Achievement 2 Task by @yashpariya : Understanding Security & Wallet Transactions on Steem

As a member of the Newcomer's Community, I am required to complete the achievement tasks, and this will be my second task.

This assignment has been written after receiving guidance from my tutor and guide @cryptogecko. Steemit is a platform where security is a very important topic, which is why this task is dedicated to Steemit's security. Keeping that in mind, let us proceed.

Question No. 1

Have you made sure that you have saved every Steemit password that you have?

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Yes, I did. Once my Steemit account was registered, a PDF document was downloaded. I protected the document in all the ways I could, such as in my drafts folder in my e-mail, and on my personal computer, among other things to ensure the security of my account.

Question No. 2

Are you familiar with all the functions and limitations of the keys?

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I am aware of the functions and limitations of each of the keys which were given to me, and I have ensured that I am aware of their respective functions and limitations before using them.

Master Key:

Since all other keys are derived from the master key, master keys are superior to all other keys. When you change the master key, all the other keys will also be changed. Due to this reason, it is only recommended that you use it when attempting to recover a hacked or compromised account.

Owner Key:

By having the owner key, you are able to control the other keys and you are also having access to all the tasks which can be performed with the posting key and the active key. It is generally considered to be the most powerful key. In the event of the loss of a key, you can change all the keys, including the owner key, with the use of this key. Offline storage is the preferred method for storing this key.

Post Key:

The key for posting is the same key used to log in every day. The only access we have using this key is the ability to post on the website, comment, vote, edit, follow, and rate content. The more you use your other keys, the more likely your keys are to be compromised.
You can lessen the damage by logging in with your posting key every day because it only grants access to the posting and comment functions, not wallet functions such as the transfer of funds. Therefore, your Steem tokens will not be lost as a result. In order to make sure that your Steem tokens are not lost, the posting key is the best choice.

Active Key:

I recommend avoiding the use of active keys as much as possible unless they are absolutely necessary. It is with this key that you will be able to manage actions relating to your wallets, such as making token transfers, powering up or powering down of your Steem power, trading on the internal market, and many other things. It also facilitates the transfer of tokens, the conversion of STEEM dollars, facilitation of trades, the voting of witnesses, and the placing of market orders.

Memo Key:

The memo key, in so far as it is concerned, is utilized only in order to encrypt and decrypt memos during the time the funds are being transferred. In order to encrypt a memo, there must be a # sign preceding the memo.

Question No. 3

How will you ensure that the master key is kept safe?

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Besides the fact that it was protected on my personal computer, as well as my e-mail, I printed out the pdf document and stored it with my other important documents so as not to lose it.

Question No. 4

Are you familiar with the process of transferring your Steem tokens to another Steem user?

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For this operation to be performed, we must click on the wallet option found in our profile.

We must look for the Steem option when we open the wallet, press there so that a number of options are displayed, and we will be asked to choose the transfer option.

As soon as the modal window appears with our username displayed, then below it is displayed @ This is where the username of the account or person that you would like to transfer Steem to is entered along with the amount of Steems that you want to be transferred. In this case, it is not necessary to enter a memo key, as it is an internal network.

Question No. 5

Are you familiar with the way the Power Up process in Steem works?

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This operation can be carried out in a similar manner to transferring Steem. We, therefore, first have to navigate to the blog's wallet in the Wallet option. The first thing we must do is click on the options given against Steem in our wallet, and the subsequent window with additional options will pop up. Within this window, we must click on the option, "Power Up.".

The moment the Power Up option is pressed, a modal window appears, in which information regarding the username and quantity of the power up is requested from the user. To Power Up Steem, the amount of Steem we wish to Power Up must be entered into the amount box, and once the amount is filled, the Power Up button must be pressed, and to complete the transaction, the active key must be entered.

Having completed this article, I hope that it will be of great assistance to those who do not yet know the basics of steemit security and those who are interested in learning more about it. I'd like to wish you all the best for a productive and enjoyable day.