Dear Steemians, having joined the community and completed my #achievement1 on self introduction, it is my pleasure to forward here my #achievement2 on basic security on Steem and importance of different keys on Steemit. Permit me to appreciate the contributions of @cryptokannon and @kiwiscanfly whose guidance on this is very apt.
Have you retrieve all your keys on Steemit?
Answer: Yes, I have retrieved all the keys on Steemit.
Do you know each of these keys functions and restrictions?
Answer: Yes I do know the functions of each of the keys as well as their restrictions. The functions are as follows:
Private Posting Key
This key is used to log in to apps such as Steemit.com and perform social actions such as posting, commenting, editing, voting, resteeming, and follow or mute other accounts. For the fact that most users should be logging into Steemit every day with the posting key, users are likely to have their password or key compromised the more it is used, hence, a limited posting key exist to restrict the damage that a compromised account key would cause.
This private active key is used for more sensitive monetary and wallet related actions, such as transferring tokens or funds and powering STEEM up and down transactions, converting Steemit Dollars, voting for witnesses, updating profile details and avatar as well as placing a market order.
This key is used to reset all other keys. It is use when necessary. I understand that it is the most powerful key because it can change any key of an account including the owners key. It hence, I have kept it offline at all times. I understand that if my account is compromised, I can use this key to recover it within 30 days at https://steemitwallet.com.
This private memo key is use in decrypting and encrypting memos when transferring funds. In order to encrypt a memo, we use the pound/# sign before it.
Hence, the general restrictions is NOT to share the keys with anyone or keep it were it can easily be seen by others or stolen. This can have damaging consequences.
How do you plan to keep your master password?
Answer: Because my account has real value, and having the understanding that here is no way to recover my account if I lose my password or owner key, it then becomes very important that I save my master password somewhere safe where I will not lose it.
To avoid the lose of my key therefore, I have store an offline copy of my password somewhere safe in case of a hard drive failure or other calamity. I have store it in an external disk and flash drive, as well as printed paper. I have also save it on my google private drive.
Do you know how to transfer your Steemit token to another Steem user account?
Answer: Yes. The steps are as follows:
From my wallet page, I will click the STEEM or Steem Dollar balances with the down arrow next to them. I will be ask to input my active key to open the wallet.
In the drop-down menu, I will click 'Transfer'.
Then I will type the username of the account I want to send the STEEM or Steem Dollars to. Then, for confirmation, I will double and triple check the spelling.
Enter the amount of STEEM or Steem Dollars to send.
Then I will enter a memo to go along with the transaction (which is optional).
I will be prompted for my password which I will need to enter my master password or active key.
And it is done.
Do you know how to power up your STEEM?
Answer: Yes. STEEM is the base liquid currency token in the platform.
STEEM can be powered up into Steem Power, traded for Steem Dollars, or transferred to other accounts. It is a cryptocurrency token, similar to bitcoin.
Hence, to power up my STEEM, I will click "Power Up" once there is STEEM tokens in my wallet, to turn them into Steem Power. If I have Steem Dollars, I can convert them to STEEM from my wallet, and then power up the STEEM. I understand that powering up my STEEM will help to get more voting influence on posts and comments. Having more Steem Power also increases the amount of curation rewards and new vested tokens that I can earn.