ACHIEVEMENT 2 @iraguha: Basic Security on Steemit

Greetings to you all,
Hope you’re all doing great. My post today is aimed at completing my ACHIEVEMENT 2 assignment which is centered on my understanding of the basic security on steemit and ensuring that I can be able to safe guard my account and wallet in terms of security and safety from hackers. One thing for sure is Steemit security protocol are very strict compared to any other social networks that I am subscribed too.

Before we get into how I understand the Steemit security keys functions, first we need to know what STEEMIT is. Image Source

Steemit is a blockchain-based blogging and social media website, which rewards its users with the cryptocurrency STEEM for publishing and curating content, and is owned by Steemit Inc. With my focus on the Key Words in the definition being ‘CRYPTOCURRENCY’, one would by now understand the need for high end security protocols on the platform.

HAVE YOU RETRIEVE ALL YOUR KEYS ON STEEMIT?.

During the process of setting up the account you reach a point where you have to download a document with all the keys to manage your account. You are required to store this document in a place only and only you can access for safe keeping and protection of your steemit account. I therefore also downloaded my keys and stored the document on my cloud account. Here they should be safe.

THE FUNCTION OF MY ACCOUNT KEYS

On this platform we have several actions that can be carried out by the account owners. And all these actions need keys for different operations by users. One could also refer to them as ‘Permissions Keys’. These include the following
With the knowledge I have so far gathered from Steemit, this is how I understand the functionality of my keys.

POSTING KEY

The posting key gives the user the permission to be able to post, comment, edit, vote, resteem and follow or mute other accounts. It is with this key that most users are able to log into steemit with ease. However it’s important to know that they posting key can easily be tempered with if you use it to a limited but it also is important because it limits the risk and restricts the damage that a hacked account would cause.

ACTIVE KEY

Unlike other social media sites, steemit has some pretty sensitive tasks that need very strict security protection and some these include transferring funds, converting Steem Dollars, voting for witnesses, updating profile details and avatar, power up or down transactions and placing a market order. Thus the need to be very careful and save with this key because if one gains access to this key, they would steal all your valuable coins and fund.

OWNER KEY

From what I understand, this the key that one uses to reactivate a compromised account. Call it damage control. This key is not often used and in most cases it’s advised to be kept offline and only used when necessary.

MEMO KEY

This key is very important when it comes the task of transferring fund. It is used to encrypt and decrypt memos or any private conversation only intended to be accessed by concerned or intended parties.

MASTER PASSWORD

This the key that should have the most protection because it can be used to generate or access all the other keys. It’s clear stressed that all other keys can be derived from the master password.

KEEPING MY MASTER PASSWORD

Keeping in mind that if I lost my password I won’t be able to access my account, I decided to have 3 different areas to keep my password just in case I lose one. These are the cloud, offline storage and printed on hard paper. Especially the Master Password because this is like the heart of my account. In cases of malpractice to my account, it can help me generate new keys.

TRANSFERING YOUR STEEM TOKEN TO ANOTHER STEEM USER ACCOUNT

Yes I know. One will need to Log into their steemit account, open the steemit transfer interface and then you will be required to input the User name of the receiving account and amount of steem. The next part will require the memo key and after command the transfer.

DO YOU KNOW HOW TO POWER UP YOUR STEEM?

Yes, I know. Here I click the down arrow next to the steem in the wallet and select the option power up.

Conclusion

There is a lot that can be published on how to secure our accounts but it all comes back to the account holders to been keen enough and protect their keys using the safest measures. I would love to thank these accounts @cryptokannon @irays @kondua for providing the steemit community with the relevant information on the basic security on steemit. Thank You so much.