Welcome Back!

Hello, beautiful people! It is a great pleasure to welcome you all back to my blog. In this post, I will be diving into my response to the Week3 task given by the organisers of the Newbies Initiative in the Hive Learners Community. The Week 3 tutorial was delivered by @vickoly , and it was a great eye opener for me (and I guess it will be for you too, hehehe).

Please, do read to the end to get a full grasp of the whole gist. I am sure you will find some very useful information as you do.

Week3 Questions And My Answers

Highlight the steps involved in changing the trustee account (recovery account) to your Hive account.

The steps to changing the trustee account to my Hive account are as follows:

View the trustee account: At the point of creating an account on the Hive blockchain, a trustee account which is also known as recovery account is assigned to a Hiver. To view your trustee account, visit your profile on the Peakd frontend and click on the 3 dots beside the settings button. Select Keys and Permissions from the drop-down menu, then click on account recovery from the options. You will see your trustee account boldly written for you to see.

*Change the recovery account: After viewing your trustee account, decide the account you want to change it to. Then proceed by using the button provided by Peakd. Input all the required information which includes your Owner's Key.

Take a look at the screenshots below to get a visual understanding of the steps I discussed above:

It is recommended that you change your recovery account to someone who is easily accessible to you in case of emergency.

If you invited someone to Hive Blockchain and had to give them a proper explanation of the function of each key, write out what your explanation will be for each key.

Usually, once someone signs up on Hive blockchain, a set of passwords consisting of 5 distnct keys are generated for the person, and each key has specific functions. They are as follows:

Master Key: This is used to recover all keys, generate old keys, and recover an account.
Owner's Key: This is used for resetting an account and also recover an account.
Active Key: This is the key used for all financial transactions including powering up, transfers, withdrawals, voting for witnesses, removal of beneficiaries. Without this key, no financial transaction can take place in an account. In other words, anybody that has this key has access to your funds and can move it without your knowledge.
Posting Key: This is used for social purposes like posting, commenting, upvoting, downvoting. It is used to log in and interact with others on Hive.
Memo Key: This is used for sending and decrypting encrypted messages.

You can protect these keys by

Downloading as pdf and locking with a password as a 2Factor authentication.
Write out on paper or save as hard copy, but ensure it s kept in a safe place.
3 Save as contact, but make sure to omit one or two letters or numbers so that even if another person sees it, what they get is incomplete.

Peradventure your Hive account's Active Key got exposed to the general public, what are the measures you will take to safeguard your assets and your account going forward?

The very first thing I would do is to move my assets out by transferring them to someone I know and trust. Thereafter, I will proceed to change my password using my Owner's Key or Master password. In the event that I want to recover my account, then I will contact my trustee account for help. That is why the person I set as my trustee account needs to be easily accessible to me, and also well informed about the account recovery process.

Appreciation

Now that I am done answering the questions for this week's task, I really want to say a big "Thank you!" to the organisers of this Newbies Initiative. You have gone into so much detail explaining these things to help us secure our accounts by protecting our keys. Thank you so very much.

And to you, my dear reader, thank you for patiently reading to this point. Feel free to share your thoughts in the comments section, and I will get back to you.

First Image: designed by me in Canva.
All Screenshots: taken from my profile page on Peakd.

Hive logo designed by @doze.