Lisk FAQs - Learn more about LSK
Everything you need to know about Lisk inside of Exodus.
In this article:
- What is Lisk's minimum balance?
- What is an uninitialized Lisk address?
- What is an initialized Lisk address?
- Why should I initialize my Lisk address?
- How to protect your Lisk address in Exodus.
What is Lisk's minimum balance?
In order to prevent the creation of dust accounts, which can cause a burden on the network, Lisk implemented a minimum balance.
The minimum balance of a Lisk account is now 0.05 LSK. This amount cannot be sent or exchanged.
What is an uninitialized Lisk address?
Like other blockchain technologies, Lisk uses a unique public key to act as your receiving address.
An uninitialized Lisk address is when you have received some LSK to your address, but you never sent any LSK out of your address.
What is an initialized Lisk address?
An initialized Lisk address is when you have received some LSK to your address, and you have sent at least one LSK transaction out of your address. You only need to initialize your address once.
Why should I initialize my Lisk address?
When you first receive some LSK to your address, your address becomes uninitialized.
An uninitialized address doesn’t tell the blockchain what the public key is to your Lisk funds. This opens the opportunity for someone to try and beat your wallet to initialize your public key on the blockchain before you do. There is a very small chance, but if someone beats you to it, then they will have access to your funds.
By initializing your Lisk address as soon as you receive any amount of Lisk, you immediately tell the blockchain that the funds on your address are yours and only yours. No one can take them from your address after this point.
How to protect your Lisk address in Exodus.
The easiest way to protect your Lisk address is to send any amount of Lisk out of your wallet.
Inside of Exodus, your wallet will detect automatically if you have an uninitialized address or not, and if your Lisk address is not initialized Exodus will prompt you saying Activate Lisk Address. Just click/tap Activate and your Exodus wallet will send itself a small amount of LSK to initialize your address and protect it.
Please note: This will incur a 0.1 LSK network fee.