Today I tested out the virtual currency LISK (LSK) and will give you a review with screenshots.
First Things First
Gotta Get Some Lisk!
So I loaded up with a few thousand lisk at https://bittrex.com to test drive the currency. Normally I would not do such a large amount, but it was FOMO FRIDAY trust me it made perfect sense.
Step Two, Find something to do with it!
Time to do a test run and see what LISK is all about. I did a google search about LISK and found the site https://lisk.io
This is the main portal for finding everything you need to know about LISK. From here you can download a Lisk v0.3.1 Beta for Windows or Mac.
For the scope and sanity of this steemit article I will not be testing out The Full Lisk Client, and will opt to test out the web interface.
Step 3 Getting Into the Nuts and Bolts of LISK!
The sign up process seems easy enough. It uses the basic passphrase key that I have seen before on other Bitcoin wallets. They even offer a secondary passphrase for more security, however the only thing missing here was the 2FA security! After seeing what happened with STEEMIT because they did not have 2FA, this could be a big problem for Lisk if they don’t get their security act together soon!.
No 2FA, only a 2nd PASSPHRASE (potential security attack vector?)
Step 4 time to send a transaction
Now I have a brand new Lisk web wallet, time to fund it! Alright I am getting smarter at this. I plan on sending a small amount, but how much is not too small? This made me nervous so I signed up for the lisk live chat https://lisk.chat.
After a little confusion I found my deposit wallet, the number under my username that ends in L. With that in mind I decided to send .5 LSK to my new web wallet. What, to send .50 it will cost me .10? O.K. so I still need to test it so I sent the .40 and .10 fee! I fiddled around a few seconds and checked the web wallet and sure enough I saw it flashing in and out on my screen. I have to admit it did look a little buggy because my balance would say .40 , and then say 0 .
Step 5 Time To Test Out The Big App!
After browsing around the web wallet I noticed a link called Forging. I clicked on it and it said there was a 25 Lisk fee to become a Delegate so you could forge. It shows you can earn LISK by being one of the 101 Delegates. It is all a bit complex, but I thought I aught to try it out. So I sent some about 26 more LSK over so I could become a Delegate. I clicked the button to buy in and because my balance kept appearing and dissapearing the transfer failed the first few times. I almost was about to give up and then, bam it finally went through, 25 Lisk so now I am a delegate, however I have not even seen my name on the list yet. Next there is a tab to vote on delegates, but this was going to cost 1 more LSK per vote so I decided to stop there until I could find out what the heck was going on.
Step 6 Time to Withdrawal Our Dark Horses
Time to test the withdrawal process. For my first transaction withdrawn, I decided to go with 1 LSK. Mainly that is all I had left after spending the 25 on becoming a Delegate. So I sent the 1 LSK, and there was a .10 fee so in total I sent .90, and then I waited, and waited, and chatted, and waited, until I finally decided to send support a message. It turns out Bittrex does not show you the deposit until it is over 1 whole coin, so my .90 was not cutting it. This was driving me steaming nuts at this point. Now I had to send some more LSK over to the web wallet just to get my 1 LSK back. So since the TX fee is always .10 I decided to send 5 over and then send them all back and be done with this for a while. This is where I am now, still chatting, and waiting, and so while I wait I FOMO’d all the rest of my LISK into some STEEM, and my adventures in LSK are over for the time being.
Step 7 Take A Deep Breath and Breath
All in all, is it over for LSK? No quite the contrary. I still think there is a lot of potential with the platform. There are quite a bit of improvements to be made with the web wallet. I Still have not got the last 5 LSK back, but I will update in the comments when I finally get this squared away. Below I will post the transactions from this article.
