My Verification Post: Achievement 2

After completing the Signup Process, I did download all the keys generated from STEEMIT.COM. Subsequently, I saved it on my computer. Throughout the day, I did think about all the keys and eventually came to a complete understanding of how these keys work and what roles these keys do play.

I did surf on STEEMIT.COM to gather information about how these keys work and how to secure the account from unwanted incidents.

Steemit Keys:

There are a few keys and security measures that have been considered by STEEMIT.COM to secure the login details. STEEMIT.COM provides completely a blockchain-based system that relies on different sets of keys rather than password-based authentication.

 Private posting key
 Private Memo Key
 Private Active Key
 Private Owner Key
 Master Password

Different roles of these keys:

Private Posting Key:

The most significant use of this key is to permit a user to login to their account. Moreover, post on blogs, view posts, send comments, follow and mute, and votes (Upvotes and Downvotes) someone are the features which steemians can access through this Private posting key.

Private Active Key:

The activities of the “Active key” are included but not limited to: fund transfer, transactions with power up/down, converting steem dollars, avatar, and update profile.

Private Owner Key:

The purpose of the Owner Key is not only to recover an account resulting from unauthorized login but also to change all the keys, including the Owner Key. Users should store this key “not online but offline” to eliminate the compromising account issues. Users must access “Owner Key” if they want to change the keys for any reason, including getting rid of potential threats from hackers.

Private Memo Key:

Users require this key with the help of encrypting and decrypting memos during transferring funds. Authenticated users must put the appropriate sign, just before the memo textbox to perform transactions.

Master Password:

What do users do if their Owner key is lost? This key (Master Password) comes into play when there is no other way to get around if the Owner Key is lost or account recovery is necessary. The very first Password that users do access to complete the signing up is the "Master Password."

The measures to be taken if my "Passwords/Keys" are lost:

Since the user's account has monetary value, it is highly recommended that the user must secure the master password offline in such a place, where there are no such risks of regaining the passwords/keys.

Offline measures:

Printed copy, hard drive, flash drive (any kind of external disk).

Talks about Steemit “Wallet”: (STEEM SECTION)

Reading and writing contents are passed through blockchain system and this system does allow users to gain all sorts of rewards as points. These points are tradeable (Buy and sell) as "Digital Tokens" on Market.

There is a few ways in which "Digital Tokens" are achievable. Steemians can earn "Tokens" through posts (upvotes), voting and curating (unveiling a post and upvotes before reaching mass people), purchasing, and vesting. "Blockchain network" generates "Digital Tokens" to content owners/creators, curators, and a portion of these tokens to other users for posts, comments, and votes.

Transfer:

Specify the receiver and amount in order to send the amount (steem dollar value) to a receiver, go inside the steemit wallet option and then click on transfer. An authenticated user needs to login with posting key first, and then the active key is required to proceed and complete the process.

Transfer to Savings:

If users wish to transfer an amount to their savings account with applicable interests, they need to click on transfer to savings. A pop-up will show up, and the entry must be completed by selecting the amount. Then "click submit."

Power Up:
"Power Up" means converting from "Steem" into "Steem Power". To do this, select "Power Up" and follow the sequences accordingly, which will add a value in votes.

Buy:

To "Buy" Steem, click the "Buy" option on Wallet. Input the appropriate data and click the button to purchase.

Sell:

To "Sell" Steem, click the "Sell" button on Wallet and choose the preferred method to sell the Steem in accordance with the wish of the user.