Lisk Core crypto wallet is a full node desktop client and one of the most popular wallets for the LISK blockchain. And on their website, LISK Core is described as a highly innovative wallet focusing on both “Best user experience and security.” But Lisk Core is more than a crypto wallet and can easily pass for a Lisk Blockchain annex. It not only provides you with a direct link to the LISK blockchain but also integrates the unique App-Builder tools.
This review seeks to determine whether Lisk Core is the most secure Lisk wallet yet and how its integration with the Lisk blockchain network has improved its efficiency. We will also be looking at such factors as ease of use, customer support, pros, and cons before comparing it to equally popular Lisk wallets.
Lisk Core wallet key features:
Full node desktop client: Lisk core wallet directly integrates the graphical user interface for the Lisk Blockchain. Therefore, installing the desktop client translates to downloading the Lisk blockchain on to your computer and synchronizing it with Lisk mainnet. The process may be time-consuming and takes up significant computer storage space.
Blockchain explorer: The desktop client also integrates a blockchain explorer tool for Lisk Mainnet. Via the explorer, you can monitor the Lisk decentralized network, monitoring transactions, wallets, and vet blockchain delegates.
Hardware wallet support: Lisk core desktop client is also highly versatile. It, for instance, can be integrated with Trezor and Ledger hardware wallets. And this integration comes in handy in maxing the number of supported cryptocurrencies and boosting the wallet’s safety.
Vote for delegates: Lisk blockchain operates on the proof-of-stake consensus algorithm. Staking LSK tokens gets you involved in the Lisk network’s decision-making processes. It could, for instance, ensure that you participate in voting for Lisk network delegates.
Lisk Core security features:
Password encryption: You will be required to create and secure your Lisk Core desktop client with a password when installing the wallet and creating a user account. This passphrase doesn’t just secure your wallet but also serves as an encryption tool.
Open source: The wallet Lisk desktop wallet is built on an open-sourced technology. Anyone is free to view and audit its code for possible loopholes or malicious codes. Blockchain security experts are especially advised to query this code, that’s available on GitHub and participate in the Lisk Bug Bounty Program that rewards individuals who discover loopholes or suggest security patches for Lisk.
Non-custodial: Though Lisk desktop client integrates directly with the blockchain user interface, it doesn’t store your digital assets in the Lisk servers. Rather, the Lisk desktop wallet saves your private keys within the computer.
Recovery seed: The Lisk Core desktop client will also backup your wallet and provide you with a recovery seed. That comes in handy when recovering lost private keys or restoring the desktop client on a different computer.
How to set up and activate the Lisk Core crypto wallet:
Step 1: Download the Lisk Desktop client from the wallet’s official website or GitHub
Step 2: Install and on upon launching, click ‘Create New Wallet.’
Step 3: Enter your name and create a unique multi-character password for the wallet
Step 4: The wallet will provide you with a recovery seed. Copy the phrases correctly on a piece of paper and keep them safe, offline.
Step 5: The wallet is now active and ready for use
How to add/receive LSK tokens to your Lisk Core crypto wallet:
Step 1: Log in to your Lisk desktop client and on your user dashboard, click on the “Receive” tab
Step 2: This reveals your public wallet address. Copy it and forward it to the party sending you crypto
Step 3: Wait for the coins to reflect on your wallet
How to send cryptos from your Lisk Core wallet
Step 1: Log in to your Lisk Core desktop wallet and on the user dashboard, click “send.”
Step 2: If you have more than one cryptocurrencies hosted here, select the crypto address from which you wish to transfer funds
Step 3: Enter the recipient’s wallet address and the number of cryptocurrencies you wish to send
Step 4: Confirm the accuracy of these details and hit send
Lisk Core ease of use
Downloading and installing the Lisk Core desktop client and creating a user account is easy and straightforward. It is also highly intuitive and easy to use as it features a unified and scalable navigation menu that is compatible with multiple sizes of computer screens.
Supported currencies and countries
Lisk Core desktop wallet supports both Bitcoins and LSK Tokens and is available in virtually all crypto-friendly countries worldwide.
Lisk Core wallet cost and fees
The Lisk Core wallet desktop client is free, and you won’t be charged when you install the wallet or store your BTC and LSK cryptos here.
But every time you initiate a transfer out for either crypto, you will be charged network fees – collected by the respective blockchains and not Lisk Core wallet.
Lisk Core customer support
Lisk Core wallet has a relatively responsive customer support team. And client assistance starts with the regularly updated FAQ and announcement pages on their website. The FAQ addresses all the common challenges Lisk core wallet users face, while the Announcements page features recent news and explanatory guides about updates to the wallet.
You are also encouraged to join the Lisk community forum and interact with the wallet developers and other users. Here, you can raise queries about the wallet and have them answered by your peers or wallet developers.
For more personalized queries, you can reach out to the Lisk customer support team by sending them an email, joining the live chat via Discord app, or direct messaging them on the wallet’s official wallet social media pages like Twitter, Facebook, or Reddit.
What are the pros and cons of using Lisk Core Crypto Wallet
- The desktop client is highly secure as it integrates multiple security features over the wallet.
- It is highly intuitive and features an easy to use and easily navigable user interface.
- Its integration with the Lisk blockchain gives you access to all the mainnet’s features, including voting rights.
- Lisk core desktop client provides you with a link to the Lisk SDK where you can develop Dapps for free.
- It can only support Bitcoins and LSK tokens.
- It is not beginner-friendly but specially designed for technical Dapps developers.
- The Lisk core wallet is a full node desktop client that takes consumes significant computer storage space and RAM.
- Comparing Lisk Core Crypto wallet with other Lisk wallets
Verdict: Is Lisk Core Crypto wallet safe?
Well, Lisk Core is a full node desktop client and, as such, may be considered secure than most other web and app-based wallets. In addition to this, Lisk core has embraced multiple security features around the wallet that include encrypting data in the wallet with a password, open sourcing the wallet technology, and providing users with a recovery seed. However, we must mention that being a full node desktop client doesn’t make the wallet immune to online hacks and phishing attacks. And that its failure to embrace premium encryption tools or two-factor authentication goes against its security-focused mantra.