Hi steemians,
It's @giftye again,and I'm here to present my second task; ACHIEVEMENT 2 ,i hope you find it interesting . I want to thank all those who supported my ACHIEVEMENT 1 post.

I made an extensive study on the basic security on steemit and how the steemit wallet works,and I would like to present my findings and understanding here.

BASIC SECURITY ON STEEMIT

I understand that the steemit account is quite different from other social media websites because your account becomes unrecoverable if you lose your password/owner key. This is why its very important to secure your password and various keys. Securing your password çan be done by having an offline copy, storing in an external disk or flash drive, uploading a soft copy to your Google drive, printing out a copy and storing in a safe deposit box,etc.

I understand that leaking your private key to someone else or a third-party website can get your account compromised,which can lead to your funds being stolen. If compromised,it's wise to change my password/key right away.

MASTER PASSWORD

The master password should be kept safe because it's a very important factor in your steemit account. It's used to derive all keys for your account, including the owner key. External access to your master password can lead to your account and tokens being stolen.

DIFFERENCE BETWEEN KEYS

Each account has multiple keys,they all have their various functions and levels of authority.

Posting key

The posting key enables the account to post, comment,edit,vote,resteem,and follow or mute other accounts. The posting key is also used for logging into steemit everyday by most users.

Active key

This key is used for transferring funds, powering up/down transactions,converting steem dollars,voting for witnesses, updating profile details and avatar,and placing a market order. It's for more sensitive task and should be well secured.

Private owner key

The owner key has the ability to change any key of an account including itself,thats why it's the most powerful key. The owner key is only meant for use when necessary, mainly to recover a compromised account ,and so,it should be stored offline.

Memo key

The memo key is what I use if there's need to encrypt or decrypt memos when transferring funds.

UNDERSTANDING MY STEEMIT WALLET

The steemit wallet is made up of three kinds of steem

Steem

Your steem is liquid,meaning you can transfer it to another account or trade it on the internal market or power it up to steem power.

Steem power

The steem power is locked up,it's more like an investment in steemit Inc and myself. Steem power can be converted back to steem by a process called powering down,which takes four weeks.
Holding steem in this form will help your account and influence on the platform.

Steem backed dollar (SBD)

The steem backed dollar can be traded for steem on the internal market ,or transferred to another user,etc.

CONCLUSION

I just concluded my ACHIEVEMENT 2 task,and I'm happy about it. I'm grateful once again to everyone who supported me earlier,I'm still looking forward to your support this time around in my ACHIEVEMENT 2
Thanks to @cryptokannon @steemalive @focusnow @ceendy20 for guidance