Many Lisk addresses are uninitialized, meaning they have no outgoing transactions. Without going into the technical details, an uninitialized wallet is MUCH less secure than one that is initialized. In other words, if you haven’t sent out a transaction from your wallet yet, you risk your funds being stolen.
How do I initialize my account?
Easy! Just send a transaction from your wallet and your address will be initialized!
How much does it cost?
It only cost 0.1 LSK to send out a normal transaction.
However, delegate minions is currently sending 0.6 LSK to all addresses that weren’t initialized as of 21.08.2020 12:00CET that initialize. In other words, you can actually make 0.5 LSK just for securing your funds! NOTE: The 0.6 LSK refund is no longer offered.
Do I have to send a regular transaction? Could I vote, or register a delegate/2nd passphrase?
Any outgoing transaction will initialize your account 🙂
Why hasn’t Lisk HQ done anything about this?
Actually, they have. This is not a new issue. Lisk HQ have written blogposts, created videos, made tweets, and even put warnings inside the Lisk wallet itself urging Lisk users to initialize their accounts. However, many users still have not done so.
Also, in an upcoming upgrade, the address system will be redone so that this is no longer an issue. The code is actually completed, it is just waiting to be implemented on testnet before a mainnet launch.