Reading assignment - Wallet, Keys & Accounts

[mauriversmoon]

1. An account a simple name that is kept on the the blockchain. It is require to transact on the blockchain.
2. Wallets are important because they protect and make use of your keys.
3. The two permissions are owner and active. Owner implies ownership of an account and can do changes to its authority. Active is used for transferring funds, and other high-level changes.

[leander]

@filip

• What is an account?
• Why are wallets important?
• What two permissions exists, and how do they differ?

1. Accounts are strings of characters representing entities on the EOS blockchain

2. Wallets are the safes where accounts keys are stored. They are important because they represent the entity behind them and can’t be restored if lost or stolen.

3. There are 2 kinds of permissions: owner permissions and active permissions. Both serve different purposes.
   Owner permissions have a higher authority which allows them to change permissions on other related accounts.
   Active permissions on the other hand are used to transfer funds, for voting or other high level changes

[apeondrums]

1.What is an account?
An account is human-readable name that is stored on the blockchain, and is required to transfer or push any valid transaction to the blockchain. The authority within an account can either belong to an individual, or split into a group, depending on the configurations.

2.Why are wallets important?
Wallets store keys. As long as a person possesses a key, they essentially own and are able to control the account. Therefore, the wallet stores the keys safely, and should be guarded carefully.

3.What two permissions exists, and how do they differ?
The two native permissions that exists are “owner” and “active”. “owner” symbolizes ownership of an account, and I would compare it to a root user account, where “owner” possesses the ultimate power over the account, and is often only used for transactions that effect big changes, like making a change to the owner authority itself.

“active” can be used for the conventional effects on the blockchain, like transferring funds, voting for producers, and other high-level account changes.

[paul1]

1. An account in EOS is a user-owned entity for storing and signing transactions and smart-contracts.
2. Wallets are important for storing key pairs.
3. owner and active are the 2 default permissions that exist on an account. Owner is as stated - the owner of the account. The active permission is used when transferring funds or voting for block producer status.

[paleHopkins]

1. An account is a human-readable identifier that is stored on the blockchain.

2. Wallets help with storing keys and making transactions. It makes the blockchain accessible to the user.

3. Owner and active are the two permissions. Owner is the admin of the account and should be kept hidden or in cold storage. Active is used to make transactions or vote for producers.

[jorge]

1. What is an account?
   An account is a human-readable identifier that is stored on the blockchain. an account is required to transfer or push any valid transaction to the blockchain.

2. Why are wallets important? Ideally, a wallet has a locked (encrypted) and unlocked (decrypted) state that is protected by a high entropy password.

3. What two permissions exists, and how do they differ?

• owner authority symbolizes ownership of an account. There are only a few transactions that require this authority, but most notably, are actions that make any kind of change to the owner authority. Generally, it is suggested that owner is kept in cold storage and not shared with anyone. owner can be used to recover another permission that may have been compromised.
• active authority is used for transferring funds, voting for producers and making other high-level account changes.

[Capaburro]

1. What is an account?
An account is a human readable identifier that is stored on the blockchain that can be owned by authorisation by an individual or group of individuals and is required to push valid transactions to the blockchain.

2. Why are wallets important?
Wallets are important because they protect your keys and make use of your keys.

3. What two permissions exists, and how do they differ?
Owner permission and active permission. The owner permission let you take control of your account while the active permission let you make transactions/voting/high level changes.

[Luukjweber]

1. What is an account?
   An account is a human-readable identifier. It’s a unique group of permissions within a given EOS network identified by an unique name.

2. Why are wallets important?
   In order to store keys to receive access permission.

3. What two permissions exist, and how do they differ?
   here are two native named permissions, owner and active. They differ in terms of the privileges granted to an account – the owner permission can be used for transferring ownership, whereas the active permission tends to be used for the more regular tasks like transferring funds and voting.

[tjourneyinge]

1. What is an account? It is a human-readable name that is stored on the blockchain.
2. Why are wallets important? Because they store keys
3. What two permissions exists, and how do they differ? owner and active are the 2 native permissions for every account. owner are for actions that can make any kind of change to the owner authority. active is used for transferring funds, voting producers and making other high-level account changes.

[ManLabor]

1. What is an account?

   An account is a human-readable identifier that is stored on the blockchain.

2. Why are wallets important?

   Wallets are clients that store keys and provide permissions for the account.

3. What two permissions exists, and how do they differ?

   Owner and Active. Owner permission is related to the account ownership, whereas, active authority is used for transferring funds, voting for producers and making other high-level account changes.

[TNP]

1. What is an account?

An account is a human-readable identifier that is stored on the blockchain. It can be owned through authorization by an individual or group of individuals depending on permissions configuration. An account is required to transfer or push any valid transaction to the blockchain.

2. Why are wallets important?

Wallets store the keys that can be associated, but don’t have to, with a permission linked to an account. The keys are used to sign a transaction onto the blockchain.

3. What two permissions exists, and how do they differ?

owner authority: symbolizes ownership of an account. There are only a few transactions that require this authority, but most notably, are actions that make any kind of change to the owner authority. Generally, it is suggested that owner is kept in cold storage and not shared with anyone. owner can be used to recover another permission that may have been compromised.
active authority: is used for transferring funds, voting for producers and making other high-level account changes.

[Jaiseab]

1. An account is human readable name stored on the blockchain that can belong to an individual or a group.

2. They are clients that store keys for transacting based on the permissions of the account.

3. By default two permissions are created;

owner - that has full access to account. It can even change keys and transfer ownership of account.

active - that can transfer funds, vote, and other high level changes. It cannot change ownership

[msofley]

1. What is an account?
   An account is a human readable identifier which can be identified on the blockchain.
2. Why are wallets important?
   Wallets store the private keys of the account.
3. What two permissions exists, and how do they differ?
   Two permissions that exist are owner and active. EOS recommends that the owner private key be kept in cold storage and that only the active private key be used in day to day transactions. The owner private key can change the active private key and permissions but the active private key can not change the owner private key or permissions. This would help if an account was ever compromised.

[site]

1. “An account is a human-readable identifier that is stored on the blockchain.”
2. Wallets store keys required to use an account.
3. “Every account has two native named permissions [owner and active authority.]” Owner authority may modify the owner. Active authority may transfer funds, vote and other things.

[Sid]

1. What is an account? An account is a human readable repository for permissions for use in authorizing transactions on the Eosio blockchain.
2. Why are wallets important? Wallets are like clients to the Eosio blockchain (database) they hold the keys (passwords) that allow you to authorize and sign transactions that happen on the Eosio blockchain. A wallet is potentially a number of things as well. It could even be an exchange via which the owner of the wallet can trade tokens. It can be programmed to allow customizable levels of permissions.
3. What two permissions exists, and how do they differ? The two native permission levels are active and owner. The difference is that the active permissions are used for the pedestrian actions that need to be performed (authorizing transactions, voting on bps, etc). The only difference between the owner and active is that the owner permission can re-assign ownership level permissions. This makes it necessary to be very careful in handling the owner persmissions. If the owner permission is given away by allowing someone to have control of the private key that it is associated with, then the original owner of the account can be locked out of control of their Eos.

[7unrider]

1. What is an account?

An account is a human-readable identifier (name) that is stored on the blockchain.

2. Why are wallets important?

Wallets comprise the software that stores, protects and makes use of keys that are needed to authorize a transaction on behalf of an account.

3. What two permissions exist and how do they differ?

Every account has 2 default permissions: (1) owner and (2) active. They differ in the nature of the transactions for which they can be used.

The owner permission represents ownership of the account. Its use is generally limited to actions that make changes to the owner authority and is used to recover another permission that has been compromised. The active permission, however, is used to transfer funds, vote for producers and make various high-level account changes.

[Blank]

1. An account is an account is a human-readable identifier that is stored on the blockchain.
2. Wallets are imported to store privates keys and sign transactions.
3. Owner key authority symbolizes ownership of an account. It can be used to recover another permission that may have been compromised. Active key authority is used for transferring funds, voting for producers and making other high-level account changes.

[LaNdYn]

An account is an identifier on the blockchain you that everyone can read. Wallets are important because they hold or store private keys. Also, wallets are protected by a high entropy password. Two permissions are Owner and Active. Active is used to transfer funds and the owner permisson is to represent ownership of an account.