Achievement 1- https://steemit.com/hive-172186/@tanveer741/achievement-1-my-introductory-post
You have been upvoted by @tarpan, a greeter from STEEM POD Project and we are voting with the Steemit Community Curator @steemcurator03 account to support the newcomers coming into steemit. You may now proceed to the next achievement task.
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