How to Create a Lisk (LSK) Wallet | Step-by-Step Guide | Guarda tutorials
How to Create a Lisk (LSK) Wallet | Step-by-Step Guide
Create a Lisk wallet in just 4 easy steps on Guarda — the leading provider of non-custodial cryptocurrency wallets. In this comprehensive guide, we will show you how to set up a new wallet for LSK step by step.
What is Lisk?
LSK native token is used primarily in the dApps on the Lisk main chain. Unlike Bitcoin and many other cryptocurrencies, LSK isn’t accepted as payment by merchants. It is rather a digital currency for developers wishing to use the platform. LSK serves as a fuel to the Lisk network. The latter is decentralized like Bitcoin, Nxt or Bitshares but unlike all of them, it doesn’t use Proof-of-Work (Pow) or Proof-of-Stake (PoS) protocol. Lisk exploits a simplified implementation of the original Bitshares’ consensus algorithm called Delegated Proof-of-Stake (DPoS). This means that every LSK holder can vote for mainchain delegates securing the network.
How to store Lisk?
There’s a number of variants where to keep your Lisk. You may even store it directly on the exchange but a proper trustworthy wallet will definitely enhance the security. Here you face a difficult choice between various cryptocurrency wallets presented on the market. The Guarda team conducted a research in the field and prepared for you a helpful check-list. Follow the points below to make the right decision.
Focus on security
Speaking of crypto storages, we’d like to start with the vital criterion — security. Multiple useful features of the wallet won’t do any good if the funds are stored not safe enough. Generally, we recommend looking for a custody-free wallet. In comparison to custodial wallets, non-custodial ones are much more reliable. They reduce the risks of losing money and never keep or share with any third-party services the user’s personal data or private keys. Thus, getting one of them you’ll be completely in charge of the crypto assets and backups.
Check the update history
When it comes to financial instruments and services, it should be clear for you: permanent development means security. You trust the wallet with your money and if you’re not ready to lose it, look for a gradually evolving product. Development teams always announce their wallets’ updates, bug fixes and new features. Look through the wallet official website, social media pages and community chats to understand the situation. The long silence is definitely a bad sign. Go for another variant in this case.
Get familiar with the wallet reviews
Sometimes user feedback can be really helpful not only for evaluating the wallet’s trustworthiness but also for better understanding its special features. Go to the dedicated pages of App Store and Google Play if you’re looking for a mobile application or visit specialized review platforms like Trustpilot and CryptoCompare. It’s better to know all the drawbacks and pitfalls beforehand, right?
While exploring the users’ comments, pay attention also to the developer’s activity. If you’re about to get a wallet but its representatives don’t consider it necessary to answer the questions and claims, better change your mind.
Join the wallet community
Think of it as a source of information rather than a social club. Cryptocurrency communities are especially helpful to novices who suffer from a vast amount of information floating around. Experienced community members, in their turn, know the answers to most of the questions concerning the wallet, its features and operations with crypto. They can teach you to navigate in this sea, tell decent projects from scams and manage your money wisely. Check and Twitter, GitHub in order to find like-minded people. Facebook, Telegram, Reddit, Discord, Steemit
Start using your Lisk wallet
If you followed all the recommendations given above and finally made up your mind, it’s time to give a try to the chosen wallet. Guarda Wallet meets all the listed requirements and supports Lisk on multiple platforms: web, desktop (Windows, Linux, MacOS), mobile (Android and iOS) and Chrome extension. In the next paragraph, we will explain to you how to set up a Lisk wallet in just a few easy steps on Guarda.
Create a Lisk (LSK) wallet by following these 4 steps:
- Go to Guarda Wallet website and click “Create Wallet” on the main page;
- Think of a strong password for your wallet;
- Download the backup file and store it in a secure place;
- Your Lisk wallet has just been created!
Step 1. The button you need is situated in the upper right corner of the Guarda Wallet website. Once you’ll click it, you’ll be redirected to the welcome screen. Choose to create a new wallet again in order to proceed. If you would like to find some extra information on the Waves wallet you’re about to create, please, check the Web Wallet page.
Step 2. Making up a strong password for your new Lisk wallet is crucial. To protect your crypto assets well, try not to repeat the same password you already use for some other services. Choose a combination of upper/lowercase letters, numbers and symbols. You can find some helpful information on cryptocurrency wallet passwords in our guide.
Step 3. Downloading your backup and finding a secure place to keep it in is extremely important. You can only log into your Lisk wallet with a combination of Guarda wallet backup and the wallet password. As we already mentioned, all Guarda wallets are non-custodial. Hence, the company doesn’t store your backups and cannot access them. Due to this, we won’t be able to restore them in case of loss. Please, make sure to save your backup file and never share it with anyone.
Step 4. Your new wallet for Lisk is all set up! Now you can store and manage LSK safely and smoothly with all the features that the Guarda team has prepared for you. Enjoy!
Originally published at https://guarda.co on June 6, 2019.