Security of Steem Blockchain: My Participation to SteemCryptoAcademy Homework by @gbenga week 5 lecture


Security in Crypto Wallet:

When it comes to security, whether it is in personal life or in financial transactions, it is very important. So, for those of us who are working on the blockchain, we need to have a good idea of what the security issues are in order to secure our account or earned income or investment. I will highlight this issue today. This is a very important topic because you understand that the present time and the future time will be the age of passwords where people will only walk with password or fingerprint. So, if the password is hacked or your security system is weak, it will be difficult for you to recover your account and you may lose your valuable assets. Or those who have invested here can easily be stolen invested money from here. So, today I will try to describe all the issues related to password and Steem Blockchain account security. I will talk on steem security only. Let's get started.

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Key:

We need to use some key to secure our account. Just as we use the key to keep our locker system in our home or for the house, there are different types of keys for different tasks. At First, let's take a look at the keys.

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Source: Image by Arek Socha from Pixabay


The Types of Keys:

The password that we use when we open an account in steem or a large password that we are given is called the Master Password.

We often use steem keychain to login to our account. In that case, the password we login with is our generated steem keychain password.

In addition, we are given three more types of keys which we can see in our Wallet tab from Keys and Permission.

Here these keys can be basically divided into two parts first. One is the public key and the other is the private key. Public and private keys are further divided into three parts.

For both Public and Private Keys, there are following keys:

  • Posting Key
  • Active Key
  • Owner Key

The purpose of dividing these three parts is to increase the security of the account, i.e. one key permission is given for one task, i.e. there is no need to use a big key for a small task. There is a hierarchy for using small keys for small and large account related tasks.


Public key:

Public keys don't have much significance. Public keys can only be used to view usernames and related blockchain transactions. You don't need these public keys to login to your account or for any work, so it is not necessary for you to store them anywhere. You can view information about the public key of your account from couple of sites of the block database.


Private keys:

Basically, these are the main themes of today's topic. I am trying to explain in detail each of these keys and related issues.

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Source: Image by Werner Moser from Pixabay


Posting Key

This is only used in the social work we do such as posting, commenting, voting. The permission of this key is up to these works. You cannot do transactions with this key. So, if this key is hacked, there is nothing to worry about. So, you can safely use this key on any site to do normal tasks.

Posting Key permissions:

Use your Posting Key to:
• Publish a post or comment
• Edit a post or comment
• Upvote or downvote
• Resteem content
• Follow
• Mute accounts


Active Key

With this key you can do transactions and financial tasks such as exchange, transfer, power up and down, etc. So, this key is very important. It is not advisable to use this key in normal work. Use this key for wallet related work. And in case of giving and storing this key on any third site, even if you don't think ten times, you will think 5 times. Because you understand that whoever goes to this key will be able to take all your Steem’s and SBD in a minute.

Active Key permissions:

Use your Active Key to:
• Transfer tokens
• Power Steem up or down
• SBD conversion
• Vote for witnesses
• Place an order on an exchange
• Certain profile changes
• Publish a Witness price feed
• Create a new user


Owner Key

As the name implies, it confirms your ownership. If you lost or stole your previous keys, this key will allow you to recover your account. Moreover, this key will be needed even if you want to change other keys. So, this key is very important. This is the key to proving that you are. So, don't forget this key and input on any site unless you need an account recovery.

Owner Key permissions:

Use your Owner Key to:
• Reset Owner, Active, and Posting keys
• Recover your account


Master password:

The master password is the lifeblood of your account, so don't to use this password on any site. If you lose your master password, it will never be possible for you to recover your account. Because you all know it is a decentralized platform so you will not find any person here whom you will claim about losing your account. So, whether it is hacked or lost, the most protected thing for you is to save your master password properly. So, you must leave your master password somewhere hard copy or somewhere other than softcopy. We don't need a master password to do all the steemit work. If you use the keys mentioned above for your specific work, you will not need to use the posting key and the active key separately. The master password is given in a slightly larger size so that the password is very strong and can be kept safe from hackers.


What you can do to keep your tokens safe:

The easiest thing you can do to keep your money safe is to keep your tokens in Steem Power (SP). If you keep it, if the hacker can ever hack, he can easily transfer these tokens to any other account by transferring them at any time. But if you keep SP, you can convert only 1 part of 4 to liquid token in a week. So, it is safest for you to keep it in HP format because you will know within a week whether your account has been hacked or not.

Or if you don't want to power up, you can put it in a savings wallet, in which case it will take three days to come from saving to liquid steem or SBD. This means that if you log in to your account within three days, you will know that your account has been hacked and you can take the next necessary action with your master password.

And even if you log in with steem keychain, your password is secure because keychain prevents you from entering your password again and again. And the first time you just have to give your posting or active key (as needed). And these keys are not saved by Keychain. So, there is no reason to be afraid. You can always do your normal work with Keychain easily using a simple password.


Finally:

Whatever we do, security is must. In my journey, I have got several phishing message and links. But always tried to get out of those. And all the time, it’s a problem for the new comers who don’t know about the security. The layer and permission of keys are making the steem blockchain secured. Different wallet uses different policies. But for me, this is the best way I much say. Finally, In terms of money in steem blockchain, Be careful to use Active Key, and never enter Owner Key and Master Password anywhere and keep a hard copy with you. Thanks.


Thanks to @gbenga for his details lecture on security. Here is my homework about steem security only.


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Source: Image by Michal Jarmoluk from Pixabay


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I am a lecturer of Textile Engineering and ex-banker. I love to share my thoughts and ideas through blogging so that anyone can be benefited from my effort. I write on Textiles, Online Money Making, Agriculture, Technology and random topics. Capturing Nature and Playing Cricket is my hobby. I am always a learner and wants to learn from all of you in this #steem community and chain.

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Comments 2


You have basically explained the effect of keeping your keys safe using Steemit as a reference. Your keys on Steemit are the most important asset on the blockchain. Your public keys can be public but your private keys should be regarded as private.

Rating 4
15.03.2021 22:40
0

hola profesor como esta espero que este bien . Disculpe la molestia pero todavia no me evaluado mi tarea . gracias por su tiempo
https://goldvoice.club/steem/@walter2021/la-semana-5-de-steemit-crypto-academy-todo-sobre-la-seguridad-de-la-cadena-de-bloques

15.03.2021 23:14
0