Newbie Initiative Task 3 - Hive Keys and Security

over 1 year ago

Greetings to all and sundry on this platform, I am very excited to write and participate in this great initiative (Newbies Initiative Programme). It is a great pleasure to be part of the participants. I would also like to thank @starstrings01 for taking us through the third course for this program. Also, I would like to acknowledge the good work of our noble team leader @moremoney28 for reviewing our tasks.

_{I designed this image using canva}

Today, we would discuss hive keys, and in so doing I would answer the questions to this task given. This is one of the most essential things that as a newbie, you must know before anything else on the platform. It is advisable that we know the uses of all the keys provided once after we create our account.

Hive Keys

Hive keys are the keys that help one to have access to all the necessary interfaces on the blockchain network. What I mean is that it helps to upvote, downvote, comment, transfer hive, etc. Immediately one gets an account created, your key would be provided to you at that spot, and one can regenerate new keys before saving. There are 5 keys that are provided and the first key provided is the Master key which is used to generate the other keys. Let's briefly look at these keys and some of their functions.

Keys	Functions
Master Key	This is the first key provided and it is required to keep very safe. This key is used to generate other keys and also during account recovery, it grants permission to continue.
Owner Key	I would say this key comes after the Master key and it functions similarly to that of the master key. It is used to regenerate new keys with the exception of generating the master key.
Posting Key	This key helps one to make posts, comments, upvotes, and downvotes, and also in logging into your account.
Active Key	This is also another important key, which is involved in monetary issues. That is used in transferring tokens from one account to another, powering up, powering down, and all monetary activity involving your wallet.
Memo key	This key helps one to encrypt and decrypt messages

what would be your next move to recover your account?

I would elaborate steps in setting up your recovery account in this post. It would be done using the PeakD frontend. The following steps are detailed procedures;

First of all, you log your account into the PeakD frontend using your posting key. You then click on account actions on the right side of the interface and then select Keys & permissions as shown below.

You then click on Account Recovery and then select change recovery account. We can see that my recovery account is ocdb account as default. I would be changing that today.

In the next interface, we see that we have a chance to input a new username that we want to set up our recovery account. Also, an owner key is required to grant this transaction permission. I used @neoxian as my new recovery account and then confirmed with my owner key.

5JeQa9v1irz5hGtttEMuLMsXDWd5qzmNfhbxgC9TcDRMdtW1CNB

From the screenshot provided below, we can see that my new recovery account is set and done successfully now. That was simple steps and I hope you learned and got it better.

Our accounts may get hacked if we don't secure our keys safely and away from online. Although we can not trust offline savings as well, it is better to keep it away from the online because people are always after our accounts trying all possible means to hack them.

A recovery account, helps one to get the hacked or compromised account back and safely within 1 month period when the hacking occurs. This means that when your account gets hacked or compromised and you got to know about it within a month, then it is possible to get the account back by contacting the recovery account that you have set up your account with.

This is the benefit and importance of setting up a recovery account. Hive keys are very important on the hive blockchain and I recommend we all try our possible best to store and save our keys very securely and safely to avoid being compromised or hacked.