Hello everyone! I’m going to go through the “Basics of Steem security system” as required by the second achievement.
When I made my Steemit Account I got a set of keys instead of a password for authentication and I was confused and thought that I won’t be able to deal with these things. Then I read “A GUIDE FOR NEWCOMERS” by @steemitblog and I understood the importance of these keys for the security of the Steemit account. I got insights from “Basic security in Steem” by @cryptokannon to complete this task.
As I said earlier I got the set of keys instead of a password for authentication. It included Private Posting Key, Private Memo Key, Private Active Key, Private Owner Key and Master Paassword as Steemit Private Keys.
Each key is designed for different function and there are some restrictions over the usage of these keys too. I will go through them one by one.
Private Posting Key
This key is for everyday login into Steemit.com. We use Posting Key to post, comment, vote, edit & resteem. The damage is limited if someone has your Posting Key because it’s performance is limited. Even if someone can login to our blog or to wallet using the posting key it doesn’t allow any transaction.
Private Active Key
This Key is used when we do something associated with Steem such as transfers, power ups, converting Steem Dollars etc.
Private Memo key
This key is used to encrypt/decrypt private transfer Memos.
Private Owner Key
Owner Key can be used to reset all other Keys. Owner Key is used only if it is necessary to recover a compromised. Therefor this Key is Very powerful and important so it should be kept safely & it is advised to store offine.
As its name implies this key is at the top of the hierarchy of keys. This key gives access to all other keys. Master Password should not be used for Login into Steemit. It is advised not to overwrite or misplace the master password. Who has the master password has total control over the account.
“A GUIDE FOR NEWCOMERS” by @steemitblog explain that the very first thing a new Steemian should do is to write down the Master/Owner key in a piece of paper and keep it in a safe place. The first thing done by me was that. I wrote it down in a piece of paper and kept it with my personal file since I don’t need anyone to have control over my Steemit account. I saved it in my external hard disk too.
HOW TO TRANSFER STEEM TOKEN TO ANOTHER ACCOUNT
We can move funds to another steem account. Here are the steps to do that.
1 Login to the steemit account using Active key and and click on the wallet option on the main bar.
2 Click on the arrow near the amount of steem and select "Transfer"
3 A new window will pop up with the title “ Transfer to account” and enter the username of the account you want to transfer and enter the amount.
4 Click next and confirm the transaction in the new window.
HOW TO INCREASE STEEM POWER
We can increase our steem power by transferring steem into steem power. These are the steps to do that.
1 Login to the steemit account with Active key and click on wallet as done in above transaction.
2 Click on the arrow near the amount of steem and select "power up" instead of transfer this time.
3 Then a window will pop up with the title of “ convert to Steem power” enter the amount you want to transfer to increase steem power and then click power up.
4 Click OK to confirm in the conformation window.
We can check on our wallet to see our new steem power.
Thank you for reading and I hope you all are aware of the steem security system and follow the rules to secure your Steemit account.