Lisk is a blockchain based cryptocurrency, to keep funds safe and to send /receive LSK you will need a suitable wallet. This article provides a guide to the wallets available for Lisk LSK and then functionality and differences between each.
The Best Lisk (LSK) Wallets
The table below shows compatible wallets for Lisk LSK. The table was pulled from our wallet finder tool which can be used to find suitable wallets for any cryptocurrency.
To better understand some of the specific functionality of the Lisk wallets we need to understand a little more about the function of this blockchain. Lisk is a platform play a little like Ethereum that allows DApps to be hosted on a dectralized network. Lisk uses Delegated Proof of Stake (DPoS) as it’s consensus algorithm. This is an alternative to Bitcoin’s Proof of Work (PoW) system and aims to be more energy efficient, faster and less centralized.
PoS allows network participants to stake their tokens in order to validate a block. Delegated Proof of Stake means that those performing the staking are selected. With Lisk only 101 delegates can be staking at any time, anyone can propose themselves to become a delegate but they need to be selected by the community. Successful delegates are generally active community members who are contributing to the project and are providing the hardware systems with good up time necessary for staking . Delegates that have been voted into the top 101 tend to provide a percentage of the LSK they earn back to those who voted for them. It is through wallets that you will be able to select and vote for the delegates of your choice.
You may hear Lisk Nano mentioned, this is the old Lisk wallet that has now been replaced by Lisk Hub.
Lisk Hub is the desktop based Lisk wallet. As the name describes this an all in one solution to manage Lisk. Functions include:
- Manage Lisk ID
- Send and receive Lisk tokens
- Vote for delegates
- Blockchain explorer
Future plans for the Hub include
- A DEX (decentralised exchange)
- Sidechain’s registration
- Functionality to launch ICO
- Hub from which you can interact with the Lisk blockchain and others a single place from which to manage you activity.
Installing and using Lisk Hub
Installing Lisk Hub is easy you just download the version you need for your OS. There are no real options you just run the setup EXE and it installs everything for you
Once installed you will be prompted to create a username.
This is quite neat as you move your mouse the username will be created based on these random movements.
When complete you will also see an Avatar which represents your ID. Next you have to make a note of your passphrase information, then your’re able to access the hub let’s get familiar with it’s layout.
Dashboard – The Dashboard view provides an overview showing your balance, the current price of LSK plus you can search for delegates and transactions.
Wallet – The wallet allows you to send and receive LSK
Delegates – Remember delegates are those that provide the delegated proof of stake and earn LSK for doing so. The delegates tab first needs to be enabled in settings, once this is complete you can see who the current delegates are, vote for your choice or become a delegate yourself.
Sidechains – The sidechains tab currently just shows a coming soon message. Sidechains are Lisks unique approach to dectralized applications. Each application developed to run on the Lisk network will have it’s own sidechain connected back to the mainnet. This independent sidechain will ensure that each app has it’s own space to run in and congestion will be avoided.
Lisk mobile is not as fully featured as Lisk Hub but still it features a nice easy to use interface and makes spending and receiving LSK simple. Also within the mobile wallet you can view your transaction history, you can see a summary of the features in this video. You can download the mobile wallet for Android or Apple systems.
If you wish to run a full node on the blockchain you will need to run Lisk Core. Lisk core is recommended for advanced users only, it will allow delegate forging access and by running a full node you are contributing to the Lisk Network. Unless you are a techie who want’s to play or have a specific use case for it there are easier wallets to use.
Lisk Commander allows contributors and developers to run CLI command against local or remote nodes to perform Lisk related tasks. Again for the average users there are simpler wallet choices.
This article covered some background on Lisk and the available wallets for LSK. To find wallets for other cryptocurrencies use the wallet search.