Conversations about the numerous awesome features that exist on the Hive blockchain tend to ignore how secure your crypto is on hive. In fact, some security features that protects Hive users are somewhat maligned.
After experiencing two different metamask wallet hacks that had varying effects, I know exactly how fragile other wallets can be. I lost quite a lot in the first hack but the most recent one barely scratched the surface because it literally was on the surface.
Every time I think about how my Metamask wallet was compromised, I realise how important it is to have serious security. This is obviously why I got myself a hardware wallet to protect my assets and I've also started saving for a new laptop.
In any case, the simple fact is that while it might be possible for a virus/keylogger to attack your Hive keychain or Hivesigner wallet, the effect will be minimal because of certain features.
Staking is safu
The only people that are at risk on hive, are those who hold a large portion of liquid assets. Right now, there is no easily discernable benefits for keeping assets liquid on Hive.
Staking or locking in savings offers the potential of earning more crypto with your crypto, so most people tend to stake their assets. This staking culture actually doubles as one of the most underrated security feature on the Hive blockchain.
Virtually every project on Hive that offers staking rewards also has a time lock feature. The time lock varies between each project.
On Splinterlands and Leofinance, for example, if you stake SPS or Leo respectively, it takes 4 weeks to unstake your entire holding. The total number of tokens in your portfolio is split into four parts and paid to you weekly.
So, let's say you want to pull out only a part of your portfolio, you can simply just unstake the specific amount that will be paid to you in four installments, at the end of every week.
This staking feature, while frustrating in certain situations, is one of the aspects of Hive blockchain that makes it quite secure.
So assuming your Hive wallet is compromised, your assets won't be instantly drained the way mine was cleaned out in a matter of seconds. If, for example, you didn't initiate a power down on your account but notice it was initiated by someone else, you have the opportunity to cancel the power down and make changes to your account.
Multiple keys are safu
The other aspect of Hive security that is also very much maligned by new users is the fact that each account requires multiple keys.
Take it from me when I say that there's not a day that goes by when I don't wish Binance smart chain, Ethereum and all those metamask weirdos operated like Hive blokchain. If they did, I'd be $10k richer today.
Many people join Hive and complain about how there are so many keys to and I agree, it can be overwhelming. However, you have to remember that nothing good comes easy.
On Hive, each account comes with 4 keys and the master password. These are 5 points of access with different levels of account security clearance.
At the top of importance, we have the owner key that should never be online. This key enables you to change your other keys, in case of a hack. The owner key is not imported into your Hive keychain or Hivesigner, so even if your wallet is hacked, you're still safu.
Other keys include your private key, active key and memo key that are imported. In the event of a hack, you can simply change any of the other keys with your offline owner key.
Your funds are safu
Earning staking rewards on Hive is awesome but the fact that it secures your asset is an extra incentive that is hardly talked about. The downside is the waiting period that could make you miss out on any sudden dramatic market action.
In terms of security though, you can rest assured that your assets are safu. In the event of any malicious exploit on your PC, you can just get a new set of keys with your owner key.
The time locks and waiting period may be a bummer but overall, I believe that hive might in fact be the most secure blockchain in these perilous times of hacks, exploits and wickedness.
- Discord: belemo#9593
- Twitter: https://twitter.com/belemo__
- Hive.vote page