Tag: LISK Blockchain

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Cryptocurrencies

LISK HUB wallet Review: Is It The Safest Lisk Blockchain Wallet Yet?

Lisk Hub wallet is the official web and desktop app wallet for the Lisk blockchain. It was created by the Lisk Blockchain developers and launched in February 2018. And with the discontinuation of the full stack Lisk Nano wallet, Hub has become increasingly popular with the Lisk blockchain enthusiasts. According to its developers, the wallet is specially designed to serve both expert and beginner crypto investors by providing the user with the “best experience and security.” The wallet replicates and improves on all the operational and security measures embraced by Lisk Nano.

Lisk Hub web wallet

Lisk Hub wallet is the official web and desktop app wallet for the Lisk blockchain. It was created by the Lisk Blockchain developers and launched in February 2018. And with the discontinuation of the full stack Lisk Nano wallet, Hub has become increasingly popular with the Lisk blockchain enthusiasts. According to its developers, the wallet is specially designed to serve both expert and beginner crypto investors by providing the user with the “best experience and security.” The wallet replicates and improves on all the operational and security measures embraced by Lisk Nano.

Lisk Hub wallet is the official web and desktop app wallet for the Lisk blockchain. It was created by the Lisk Blockchain developers and launched in February 2018. And with the discontinuation of the full stack Lisk Nano wallet, Hub has become increasingly popular with the Lisk blockchain enthusiasts. According to its developers, the wallet is specially designed to serve both expert and beginner crypto investors by providing the user with the “best experience and security.” The wallet replicates and improves on all the operational and security measures embraced by Lisk Nano.

But does this make it the most effective and most secure Lisk-specific wallet? How does it compare to other Lisk Blockchain wallets? We answer these by looking at the operational and security measures adopted by the wallet and highlighting everything else you need to know about the Lisk Hub wallet in this review.

Key features

Cross-platform: Lisk Hub is a cross-platform wallet that started off as a web wallet but has since launched the desktop app version. It is a light wallet that doesn’t require you to download the Lisk blockchain to your computer. Rather, it connects to the Lisk blockchain via ultra-fast remote nodes.

Blockchain explorer: Lisk Hub web wallet also features a blockchain explorer feature that allows you to monitor different wallets and explore Lisk’s decentralized network. The explorer lets you view different blocks and Lisk transactions or inspect the elected and prospective Lisk delegates.

Voting and Staking: Lisk blockchain runs on the proof of stake consensus that allows individuals to stake their Lisk Tokens for a chance to win rewards and participate in electing block validators. Ideally, every staked LSIK coin equals one vote when voting in delegates and block validators. But how much you earn from staking depends largely on the number of coins staked.

Lisk Newsfeed: In addition to the explorer, the Lisk network integrates the newsfeed tab to your wallet’s user dashboard. Here, you get the latest and most updated news about the happenings within the network, like the listing of new tokens or general announcements.

Lisk SDK: Lisk Hub wallet users will also have access to the Lisk SDK app builder tools. They can, in turn, use the resources provided here to create decentralized apps and tokens. Unlike most other blockchain SDK that uses new programming languages, SDK is available in the all-popular JavaScript and TypeScript languages.

Decentralized exchange (coming soon): The Lisk blockchain development team is also expected to launch a proprietary decentralized exchange soon and probably integrate several other third-party exchanges. And with Lisk Hub’s growing popularity, they will all feature on the wallet’s dashboard.

Security features

Password: Lisk Hub, like any other Web or desktop wallet, is secured with a password that you get to set when creating a user account. It not only discourages authorized access to your digital assets but also serves as the wallet encryption tool, encrypting your private keys and any private data saved in the wallet.

12-word recovery seed: When creating a user account, Lisk hub uses the personal data you key in to customize a Lisk Identity for you. It, in turn, uses to create a personalized 12-word recovery seed. Write this seed down on a piece of paper and save it offline as you will need it to restore lost wallet and recover private keys.

Non-custodial: Lisk Hub wallet is a non-custodial wallet that encrypts and saves your personal data and private keys in your device – not on the blockchain servers.

Anonymous trading: When creating a user account on Lisk Hub, the wallet will collect as little private information as possible. It also limits the amount of private data it collects every time you transact. This information is then highly encrypted and stored in your device – not the wallet servers.

Open source: Lisk Hub wallet is also built on an open-sourced blockchain technology. Anyone can view and audit the wallet source code by downloading it from the Lisk.io website or the Lisk Hub page on GitHub.

How to set and activate the LISK HUB wallet

Step 1: Start by downloading the Lisk HUB browser extension or desktop app compatible with your browser/computer operating system.

Step 2: Launch the app and since you are new to Lisk Hub, select the “Create a new wallet” option

Step 3: Enter a preferred username for the wallet and create a unique password.

Step 4: You will now be provided with 12 random phrases that represent your seed phrase. Write them down and save them offline.

Step 5: The wallet is active and ready for use

How to add/receive Crypto into your LISK HUB wallet

Step 1: Log in to your Lisk Hub wallet and click on the ‘Receive’ tab on the user dashboard

Step 2: A deposit screen will appear, displaying the wallet’s private address and QR code

Step 3: Copy either of them and forward it to the individual sending you cryptos.

Step 4: Wait for your Lisk to reflect in your wallet.

How to send Crypto from your LISK HUB wallet

Step 1: Log in to your Lisk Hub wallet and click on the ‘Send’ icon on the user dashboard

Step 2: On the transfer window that pops us, enter the recipient’s wallet address and the amount of Lisk tokens you wish to send

Step 3: Confirm the accuracy of these details and hit send.

LISK HUB wallet ease of use

Lisk Hub makes it to the list of the most versatile Lisk Blockchain wallets. It is highly customizable and allows you to customize the icons and illustrations on the wallet dashboard and change the wallet’s theme (dark mode available).

It also features a quick and straightforward onboarding process, given that it doesn’t ask for personalized user details. The processes of sending and receiving cryptos in and out of the wallet are also easy and straightforward.

LISK HUB wallet supported currencies

Lisk Hub web wallet is a Lisk-specific wallet and will only support Bitcoin, Lisk tokens, and any other token built on the Lisk Network.

LISK HUB wallet cost and fees

Lisk Hub web and desktop app wallet is free to download and install. You also won’t be charged for storing cryptocurrencies therein.

However, you will be charged a small transaction processing fee by the Lisk Network whenever you send cryptos to another wallet or exchange.

LISK HUB wallet customer support

There exist several channels that you can explore when seeking an audience with the Lisk Hub wallet support team. You could start by checking out the FAQ page on their website or joining the community forum where your questions are answered by both experienced Lisk Hub wallet users and developers. Alternatively, contact the team directly via email or messaging them on their social media pages on Twitter, Reddit, or Facebook.

What are the pros and cons of using the LISK HUB wallet?

Pros:

  • Lisk Hub wallet is easy to use and easily customizable and even features the dark theme.
  • The wallet is quite versatile and available as a browser extension or a Windows/macOS desktop app.
  • The wallet integrates several key features that include a newsfeed, community forum, Developer’s forum, and blockchain explorer with the exchange and sidechain registration expected in the near future.
  • It is relatively safe and even features a backup seed phrase.
  • It allows you to easily monitor your portfolio and keep tabs on your digital asset balances via the history tab that lists all your crypto inflows and outflows.

Cons:

  • Lisk doesn’t have a mobile app option.
  • One may consider the transaction fees charged by the Lisk blockchain to be quite high.
  • It will only support Bitcoin and Lisk affiliated tokens.

Comparing LISK HUB wallet with other Lisk wallets

LISK HUB wallet vs. Lisk Core wallet

Lisk Hub and Lisk Core are both desktop wallets built specifically for the Lisk blockchain. Both will only support Lisk tokens and other tokens built on the network. They also have virtually similar integrated operational and security features. But while Lisk Hub is a light wallet app, Lisk Core is a full-stack node wallet.

This implies that while Lisk Hub uses remote nodes to connect to the Lisk blockchain, Lisk Core has direct access to its Graphical user interface and synchronizes the blockchain downloaded on the user’s computer with the Lisk mainnet in real-time. Lisk Hub, however, carries the day with an easy onboarding system and easier to use interface.

Verdict: Is LISK HUB wallet safe?

The free web and desktop wallet has put in place highly effective security and privacy measures aimed at keeping your private keys safe and your crypto vault secure. It has taken this a step further by minimizing the amount of client data it collects, encrypting this data, and saving it on your computer. The make it considerably safe. However, the fact that it is online-based means that it is prone to the inherent threats facing hot crypto wallets. 

Categories
Cryptocurrencies

Lisk Core Crypto Wallet Review: Is It The Safest LISK Wallet Yet?

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.

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.

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 SDK App builder: One of the unique features that help set Lisk apart from the competition is the LISK SDK that gives you a platform to develop decentralized apps. And unlike other blockchain-linked app builder platforms that seek to introduce new programming languages, LSK SDK supports the all-popular JavaScript and TypeScript languages. Plus, you also get to interact with some of the Dapps built on Lisk SDK.

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.

The Lisk SDK app builder platform can also be considered user-friendly as it comes available in popular programming languages JavaScript and TypeScript. However, we must observe that the desktop client and its tools are more adapted for programmers and developers looking to build and launch a decentralized app on the ultra-secure Lisk blockchain.

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

Pros:

  • 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.

Cons:

  • 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.