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Bluesky has gained a million new users in the last three days.
(www.theverge.com)
This is a most excellent place for technology news and articles.
I assume you hold your own cryptographic keys, but I'm not actually sure how that works. Your client needs access to them to make posts, and it wouldn't make sense for the server to hold your private key, since that would mean the owner of your instance could make posts as you.
I haven't actually signed up to BlueSky to figure this out yet.
Edit: So it looks like users are authenticated using https://github.com/did-method-plc/did-method-plc But the keys are stored on the server, with an option to view your key for backup and migration. That does mean a certain level of trust with your instance, but you can self-host if that's a concern. A malicious host at least can't prevent you from rotating your keys and leaving (unless of course they steal your account entirely by rotating your keys themselves)
I mean, this is quite normal and common for all traditional social media (or any site really) you sign up for. It's what most ActivityPub instances do too, though there's nothing in ActivityPub that requires the server to hold the private key. It could in principle be held by the client but I don't believe there is any implementation that does that currently.
Yeah, this is just me tacking on extra features I'd like. My security-minded programmer brain can't help but think of all the edge-cases. It's something that is suddenly possible with distributed social media that never was before.