Configuration Options
There are five main configuration options that are relevant as of now, and these are Account Merge, Manage Data, Set Options - Home Domain, Set Options - Weight, Thresholds, and Signers, and SetFlags.
Account Merge
An Account Merge operation is used when you want to delete an account on the Stellar blockchain. In order to delete an account, you must get rid of all your native XLM and subentries; such as trustlines, additional signers, open offers, and data entries.
Manage Data
The Manage Data operation consists of setting, modifying, or deleting data entries within an account’s metadata. Data entries are a key/value pair of application-specific data attached to an account. Each data entry increases the account’s minimum balance by one base reserve- 0.5 XLM.
Set Options: Home Domain
The Set Options operation enables many different configurations. The Home Domain configuration option allows an individual account to point to a web browser domain. The domain serves a TOML file that displays information about the account's Stellar integration. The stellar.toml file proves who owns the HTTPS domain linked to a Stellar account, and that the owner is responsible for accounts and assets linked on it.
Set Options - Weights, Thresholds, and Signers
Again, the Set Options operation enables many different configurations. The weights, thresholds, and signers configuration options allows an account to set weights for the master key and additional signers, set thresholds for operations, and add additional signers to an account for multi-signature transactions. The weight of a signer determines how much leverage the signer has in each transaction, and the default weight for the master key is one. Each operation is categorized as having either a low, medium, or high threshold (0-255), and the default threshold value for each category is zero; which guarantees that the master key can always sign the transaction. If the thresholds are set to be greater than zero, then the master key's plus additional signers weights need to be greater than the operation threshold. It's possible to lock yourself out of your account if the operation thresholds are set to be greater than the signature weights added up together.
Set Options: Set Flags; Set Trust Line Flags
Again, the Set Options operation enables many different configurations. There are four flags that can be set: Authorized Required, Authorization Revocable, Authorization Immutable_, and Clawback Enabled. The authorized required flag will require another account to be approved before it can hold the issued asset. The authorization revocable flag will enable the issuing account to revoke another account from being authorized; which prevents the other account from transferring or trading the asset, and closes any open orders. The authorization immutable flag restricts any of the other flags from being set and disables the issuing account from being mergeable. The clawback enabled flag gives the issuing account the right to get back any portion of the other account's balance of the issued asset. When interacting with issued assets, it's important to know which flags they have set so you're not caught off guard by revoked or clawbacked assets.
The Set Trust Line Flags operation enables the issuing account to set flags for individual trustlines. There are two flags that can be set for this operation: Authorized and Authorized To Maintain Liabilities. The authorized flag gives full authorization to another account (truster) allowing it to transact freely with the issued asset. The authorized to maintain liabilities flag gives limited authorization allowing it to maintain current orders, but prevents future operations from occurring without approval.
Outro
I plan on writing corresponding blog posts with relevant code examples. For now, I am simply learning the basics of the Stellar blockchain and utilizing the Stellar Laboratory in order to interact with the test net.
If you wish to learn about the Stellar blockchain, and earn while doing it, then please visit: https://quest.stellar.org/
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