Achievement 2 @edmund.nef Task: Basic Security on Steem

Hello, Everyone

It is of great joy for me to present to you achievement 2 task. As part of the community assignment “newcomers’ community” it is of necessity to complete all the six achievement tasks accordingly. Achievement 2 task give us the opportunity to know the basic security on steemit because our keys are our rewards.

After completing the first part of my registration, when I receive my master password, I thought that was all. But when I continued and downloaded the keys for my account, I was really confuse on what the keys were meant for.

With the help of my friend @cherub27 and @cryptokannon mentorship piece in the newcomers’ community, I understood what every key is used for, how to use it and how to keep it safe.
Per the requirement of the achievement 2 task, the basic knowledge I have on steem security and the use of steemit wallet is explained below based on the question at achievement 2 task.

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HAVE YOU RETRIEVE ALL YOUR KEYS ON STEEMIT?

Yes, I have received all my keys from steemit. I received this keys when I downloaded the keys for my account duration the registration process.

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DO YOU KNOW EACH OF THESE KEY FUNCTIONS AND RESTRICTIONS?

Yes, I do know the functions and restriction of all this keys through @cherub27, @cryptokannon post and also reading it on other blog.
The keys

MASTER PASSWORD
The master password is the most important key as it controls all the parts of your account and therefore must be kept in a confined area with no unauthorized access both offline and online.
The master password can be used to generate or obtain all the other keys namely posting keys, active key, memo key and the owner key as shown in the diagram. It is restricted to only account recovery but not other things like posting or transferring funds.

POSTING KEY
It the key that allows us to login into our account. it helps us to resteem, vote, post, comment, fellow, edit and mute other accounts. it is used daily since it's used in logging into your account.
Although it is not used in monetary transaction but one must keep it safe to avoid third parties to have access to your account to post, vote, resteem and mute others accounts without your permission. It is restricted to harm that a cooperated account key will cause you

OWNER KEY
The most powerful key among the keys since it can be used to change the other keys including itself as it name implies "owner". It is the only the master password that it cannot change.
It can also be used to recover an account that has been uttered by bad people and therefore must be kept offline.

ACTIVE KEY
Used mostly in the monetary transaction. it is used in transferring funds, converting Steem dollars, voting for witnesses, updating profile details and avatar and placing a market order.
Anyone who have access to this have access to your funds hence must be kept in a confined area with unauthorized people having no access. Since it is used in the monetary aspect and setting or editing one's profile, this key must be kept secure at all things to prevent third parties from completing taking control of one's account.

MEMO KEY
One of the great key use to encrypt and decrypt memos when transferring funds. As a result of it purpose, which is been used to secure your transaction information when transferring funds to other account. It makes it special to prevents third parties from intercepting your funds in the course of transferring money.

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THE DIFFERENCE BETWEEN MASTER PASSWORD AND OWNER KEY

Owner key is use to generate and change all the keys except the master password whiles the Master password is use to obtain or generate all keys including the owner key.

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HOW DO YOU PLAN TO KEEP YOUR PASSWORD?

I will save my master password and keep it safe somewhere I can access but not any ordinary person can have access to it. I will also make sure, I logged into my account with the appropriate key. For example, using my posting key to log in and submit this work but not master or owner key.

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DO YOU KNOW HOW TO TRANSFER YOUR STEEM TOKEN TO ANOTHER STEEM USER ACCOUNT?

Yes, I do know how to transfer steem token to another steem account. The steps to follow are shown below with illustrations;

• Log into your wallet with your active key

• Click on the inverted triangle beside your token

• Click on Transfer

• Input username of the account you wish to transfer the token to and write any memo you wish to get across to the account holder.
  Confirm the details and click on OK to complete the transfer

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DO YOU KNOW HOW TO POWER UP YOUR STEEM?

Yes, I do know how to power up my steem. Below are the steps with illustration on how to power up your Steemit

• Log into your wallet with your active key.

• Choose the inverted triangle beside your Steem Token.

• Click on Power Up

• Enter the amount to power up and click on the Power Up to boost your Steem.

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THE USE OF STEEMIT WALLET

This is where individual rewards that are earned or obtained by posting are kept. They can be in different form of cryptocurrency and can be convert to other currency

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WHAT THE USER CAN DO ON STEEM WALLET

The user has access to his wallet which he or she can covert or change his Steemit coin into steem dollar, steem power and other cryptocurrency. This form of cryptocurrency can be trade for individual currency.

Thanks to @cryptokannon for the mentorship on how to complete the achievement posts.

Cc
@steemcurator01
@njawan
@yohan2on
@bright-obias