Is Hive the most secure blockchain?
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.
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One could argue having dumb mofos making governance decisions is not safu.
So, be vigilant when it comes to choosing your witnesses, especially if you have a significant stake.
Something most overlook.
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Some argue that this is too complicated
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It is somewhat complicated but that makes you safer, so imo, it's worth understanding
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The complexity has a great deal to do with crypto in general.
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If it has to be complicated to be so secured then so be it .
And they would be right.
But the Internet was too complicated before it wasnt.
People often feel anything new is complicated.
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is it or isn’t it ?
I think Hive is quite secure with multiple layers allowing specific operations to do. On top of that now it is also supported by Ledger cold wallet so you can keep your funds safe - like liquid Hive and HBD in Savings which could make for a retirement fund.
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There are ways to keep adding to our security. It is good for us to keep discussing this.
A lot is happening and we are all learning together.
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If you do not poke into unknown links, then. of course, the Hive can be called the safest).
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Phishing links have to be avoided. Of course, word does spread rather quickly when those do appear.
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A good method, used to be in police departments, a board with photographs of criminals who are wanted, not bad, on the main page of the hive, hang a section where the distributors of phishing links will be indicated. This will protect many participants from scammers.
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Good point. Some people completely ignore the safety aspect of having tokens on stake. I think the long-ish powerdown time is actually a great feature, especially since I don't do a lot of trading
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Safety doesnt matter until is does.
That is why the developers focusing upon security is crucial.
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Another very important thing is that you can restore your wallet with the backup account. No other crypto has this.
That is huge. A feature that makes Hive stand out.
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I don't know this but I will do some research now
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Yes you can see it on PeakD I believe where you can reclaim your account. It might be under the main settings tab with your keys and all that stuff.
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I will check it out, this is so informative. Thanks for sharing.
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what a stealth feature 😅
There is no doubt that Hive offers security features nobody else does. There are also features in place to protect the chain in general (such as the 30 day window before powered up HIVE is allowed governance).
All of this makes it an appealing option.
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The main reason why I love hive is because is a perfect place to be without any risk of being exposed to any forms of hacking
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It is pretty secure. We have to be careful, there are attempts. Ultimately it comes down to management and protecting our keys. Phishing scams are something to be mindful of.
However, we have people like Arcange developing applications that help to protect that.
We are lucky to have so many who place such a priority on security.
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Security is the top priority of every blockchain and when that fails that’s the end of that blockchain
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Or at least the end of confidence in the blockchain which equates to the end of it.
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I remember when these keys frustrated me two years ago 🥲
And now you are an expert at them.
See how that works. We tend to make learning new stuff worse that it truly it.
Hive is to be taken in pieces. There is a lot to it and always something to learn.
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Hive provides the best security in crypto and with some of this comment I have learnt something new today
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Keep learning everyday and you will be a Hive expert in no time. That is what we all should be striving for.
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That is my ultimate goal, to be something on hive.
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What Hive offers, that's incredible for security. First, it seems complicated to have these different keys. But it is for your own good and safety. You use keys based on your activity on the Hive blockchain.
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Add the fact that Hive witnesses can't just steal your money too.
Hive is decentralised, safe and secure.
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This is obviously why I got myself a hardware wallet to protect my assets — cold wallets seems to be a must have these days ..
It beats my imagination as to how Hive’s security as a blockchain is being underrated !
This article is greatly informative on the numerous ways Hive has security layered into it's staking mechanisms. Even in Splinterlands you can lock your cards, so if you get hacked you can't lose any of your cards to quick transfer or sale.
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