ACHIEVEMENT 2:TASK: BASIC SECURITY ON STEEMIT BY @hyacinthfavour// MENTORED BY @cryptokannon
Hello steemians,
This is @hyacinthfavour,here to present my second task ;ACHIEVEMENT 2 in this platform. I'm grateful to all who supported my previous post; ACHIEVEMENT 1
I took out time to study the security measures needed to operate my steemit account successfully,and I would like to share.
KEEPING MY STEEM ACCOUNT SAFE
I keep my account safe by saving my master password and keeping it somewhere.
The master password is used to derive all keys for my account, including the owner key,so it must be kept really safe and away from other users and third-party websites.
If compromised,my account and all of the tokens in it can be stolen.
DIFFERENCE BETWEEN VARIOUS ACCOUNT KEYS
Posting key :
The posting key is what I use for logging into my account, commenting, editing,voting,resteeming,and to follow or mute other accounts.
Active key:
The active key enables me transfer funds,power up/down transactions,convert STEEM dollars,vote for witnesses,to update my profile details and avatar,and to place market order.
Owner key:
This key is to be used only when necessary. This is the most powerful key because it can change any key of my account, including itself,so it should be stored offline.
Memo key:
The memo key is what I use if there's need to encrypt and decrypt memos when transferring funds.
UNDERSTANDING MY STEEMIT WALLET
The STEEM wallet comprises the three types of STEEM.
- STEEM
- STEEM power
- STEEM backed dollars (SBD)
Your STEEM is liquid, which means you can transfer to another account or trade it on the internal market ,or power it up to STEEM power.
While the STEEM power is locked up ,it's more like an investment in steemit Inc and myself. STEEM power can be converted back to STEEM by a process called powering down, which takes 4 weeks. Holding STEEM in this form will help your account and influence.
The STEEM backed dollars (SBD) can be traded for STEEM on the internal market,or transferred to another user
CONCLUSION
I just concluded my ACHIEVEMENT 2,and I'm so excited about it. I want to say a big thanks again to all those who supported me and made me feel welcomed to this platform. looking forward to more of your support
Thanks to @cryptokannon ,@steemalive , @ceendy20 and @focusnow for guidance.
You did well in your write-ups, there are well explained. Well done
Thank you@meymeyshops
This is a well detailed entry of your achievement task 2, it shows that you now understand your basic sucurity measures on steemit and how to use your keys.
Nice entry @hyacinthfavour, I am looking forward to your next achievement task entry.
#twopercent #nigeria
Thank you Soo much@iamlynxie
You are welcome.
Very insightful
Well explained and it shows u know ur keys and how to keep them in a safe place hoping to see ur next achievement.
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