Practice Safe Staking: One Easy Tip For Keeping EOS Tokens Safe
Are you a HODLer?
It is a fact that many token holders are not developers. HODLing is an industry-wide strategy from which EOS is not exempt. EOS New York serves the token-holders, no matter who they are, which is why we've written this short opinion post.
A Staked Token is a Safe Token
Staking your tokens keeps them safe. For example, let us imagine that your Active Key, the key you use to access, stake, or transfer your tokens, is compromised. If your EOS tokens are staked for Bandwidth/CPU/Vote then you have enabled a three-day buffer for you to catch fraudulent transactions, reset your Active Key using your Owner Key, and restake your tokens to reset the three-day buffer. Voila, you’ve just averted theft!
Owner Key, Active Key, and Account Name
Your tokens are tied to your Account Name. Your Account Name is the 12 character name you were assigned at Genesis or the one you've created yourself. For example, our Account Name is EOSNewYorkIO. You can check your Account Name at this neat tool created by our friends at EOS Authority
What is your Owner Key and what is your Active Key? To make it simple, you have two private keys and two public keys in EOS. One set is your Active Key and one set is your Owner Key. Your Active Key can be used to stake, unstake, and transfer tokens. Your Owner Key has the ability to reassign your Active Key as well as complete any other action. This makes the Owner Key very valuable. It should never be stored online or on any machine connected to the internet. It should be stored securely, offline, and in a safe place. Please also consider keeping copies in multiple safe places to further reduce the risk that it is lost.
Right now, your Owner and Active Keys are identical and will remain identical until you reset them. We recommend that everyone reset their Owner and Active Keys so that they are new and different from one another. This creates an extra layer of security for yourself.
For instructions on how to reset your Active and Owner Keys please see our FAQ in EOSDocs.io. This will require prior knowledge on how to compile the EOS software. EOS New York and many BPs and Standby BPs will be working around the clock to provide easier-to-use tools in the coming weeks.
EOS New York is a Top 21 Block Producer on the EOS Mainnet Blockchain