Achievement 2 @lizzyd: Basic Security on Steemit Blockchain Platform

lizzyd (52)Achievement 1 verified/newbornin Newcomers' Community • 4 years ago (edited)

Hello steemians, I trust your day is going well. Wishing you a fruitful day ahead. I will be discussing on the basic knowledge on steem security such as master password, posting key, private owner key and memo key. It is important to know the separate functions of these keys, as these are very vital in securing your account on steem.

UNDERSTANDING MY WALLET

Steem are transferrable to other accounts, can be traded internally or powered up to steem power. Steem power up is likened to as investing in steemit inc. It takes up to 4 weeks to power down any steem.you power up . The higher your steem power, the higher your influence on the platform. So, it is advisable to power up.

HOW CAN I KEEP MY ACCOUNT SECURE?

The first step is to save your passwords and keep them somewhere else. You can print it out on ahead copy and keep it in a safe place. The importance of this act can not be over emphasized, as your password gives direct access to your account, it is important to safe guard all the passwords .
You can decide to store them in your Google drive as this implies only you possess unlimited access to your personal contents.
Just as I have stated earlier, you can also print them and safe guard it in your personal file.
To log in, ensure to use the appropriate keys for the right purpose.

POSTING KEY

I personally nicknamed this key " my everyday login handle" 😀😀 It allows you vote, edit, comment , post, resteem, follow or mute other accounts. It is ideal to log into your steemit account everyday with it except In a situation whereby the key cannot perform the task you want to carry out.

ACTIVE KEY

This is basically for transfer, powerup etc, It is a highly sensitive key for transferring funds, powering up and down transactions , converting steem dollar to steem, voting for witnesses, updating profile details and placing a market order.

MASTER PASSWORD/ RETRIEVING KEYS ON STEEMIT.

This is used to generate all the other keys including the owner key. The only reason you should use the master password is when you are going through account recovery or to retrieve all other keys. The master password is the password you get when signing up. You should take this password to steemit.com wallet. Retrieve all the other keys and only use the keys appropriately.

WHY SHOULD I BE CAREFUL WITH MY MASTER KEY PASSWORD?

You should know that your master key is used to derive all keys for your account including the owner key. It is very easy to steal your account and all the tokens in it. In other to avoid that, ensure your master key is accessible to you only.
Save your master password!! If logging with your posting key , make sure not to overwrite or misplace your original master password. Never ever share your password with anybody. As the name connotes " Master" so is it's use in the steem environment.

MEMO KEY

This is used for encrypting and decrypting memos when transferring funds . In other to encrypt a memo, use the # sign your text.

POWER UP

To power up effectively;
Click on the drop down box and scroll down and choose "power-up"

. Next, you will be asked how much liquid steem you want to power up.

The red highlighted box shows how much liquid steem you have and the blue box is the amount you intend to power up. Click on the link you want, after a couple of seconds, it should show that your steem power has increased.