Since the emergence of cryptocurrency industry, so many altcoins have joined the market. While several of them collapsed shortly after for various reasons, there are also those that have thrived over time. Launched in 2016, and currently, with a market cap of 45 US dollars (Eighth biggest), Lisk is one of the resilient cryptocurrencies.
An Overview about Lisk
Forked from Crypti by Oliver Beddows and Max Kordek in May 2016, Lisk became no. 2 on the most popular cryptocurrency list after Bitcoin. It's founders aimed at making blockchain development more reachable.
With its increased popularity and value, its demand and thus that of its secure wallets is bound to surge. Therefore, this article seeks to explain the various offline wallet options available to LSK on the market.
Offline (USB) Storage Alternatives for Lisk Users
Lisk coins are quite valuable digital assets and therefore need to be stored safely. Cryptocurrencies are a new medium of trade that although not fully accepted, are catching up with conservative currencies quickly. In addition to being a medium of exchange, these tokens also provide an excellent investment opportunity. Therefore, in addition to learning how to produce and use these tokens, you should even get to know how you can store your LSK tokens safely.
Cold Storage Vs. Hot Storage
Hot storage or wallet is an address that allows the user to have full-time access to their tokens. Basically, with this wallet, you can receive and spend your altcoins at any time. It is connected to the network and therefore, access is unlimited. With cold storage, on the other hand, limits your access to the stored money when it comes to expenditure. However, you can receive coins at any time. The latter is a safer wallet since it is not connected to the blockchain.
Ledger USB wallets
Offline wallets such as USB wallets are generally more secure when it comes to thwarting possible attacks. They use NAND storage chips to ensure safety from hackers and theft. The ledger USB wallet, however, is even better as it incorporates a second security level. Instead of the NAND chip, this wallet uses Nanotechnology, which also enhances its usability. The ledger USB is also designed with improved aesthetic factors and comes at an affordable price.
You should keep in mind that the Ledger USB wallet was not designed to be a stand-alone tool. It relies much on the host computer for set up and performing transactions. The host computer poses a weakness that may be exploited by hackers. This is when the extra security protocols become useful. The second security layer mitigates these weaknesses thus ensuring the safety of your tokens.