WIF - Wallet Import Format

WIF is a Base58 format for private ECDSA keys for easier storing/copying. The acronym wif is used in many steem libs as a parameter name for a key.

More technical documentation here.

Steem supports 4 different keys for the interaction with the network:

Owner: Thats the master key to control everything for a user. It can change all other keys including itself.

Active: Transaction key for spending Steem, powering up/down etc. Cannot change owner key.

Posting: Social actions, only for posting and curation.

Memo: Encrypt and decrypt private messages/memos e.g. in transactions.

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