Achievement 2/ Understanding Basic security Keys
Waw am very excited to post my achievement 2 today, I am khelvin-a, and i posted my achievement1 on 27th of December which is my introduction post. Today in this post, I would like to share my thoughts about basic security on Steem's keys.
When I first sign up for my steem account from chrome, I got a key. The website suggest me to store the key in offline and I do so without knowing that am still going to use it.
Question 1
“Have you retrieved all your keys?”
Yes I have. To retrieve the keys, I had to log in to my wallet with my master key and click on “Keys and Permissions”.
Question 2 “Do you know each of these key functions and restrictions?” Yes I do. They’re as follows:
Then the website asked for posting key to login. I got confused and Don't know what to do, where will i get those posting keys from? I asked myself. Here, and there's one particular twist in steemmit. A steemit account is divided into two parts. One is handle to all the financial functions (wallet) and the other handle to all the social functions.
POSTING KEY
Resteem content
Follow people
Mute accounts
ACTIVE KEY
Active key, the second most frequently used key and it is used for the wallet of Steem ecosystem. This key is needed when any steemitwallet holder perform any financial transaction and vote for witnesses. The transaction like transfers, sbd exchange, powering up and down,trading in the market, Claim rewards etc. This key should not be compromised. If an steemitwallet holder somehow compromises the key then there is huge probability to financial lose.
ACTIVE KEY USE TO
Transfer tokens
Power STEEM up or down
SBD conversion
Vote for witnesses
Place an order on an exchange
Certain profile changes
Publish a Witness price feed
Create a new users
Pictures
MEMO KEY
This key don't have any significant used. May be future it will have a great role on the ecosystem. It can encrypt and decrypt private messages that are sent through the blockchain.
MEMO KEY USE TO:
Send an encrypted message
View an encrypted message
Private Owner Key(Master Password)
It's the most important key. It's required when an steemit account holder need to change the other keys or to recover user's account . This key is different from other keys, if you see it carefully. Because other keys derived from this master password .
" It is also called the “seed” because it is the first password that is created, and it is from that the rest of the keys spring forth. "
OWNER KEY
Reset Owner, Active, and Posting keys
Recover your account
Decline voting rights
This key should not be compromised. It should be store offline or anywhere in a safe place. I repeat,"do not lose this password". There is no one who can recover this key if you lost it.
PUBLIC KEY
Each Steem Key has a public and private key to encrypt and decrypt data. It's not required for login in the system. It's just associated with usernames. It is used to look up associated transactions on the blockchain and it's not necessary to store. From here you can was out every last transaction, latest blocks.
Question 3
“How do you plan to keep your master password?”
I have typed it in a word document and saved them in two separate flash drives. I’ve also stored it in my word pad and on my iPhone notes. I’m sure it’s not getting missing anytime so no worries.
Question 4
“Do you know how to transfer your Steem token to another Steem user account?”
Yes I do...
1: Go to your profile
2: Click on “wallet”
3: Click on the Steem balance
4: Click “transfer”
5: Fill in the required spaces and click next
Question 5
“Do you know how to power up your STEEM?”
Yes I do...
1: Go to your profile
2: Click on “Wallet”
3: Click on the Steem balance
4: Select “power up”
5: Fill in the amount and select “power up” and voila!
The financial part is Steemitwallet which require a higher level of security. The social part is basically Steemit.com or any Dapps ( i.e. steemhunt, TravelFeed which was introduced by my friend) and the security level is not as much as very big issue .
STEEMMITWALLET
SOCIAL PART
Depends on activity and limited set of permissions steem wallet provides these Keys: Posting Key, Active Key, Owner Key, Memo Key and Public Keys. Where Posting Key, Active Key & Owner Key are consider as private keys for Higher Level Permissions.
CONCLUSION
From the graph, we can understand that, the key which most significantly important is less use in steem ecosystem. Although every is very important for an user. But the key which perform more in the system has less security. That's why different's keys have been produced for different functions.
Cc: