If you ask most Hive Community Members about Hive Wallet Security, most will talk about the private keys: posting, active, memo Ana Master key.
This system of creating a different key, for different functions, an impressive security features to be sure, but not the subject of this post.
This post is about three other items which provide security, which everyone may not realize provide security: Hive Power, Hive Savings and Hive Power Delegation.
Hive Power
Hive Power is a form of Hive which cryptocurrency afficionados would call staked Hive, but in Hive terminology it is called Powered Up Hive. Hive Power provides security because it cannot be transferred to another wallet or exchange, and thus it is nearly impossible to be stolen or sold.
Additionally, it takes seven weeks to unstake or power down all your Hive. You get 1/7 th each week and daily wallet notifications telling you how much Hive will be in your wallet, and counting down the days and hours.
Many people think of this seven week power down as an annoying flaw.
Others think of it as a clever security feature.
I agree with the later group, but understand the former group’s concern.
Hive Savings
Another feature of the Hive Wallet is the savings account.
When I first mention this, people don’t intuitively think of this as a security feature, but when you deposit your Hive or Hive Backed Dollars, it is now locked up for 3 days.
So should someone obtain your private Active Key, they still can’t withdrawal your Hive or your Hive Backed Dollars.
I like this feature because it doesn’t lock up your Hive as long as Powering up your HIve as HivePower does, but it still creates a delay, which allows you three days to realize that someone if trying to take your hard earned Hive or Hive Backed Dollars, and you can stop them.
Hive Delegation
Hive Delegation is a unique way to loan Hive.
Hive is like money. But the creators of Steem , the precursor to Hive, invented Delegation. Which is a way to loan Hive as Hive Power. So your Hive never leaves your wallet, and the loan of Hive Power involves no physical exchange of physical Hive. The transfer of Hive Power is a ledger entry done by the Hive owner and is reversed by the Hive owner.
This an amazing invention. This allows you to loan or rent Hive Power, but always be in control of it.
So you can loan or rent it with no risk of loss of your Hive. That is pretty great.
So delegation is both an earning feature and a security feature. Hive Power can’t be Powered down if it’s delegated.
Last words
I think these three things are another reason why I hive.
My capitol is safe.
It is protected by different passwords for different functions, so it’s five times harder to get complete control of my account.
I can earn by staking and it is still safe.
I can earn by renting my Hive out and it still is safe.
What do you think?
Did you know these security features?
What do you think about them?
Do you think they are clever or annoying? Features or Flaws?
Inleo looks like many other social media platforms on the outside, so it is easy to use. But it is different from other social media platforms on the inside because you are an Owner.
@shortsegments