Cryptocurrency Wallet Security on Steemit Platform

in #security3 years ago (edited)


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The Steemit Platform has multiple passwords or “Keys” to provide security.

This is a short summary of how the Four Different Types of Steemit Keys or Steemit Passwords provide security.

Steemit is a unique cryptocurrency because of its multiple passwords provide protection for your cryptocurrency Steem and Steem Dollars that other crypto currencies don’t provide.

First, let me put these password protections into perspective by explaining that most crypto currencies have one password. This is usually called your “Private Key”. If someone gets your “private key” they can transfer your cryptocurrency out of your account into their account and steal it. Once your cryptocurrency leaves your wallet no one can make them give it back.

However in the case of Steemit our cryptocurrency is protected by four passwords or “Keys”. Normally a cryptocurrency wallet has one password or “private key” used just for transferring money out. Steemit has four passwords and two of them are for transferring money out and one can be used to reset all four passwords. So you can keep your most important password safe, the master password and use the other passwords to perform other functions. I will explain below.

Four Different Types of Steemit Keys or Steemit Passwords.
Instead of one private key and one public key. Steemit has four. They are Posting Key, Active Key, Memo Key and Owner or sometimes called Master Key.

How to use these keys and tips for keeping them secure.

1st: Posting key

  1. Use your accounts posting key to post, comment, edit, vote, resteem, and follow or mute other accounts.
  2. Use your posting key to log into Steemit.
  3. The more you use a password the more likely it will be stolen, so use this one the most often to limit the damage which be done to your account by having a key stolen.

2nd: Active key
The active key is meant for secure or special tasks like transferring funds to and from your wallet, power up/down transactions, converting Steem Dollars, voting for witnesses, updating profile details and avatar, and placing a market order.

3rd: Memo key
The memo key has no purpose right now, but in the future may be used for communications.

4th: Owner key or Master Password
The is the most powerful key you have and you should guard it carefully. It can be used to change all the other keys.** It is best if you store it of an account offline and only used to recover a compromised account. **Your account master password is used to make all the other keys for your account, including the owner key. If someone has your master password, they can steal your account and all your money in the account. The master password a long string of random numbers and letters for maximum account security.

Security Rules for your Steemit Account
1 Save your master password and keep it somewhere safe.
2 Log in with the lowest level password your posting key.
3 Use your active Key only for money transfers or voting.
4 Use your master or owner password only for changing your passwords or recovering a stolen account.
5 Never paste your passwords into Memo boxes and always doublecheck what you have copied and pasted before checking the OK box.
6 Log into your account using the key with the appropriate permissions for what you are doing:
7 Steemit recommends that you NOT share your password or keys with any third party site.

I suggest you utilize the capabilities of these four passwords or “keys” to protect yourself.
Learn more here: https://steemit.com/steemit/@shortsegments/security-rules-for-your-steemit-account

@shortsegments

References

  1. Steemit White Paper
  2. Steemit Blue Paper
  3. Steemit FAQ

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Graphic created by @shortsegments

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This post was resteemed by @steemvote and received a 99.79% Upvote. Send 0.5 SBD or STEEM to @steemvote

Thank you very much

Posted using Partiko iOS

Very useful post, thank you very much.

Posted using Partiko iOS

Nicely explained. I have stored all the passwords in a diary. Feeling discomfort if i lose all along master password with same time, then what will happen!!! Will the theft control or use my steemit account???

Whats the solution you suggest in that case?

Posted using Partiko Android

That was one of the most confusing things when I started out on Steemit. Also using Steemconnect. I was not sure which key to use, and if it was really safe!

That’s understandable. In most coins it’s called a private key and you have only one.

COOL information for the bigneers of STEEM. 👍

Posted using Partiko Android

I hope it helps people on the platform and encourages others not on the platform to join.

Posted using Partiko iOS

No matter how many times it's stated, Steemians can never get enough reminders about the different keys. Thanks for the reminder to myself as well. 👍

Your welcome. I agree with you. Our everyday actions with our keys can put us at risk. So every reminder is helpful.

Very useful information. Due to lack of this information my account was hacked last hear and now I am very much particular about what key i am puting and where.

Sorry to hear about your hack.
We are all vulnerable to such misfortune.

I hope it helps people on the platform and encourages others not on the platform to join.

Posted using Partiko iOS

Thanks sir for sharing great information.

Posted using Partiko Android

I hope it helps people on the platform and encourages others not on the platform to join.

Posted using Partiko iOS

Your welcome, I hope it helps you protect your cryptocurrency.

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