Hello all #LEO Lovers and #Hive Friends
Dear Hive friends and Hive Learner Members,
The world we live in today is a digital world. We have seen many things transition to digital form from the physical. For example, art in digital form is called NFT, and similarly, currency has transitioned from paper money to plastic money, where we do not have physical access to the money but can transfer and make transactions digitally or online. Technology has taken another step forward with cryptocurrencies, which are a true form of digital currency, minted or generated by electronic code. As the method of usage has changed, so have the methods of cheaters and fraudulent activities.
Cryptocurrencies are undoubtedly the future of currency, and sooner or later, all countries around the world will have to accept this truth. The economics can be impacted, and the utilization of crypto is vast for any country. Bitcoin has increased in value impressively, as have other cryptocurrencies. When the value of anything increases, there are more chances that fraudsters target those areas. This is happening in the cryptocurrency world as well. The way crypto has increased in value, it has become a more attractive area for people experienced in fraud and scams. A small mistake in the crypto world may compromise your security, and you may lose all your crypto assets within seconds. This is why safety is very important if you are dealing with crypto.
In the crypto world, there is a saying we have observed many times: "No Key, No Crypto" or "Not Your Key, Not Your Crypto." This saying holds true. In the crypto world, the keys, or you can say the passwords for better understanding, are the gateway to lock your crypto assets. To open that lock, the key is very much necessary. If you lose the key or if anyone else gets access to your keys, there are big chances that you will lose your crypto. Always keep in mind, if you lose your key, there is no way to retrieve it; if it is lost, it is gone forever. And if someone else gets access to your keys, they can gain control of your wallet and easily transfer your funds to another account. So, what is the best way to handle these keys or passwords? The crypto keys are not easy to remember as they are randomly generated phrase combinations of words and numbers. The best way is to write them down and keep them in a safe place. In the case of Hive, it has different keys for different levels of permissions. At first, I also got confused when I saw those different keys. Let's try to understand each of them so that we can use them wisely.
Each Hive key has its own limitations, which are used to give a certain level of access when processing certain activities on the blockchain. Hive is a blockchain, and to interact with it, we need one interface that processes the transactions on our behalf. For example, if you want to upvote any post, this is one transaction on the blockchain, and similarly, when we comment, that is another transaction on the blockchain. To perform these transactions, we use different interfaces like InLeo, Ecency, PeakD, etc., which make our experience of interactions very easy and convenient. User account keys used on different frontends give them the right to process the transactions on our behalf.
The picture below gives good clarity and the helps to understand the level of permissions each keys belongs to.
There are three main keys for your Hive account: the Posting Key, the Active Key, and the Owner Key.
The Posting Key, as the name suggests, gives permission related to posting on the blockchain. For example, publishing a post, commenting, editing, upvoting or downvoting, reblogging, etc. So, if someone logs in with the private Posting Key, the following permissions will be granted:
- Publish a post or comment
- Edit a post or comment
- Upvote or downvote
- Reblog content
- Follow people
- Mute accounts
The Private Active Key gives some additional permissions. This key is important as it gives permissions for money-related actions like transfer of funds, Hive Power Up or down, etc. Any wallet-related action requires authentication with your Active key. So, if someone logs in with the private Posting Key, the following permissions will be granted:
- Transfer tokens
- Power HIVE up or down
- HBD conversion
- Vote for witnesses
- Place an order on an exchange
- Certain profile changes
- Publish a Witness price feed
- Create a new user
The Owner Key is like the master key. It provides some more additional permissions like changing the other keys. This key can reset the other keys and is very useful if the other two keys were compromised. In case of a situation arises when other keys were compromised, this key is like a solution to the problem. The Owner Key provides the following additional permissions:
- Reset Owner, Active, and Posting keys
- Recover your account
- Decline voting rights
Hope the post helps you to undersnt the importance andnuse of different Hive keys. Please let u know your views in comment section.
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