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RE: About the upcoming virtual currency regulation in the EU and what it maybe means for steemit

in #virtual • 8 years ago

Very interesting! From what you've said here, Steemit would not fall under this regulation as Steemit does not store private keys. Steem is based on Graphene, the tech behind Bitshares, and therefore uses a similar model to Bitshares where the private keys are only kept in the browser and used to sign the transaction locally, and this transaction is then broadcast using an API server.

This post by @dantheman explains how keys are generated from your password. You can also log in using your private key directly.

8 years ago in #virtual by
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     8 years ago (edited)

    Thanks for the clarification. Very nice technology.

    Also I noticed confusingly Steemit does something I nearly never seen in crypto: it looks better than some non-crypto-competitors (e. G. reddit)

    Edit - sorry for asking questions that are allready answered somewhere - what can I do with my four permission keys?

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