So this is quite a hot topic now, considering Steemit Inc had most of it's technical staff resign and slowly services are dropping out that were part of it. I will say this has been covered in far more technical detail with additional references here https://steempeak.com/@ausbitbank/how-to-change-your-steem-recovery-account-with-steemworld-org
For me the first rule of account recovery is...don't need account recovery. Look after your keys, use only your posting key unless the active key is absolutely required. Where possible use the Keychain plugin for Chrome browser.
Keeping your keys safe is crucial, but so is being able to access them if needed - so you need to store them somewhere where hackers can't find them but you can. Being old and a bit potty I prefer to print out all my keys on a piece of paper..and then store it under the squeaky floorboard behind the kitchen dresser. Now obviously if a hacker manages to geolocate my house, fly to the UK from whatever part of the world they live in, break into my house which is occupied 24/7 by my family who are far more fierce then a pack of Pit Bull's forced to listen to the Ketchup Song for 12 hours straight (Friday night it's party time
Feeling ready looking fine,
Viene diego rumbeando,
With the magic in his eyes)
They could actually steal my keys from under the squeaky floorboard - but that is a risk I'm willing to take.
There are many ways to securely store these keys so you can get at them when needed, but relying on them being in your Steem Account isn't one of them - because once you accidentally leak a key and someone takes over your account - you can't get at any of the other ones you need. So while you are thinking about it now, extract all those keys and store them somewhere safe, or if you are Mensa material just memorise each one.
But what to do if the unthinkable happens and you loses your keys and someone hacks your account? Then you need recovery - and if like me you left that at default it's @steem which is no help at all anymore -_-
Thankfully you can change your recovery account to anyone, so think of a friend, who you can rely on because you need to be able to get in touch with them within 30 days of loosing your account.
Here you can see using steemworld.org that my account recovery is still @steem - oh no I'm actually just giving my Steem away to hackers. Fortunately steemworld.org also makes it super easy to change this account.
By clicking Change Recovery Account I can choose someone I trust and I know I can regularly contact
Here you need to give either your private owner key or use steemconnect. As a rule pasting your keys into things is not a great idea - unless you are 100% sure the site you are pasting then into is legitimate - there are way too many phishing scams. Ideally Steem Keychain is the best way to safely store and use your keys, but it will take a while for all dapps and sites to make use of it fully.
Once you successfully change your account recovery, it will take some time to show up on steemworld.org - if you want to confirm it went through go to https://steemd.com/ and enter your account
It will then show up in your transaction list.
This will ensure that if you need to recover your account, you can be in touch with someone that can help you. There is still a lot of work to do after that - but hopefully you won't ever need to do that - because you take good care of your keys don't you...
On Boarding Accounts
The other question I am seeing a lot is about creating accounts, there are actually many ways you can create accounts including again using steemworld.org if you have enough resource credits
Once you claim an account you do not need to create it, you can just store claimed accounts and create new ones when someone needs one
If you do it this way, the account will have 0 Steem Power and so will not be able to do anything on the Steem Blockchain - so the new owner either needs to be happy to pay for some steem to Power Up or you would need to delegate some of your Steem Power to them so they can start making transactions.
It's easy to change your account recovery and have piece of mind, and we have more then enough ways to open new accounts on the Steem Blockchain. All you need to do is look for the alternatives. And one of the easiest is steemworld.org which is coded and entirely funded by @steemchiller - it costs way more to keep his website running then he get's back in post rewards - and I'm happy to support him by setting 50% of this post rewards to go to him and his work on steemworld.org
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