The Lisk (LSK) is an Ethereum blockchain-based cryptocurrency that was launched in 2016. Lisk is one crypto that is able to integrate a Javascript framework into its blockchain structure, which makes it possible for developers to develop applications. In this Article we are going to go over how to Store Lisk (LSK) using the official Lisk Wallet also known as Lisk Nano.

Anyone intending to get the Lisk (LSK) coins would need to get the Lisk token by buying either Ethereum or Bitcoin and doing an exchange for LSK coins on an exchange platform.

After getting the Lisk coins, it is up to the user to decide where it should be stored; it can either be on the exchange (where it was gotten in exchange for either Ethereum or Bitcoin) or the user can decide to transfer the LSK coins to a Lisk Wallet. However, it is not advisable to store your coins on an exchange as there are vulnerabilities, the vulnerabilities include theft, phishing, and scams among others, and the user could lose all the coins as a result of storing the coins on the exchange.

For owners of the Lisk coins, the best way to keep the coins is by using the Lisk (LSK) wallet. The wallet is cross-platform as it is available for use on different operating systems like Windows, MacOS and Linux, also there is the availability of a web-based Lisk wallet (This is not used as regularly as the official wallet)

The Lisk Nano is the official Lisk wallet, and it allows the user receive and send transactions while using the Lisk platform. Users get easy access to the intuitive interface, which enables even beginners in the cryptoworld get easily acquainted with the workings of the wallet. The Lisk wallet is able to interact with other nodes within the Lisk network; this eliminates the need to sync with the blockchain, and saves the user the trouble of downloading the whole blockchain.

How to Store Lisk

For accessibility to the functions of the Lisk wallet, the user will need to take the following steps:

  • Access Lisk official website to download the wallet. Lisk Hub (download the one that corresponds with the device’s OS)
  • Run an installation of the downloaded Lisk wallet file.
  • Open after installation, and then proceed with the creation of a Lisk account.
  • Retrieve your secret passphrase, do a verification of the passphrase and keep safely, as without it, you would be denied access to the wallet.
  • Now you can send and receive Lisk coins with your Lisk wallet.

Pros

  • It is open source.
  • It is hierarchically deterministic.
  • Intuitive interface.

Cons

  • No multi-sig.
  • No 2-factor authentication.