My Achievement 2

ABOUT MY SECURITY KEYS@ilokeemeka

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Source

Wow, it has an awesome time in the community my fellow steemains! I’m here again to share my achievements so far on this platform on basic security tips apply on the platform through my research work and guidance @jehoshua-shey. To be part of this community, securing my information especially my wallet, private keys is very paramount.

I want to use opportunity to share the gotten on how secure my account on great platform. They say, “knowledge is power” but I say, the application of the knowledge gathered is greater power.

Different keys to operate within Steemit community

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The 5 keys are outlined below;

Master Key

Master key is a security code used to operate steemit account. Every member of the community their own master key. It is obtained at the end of creating an account on the platform. It is called master key because it is used to control other keys, even owner key.

It must be handled with high level of care to ensure that no other person has access to it apart from you the owner as an access to it by another person will predispose to financial theft.

Posting Key

This is also an important key. We use this key to make posts, comment on other people’s posts. It is used to edit and vote. This key can be used to interact with others and mute other accounts.

Active Key

Active key is very vital especially in the area of transaction. Basically, it is used to power up to gain influence or power down transactions, convert Steem Dollars, make market orders and transfer funds on the community.

Owner Key

Amongst the keys, memo key is perceived the most powerful key in that it is used to effect changes in other keys, including itself. It can also be used to retrieve a lost account. In fact, the importance cannot be overemphasized. It is therefore necessary to safeguard it.

Memo Key

Memo key is used for making private messages and encrypted transaction memos. It has the capacity to do encrypting and decrypting of messages sent or received through one’s account.

My Wallet: Steem Types and management

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In my wallet, there are three types of Steem. These are Steem, Steem Power and SBD (Steem backed Dollars).

Steem

This is the liquid form of cryptocurrency in my wallet. Being in the liquid form means that it is transferrable from one person to another and can be traded internally on the platform or power it up to get steem to get higher influence. It is like any other cryptocurrencies (Bitcoin, Ether, etc ) that can be traded.

Steem Power

Steem power is your investment worth on the steemit inc. The higher your steem power the higher your influence. So, it showcases your steemit networth and allows one to comment and do other transactions on the platform.

You can increase your steem power by powering up your steem in your wallet. To change your steem power to liquid form(steem), you will have to power it down and that takes four weeks to happen.

SBD

SDB means Steem Backed Dollars. It is a stable value token valued at 1USD used on the steem network. It can equally be traded for steem or transferred to another account.

Another interesting activity on the community...

Your knowledge will not be acceptably sufficient as a new comer like me, until you can comfortably transfer Steem token to another user account! I learnt it.

How to transfer my steem token to another account

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• Step 1: login to your wallet using your username and active key.

• Step 2: Move your cursor and click on the small arrow beside “My Steem Balance” and select “transfer”

• Step 3: Put your username and that of the recipient and the account on the clickable spaces provided. Then, click next and confirm the transfer.

What does it mean to power power up?

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Power means to convert your steem earned to steem power. Steem power means influence, the power to upvote posts, and increase your influence as a content curator.

To do this, you click on the dropdown beside your steem balance and select power up,

Then input the amount you want to power up and click on 'Power Up'.

Summary

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I am glad to be equipped with the basic security knowledge and skills to participate ever technologically evolving Steem blockchain platform.

Cc:
@bright-obias
@cryptokannon