Hello guys, how are you doing today?
having been on the platform for sometime now, I'd be glad to share with everyone what i have understood so far concerning the the various keys every steemit account owner/ user has and their functions...
POSTING KEY:
This particular key has multiple purposes such as: login, posting, edit, resteem, vote and comment...
posting keys also have limitations
ACTIVE KEY:
every key is important, but this particular is seen and known as delicate reason because it is used for sensitive tasks like: transferring funds, power up/ down transactions, converting steem dollars etc... lets just say it is usually used for transactional purposes... which is why it is highly delicate...
OWNER KEY:
If you are following this write up carefully, You'd see that i classified the active key as the most delicate...well, every key is delicate but are graded by function and importance, Now this particular key is the most POWERFUL key because it is what makes it possible to change any key of any key... including itself(i.e. the owner key)and can only be used to recover a compromised account.
MEMO KEY:
keys were created for encrypting right? what makes a key unique is what it encrypts right? Now this particular key is used to encrypting and decrypting memos when transferring funds...
WHAT DO I DO IF I FORGET OR LOOSE MY KEYS?
still on my quest to know more about basic security here on steemit another thing comes to mind the question is this:
"WHAT DO I DO IF I FORGET OR LOOSE MY KEYS?"
Now read carefully eyes open mind clear!!! you cannot recover your account if you loose your owner key! because your account has a real value and it is mostly and widely advised to have an offline copy of your keys and kept somewhere its totally safe...
DIFFERENCE BETWEEN THE MASTER PASSWORD AND OWNER KEY
the master password... it is one of the keys too... obviously didn't explain this while i was explaining the other keys,
Now the master password is used to derive all the keys including the owner key, therefore if someone gets hold of your master key automatically has access to your account and all your tokens and assets.... so i guess this best explains the difference.. between the both of them, more importantly every steemian should try his or her best to keep this keys safe for the purpose of safe transactions etc