In the world of crypto Private Keys have their own place and values. Without private keys, no one can access any crypto wallet which means private keys act like a general lock key that is used to open the lock. Without the key, no one can open the lock. So we have to be very careful about our wallet private key because this is the only one who has the right to access our wallet.
Hive account also has a set of public keys and private keys which are being used to manage the wallet and perform necessary actions on the Hive Blockchain.
As the private key has a very important role to access the wallet and perform necessary actions on the blockchain so that the keys or passwords are used frequently. If a key is being used frequently there is a high chance to get compromised, to solve this problem every hive account provides a set of private keys where each key has its own importance and permission. You can use these keys to perform an action on the blockchain with an extra layer of safety.
In a set of keys, you will get
- Private Posting Key
- Private Active Key
- Private Memo Key
- Owner Key
Let's get more information about these keys.
PRIVATE POSTING KEY
This key is used to perform social actions like vote, post, comment, and reshare on the blockchain. This is a level one key and has limited access to the performing action. Following actions can be taken by using this key
- Upvote & Downvote
- Post and comment
- Editing of posts and comments
- Reshare and Follow
Private Active Key
This key is the level two key and has more rights and permissions. Using this key the owner can do all the operations which can be done using the Private Active Key and operations related to the wallet. This key is responsible to transfer funds and performing trades on the market section. So be careful while entering this key to any third-party website and platform. Following actions can be taken by using this key
- Token Transfer
- HBD Conversions
- Trade on Market section
- Vote for witnesses
- Hive Power up and Power Down
PRIVATE MEMO KEY
This key has less permission and is used to send encrypted messages on the blockchain. Following actions can be taken by using this key
- Can sen an encrypted message
- Can read an encrypted message
OWNER KEY
This is the level three key which is very important and use to change all the above keys and reset your password / private key this key will be used very carefully because if it is lost no one can recover the key for you. This key is also used to recover your account if it gets compromised. Following actions can be taken by using this key.
- Reset of Private posting, active, and memo keys.
- Account Recovery
Caution - Above keys should be used very carefully if you lost them you are the only person to be responsible and they are impossible to recover. You will lose everything stored in the account.
I hope you found this helpful