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RE: Memos, keys and passwords, Balrogs and Fields of Despair. Be safe. Almost $100k wasn't.

in #steem7 years ago

Good thing to know. You're making me worried now, but a little concern is a good thing.

I still dont understand what keys are used for though. Is that like some kind of backup password or something?

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You might think about Master Password as a container with all the keys inside to make life simpler for users that are not used to managing key material. In fact, under the hood, Steem doesn't know anything about Master Password. Steem uses keys. Steemit site, on browser side (i.e. locally, on your device) gets proper key from Master Password and uses it to perform actions on Steem. Changing Master Password generates all new key pairs and replaces them.