As everybody knows, the nowadays world is developing very rapidly, and the same thing goes for cryptocurrencies and blockchain applications. More and more new projects come into life and market, the blockchain development is rising. The ‘developer community’ is as well evolving very quickly in the right direction of new openings. Each new project seems to be trustworthy. Nonetheless, new products are frequently quickly demolished from the market due to the inability to stand in competition with BTC. This cryptocurrency is above all other projects because it was the primary cryptocurrency, and it made a huge difference in market cap, holding a leading position in all crypto exchanges. That is exactly the reason why many altcoins disappear, not even being able to show all of the potentials they have. However, some of the strongest coins managed to ‘stay alive. Lisk coin is one of them. This article will cover the features of Lisk, Lisk sidechains, Lisk SDK, and Lisk Blockchain mechanisms, their advantages, and ways for utilization.
Lisk Foundation: Basic Information
The official Lisk abbreviature is LSK. It was made by Max Kordek and Oliver Beddows: the Lisk Team appeared in 2016 and rapidly gained more and more users. Lisk started working in Asia, and it brought additional popularity. The project itself is both a cryptocurrency and a platform for the construction of custom apps built upon decentralized applications of blockchain (later, we will cover Lisk blockchain). The working strategy is the same as in the case of Bitcoin; the users can exchange LSK tokens and take part in financing projects, investing in encouraging projects that were built on the platform and written in Javascript.
The Lisk platform is utilizing an utterly unique algorithm named DPoS (delegated proof of stake), a consensus mechanism. This implies that the Lisk platform is controlled by 101 special agents who are actively forging and working on decentralized applications. The agents are chosen through the voting process, and all of the users of the LSK project vote for them. The capacities of the platform are fitting for creating apps and blockchain projects built upon the Blockchain mechanism.
In this way, the Lisk is a very complicated project that perfectly fits financial transfers and works with Blockchain apps. Each user of the Lisk network may create their apps, but they have to be written in Javascript.
However, some disadvantages were found. The thing is that the Blockchain application is very overloaded due to a huge number of synchronous transactions. The Lisk Team announced ‘Lisk Improvement Proposals’ and improved the basic blockchain application, which permitted making changes in the Lisk Network and platform without the system overload. The optimization of the Lisk network itself was based on the forks of the key Blockchain.
And in general, Lisk aims to improve the services, platform, and own blockchain. The creators of Lisk even contributed to the appearance of Ethereum in the market. Integrating the experience of such popular projects, the creators of the LSK platform continually promote the LSK project, which provides new opportunities for business deals with other cryptocurrencies.
Benefits and Drawbacks of Lisk: Review
Before beginning the work with the LSK and the platform, one must acknowledge the pros and cons of the Lisk platform.
The benefits are as per the following:
- Unrestricted possibilities for creating one’s own project and own decentralized applications (Lisk, as mentioned, is one of the Dapp platforms) on Javascript through the development kit SDK;
- The rapid development of the platform due to never-stopping upgrades;
- Active users and great support team of Lisk (LSK) and development team.
Nonetheless, there are some drawbacks, for instance, the weak stability of the main platform. This is all because the project is new and is constantly updating, and the Blockchain applications are being built. Overall, it might be seen as a positive point, as creators of apps and other blockchain projects actively engage in the improvement of the project.
LSK Token and how to get it
Speaking about the matter of the debate, we should, of course, mention the way on how to get Lisk. Mining is one of the possible ways; nonetheless, not everyone can be a miner, only the above-mentioned 101 delegates. In case you would like to be this very delegate (one of them), you will be obliged to pass the enrollment procedure, which is costly. Another thing to mention is that delegates are differentiated as active and reserve. The remainder part of the users engages in the voting process, choosing the delegates. The price for this activity is one LSK.
Then, delegates build pools for mining, and the mining begins. Afterward, the mining is distributed among the members of the team users according to their shares. The commission fee for each mined block is approximately four LSK. The number will (with time) be decreased to one coin.
смAnd another alternative on how to get LSK is pretty simple: just start trading at some exchange platform.
Lisk Wallet
In case you would like to operate with the LSK coins of yours, you will have to get your wallet:
- Download and install the Lisk app from the Internet;
- By clicking on this link, one will be able to download the wallet and at the same time read some new data on the LSK project: news, updates, and so on;
- Once you have downloaded and installed everything needed, you will have to remember yours. Lisk address for the safety. It is a sequence of characters that is used during transactions.
Lisk Price and Trading Volume
A question that is asked by many potential LSK holders is its price. At first, after the LSK project was launched, the LSK coin was evolving very quickly and had a great weight in the exchange platforms. As of now, for a long time, the coin has kept decent rate levels. In The early spring of 2018, one LSK coin was approximately 10.38 US dollars which stand for 0.00127935 BTC. The fall of the value is not yet expected, which speaks for the stabilized development of the project.
Future of Lisk
The organization named Lisk has already made much: organized Lisk ecosystem, built blockchain platforms and blockchain network, provided opportunity for developers to create delegated proof decentralized apps. Moreover, the company is an official partnership with Windows, as there are plans to connect the Lisk with Azure Blockchain to make its own service. This implies one would be able to work anywhere worldwide and construct decentralized hosting applications through the cloud platform. The Lisk SDK, which consists of Lisk core, Lisk Commander, Lisk Elements, and Lisk Hub, also is a tool that is fastly developing.
Final words
As for the conclusion, Lisk is a very amusing and fastly developing long-term project, according to statistics. The creators (Oliver Beddows and others) have a lot of thoughts and new concepts that they are going to implement in real life. Lisk Token is the 21st altcoin concerning capitalization. That is very great as it is only the beginning!
FAQs
Is Lisk legit?
Lisk is indeed legit due to several reasons:
- Lisk is a Dapp platform. To put it in a nutshell, Lisk allows for the creation of any decentralized application (and decentralized applications) that is based on Javascript;
- Lisk is improving the level of Blockchain application and the blockchain industry in general. It can be easily be compared to other Blockchain platforms, for example, Ethereum;
- Lisk Wallet for your LSK token is also a smart decision. It is comparable with such wallets as Ledger Nano S and many others.
Is Lisk worth it?
In this part, we would like to tell you more about Lisk, particularly about Lisk SDK. The Link SDK was created to implement an uncomplicated and valid software development kit for building blockchain applications that can work with the Lisk protocol. The SDK consists of four parts: Lisk Commander, Lisk Elements, Lisk Core, and Lisk Hub (and Lisk Ecosystem). List Hub is a tool to manage your Lisk ID: it has the functionality of blockchain explorer and e-wallet. Lisk Core is a Lisk storage.
The Ethereum, for example, tends to use smart contracts, while Lisk utilizes its own sidechain that is customizable. So, the Lisk sidechain is also a constantly evolving project and totally worth it.
How To Mine Crypto?
Mining in the crypto world is a key concept that grabs the attention of many people. There are several types of mining: Cloud Mining, CPU, GPU, and ASIC Mining. Mining is basically solving tough mathematical equations with a lot of machine tools in order to achieve a share of the money.
How To Bet With Crypto?
Cryptocurrency is basically like any other fiat currency. In case one wants to bet with virtual money, they should, first of all, convert the fiat currencies into virtual money and then go to some betting websites that permit the trade, buy and sell process, as well as the betting. There are many bookmakers for various cryptocurrencies.
What is a SIM Swap Attack?
Putting it simply, thieves with social engineering skills steal cell phone SIM cards to obtain access to victims’ cryptocurrency and social media accounts.
