Ethereum alternative Lisk (LSK), a blockchain application platform. We all know blockchain has been widely popular for its openness, decentralized and authority-free features. It added a word cryptocurrency in our vocabulary and an unexpected flood of other cryptocurrencies entered the market.
One after another, within a short time, without exaggerating, there are thousands of blockchain based cryptocurrencies available. But there are some blockchains that may limit their full potential.
These blockchain limits opened the opportunity for new blockchain-based application platform- LISK, that allows one to develop a variety of decentralized apps. To understand more clearly what is Lisk and LSK coin, we have designed this guide.
This guide will deal with all your concerns about Lisk network, let’s get started!
What is Lisk?
Developers work extremely difficult and are usually at the impulse of centralized platforms (like Google Play and Apples App Store). These massive entities get the lion’s share of the attention and revenues usually leaving developers unable to make ends meet.
Moreover, aiming to present the Blockchain technology more friendly overcomes the biggest struggles. It makes the developers up to speed on building blockchains and giving a sense of the granular codebases under the hood.
Lisk coin (LSK) is the Lisk associated currency, used originally in the DApps on the Lisk main chain itself. Unlike Bitcoin and others, it is not a digital currency that merchants will trade, but rather a currency for developers working or hoping to use the platform.
The developers were struggling with different languages, for example, Bitcoin core being written primarily in C++ and Ethereum in Solidity. So, Lisk founder Max Kordek and Oliver Beddows experienced these struggles. And they designed a concept to make blockchain technology more friendly.
Finally, It all began in 2014 with Crypti, an open-source blockchain app platform which was developed into Lisk. But they couldn’t really fulfill its founders’ target without the right amount of firepower.
Then, in 2016, Max Kordek and Oliver Beddows finally implemented a hard fork in Crypti.
The Lisk Team consists of around 40 developers in total, committed to the aim of building blockchain development to the public.
Max Kordek – President/CEO and Founder
Oliver Beddows – Vice President/CTO and Founder
How does Lisk work?
Lisk works on sidechains and uses a full Software Development Kit to enable a kaboodle for developers. SDK is used to produce polished dApps (decentralized applications) and an independent blockchain under one system. This side blockchain is connected to and secured by the independently controlled Lisk blockchain.
Sidechains are independent blockchain that connected to the mainchain without affecting the performance and speed of the mainchain. This connection enables transferring and synchronizing your tokens between chains.
However, sidechains make it easy for developers with a great level of customizability for consensus algorithms, network scaling, asset tracking and even beta releases of cryptos and tracking of assets.
Lisk has an aim to offer sidechains and encourage developers to build dApps which can store main chain LSK tokens. These tokens are stored through a special main chain transaction that locks LSK tokens in owner’s main chain account. This process helps to keep the tokens safe in the case of a faulty sidechain.
Moreover, the main challenge for sidechains is to locate node operators to keep them “live”. In case of Lisk, sidechain devs can specify their own consent algorithm or can opt to use Lisk’s consent algorithm right out of the box. If so, they would need to locate their own delegates to continue the blockchain. The 101 delegates for the main chain are not needed to be delegates for sidechains.
Block Time: 10 seconds
Round Time: ~17 minutes
Supply: ~100 mln LSK and annual forging rewards (currently 4 LSK per block)
Consensus System: Delegated Proof-of-Stake (DPoS)
Ticker symbol: LSK
What Makes Lisk different?
There are four main parts of The SDK:
- Consensus Algorithm – Delegated Proof of Stake (DPoS)
- Sidechain – Offer to create an autonomous blockchain connected to Lisk’s main chain
- Back-end – Provides customizable code for devs to create DAPPS independently
- Front-end – The user interface which is public facing segments.
By adding the power of the original Lisk network and blockchain with an open-source SDK, developers can easily download digital applications in one package. These decentralized apps are available in app stores.
Lisk (LSK) Price
The price of Lisk LSK token is always fluctuating, so to get the latest LSK price, you can check here. Also, you can compare with BTC using LSK/BTC pair price and Lisk market capitalization.
Where to buy Lisk Coins?
There are a lot of exchanges that let you buy/sell LSK. but here we’re listing top 5 LSK exchanges, where you can easily get your Lisk cryptocurrency. Moreover, you can read our guide on best cryptocurrency exchanges.
|Exchange||Deposit methods||Fiat Currencies||Buy|
|BINANCE||Cryptocurrency||–||Go to site|
|Huobi Pro||Cryptocurrency||–||Go to site|
|USD, EUR||Go to site|
|USD, EUR||Go to site|
|Poloniex||Cryptocurrency||–||Go to site|
How to store Lisk Coins?
In order to store your Lisk coins, you’ll need a cryptocurrency wallet. A Lisk wallet allows you to store Lisk coins more securely. You can transfer your cryptocoins directly from the exchange to crypto wallet.
Moreover, Lisk (LSK) wallet is available for Windows, Linux and Mac operating systems. You can also use a web Lisk wallet as well, although not very common among investors. Let’s see you to store Lisk coins in the wallet-
You just need to follow these following steps to install the wallet:
- First, download the Lisk wallet from the official Lisk website.
- Then, install the Lisk wallet on the device you are using.
- Then, open the installed wallet and create a Lisk account.
- Now, obtain a secret passphrase, store it safely and verify it.
- Finally, you can now send and receive Lisk (LSK) coins from and into your Lisk (LSK) wallet respectively.
The Bottom Line:
Note: Information contained in this guide is not an offer or solicitation to buy, hold, or sell any cryptocurrency. We’re not financial advisors and are simply providing information for educational purposes.
Investors should consult their financial advisor before investing in ICOs. Furthermore, the SEC has warned investors residing in the United States and other jurisdictions that ICOs may constitute securities.
Hope! this guide helped you to understand what is Lisk and also, we’ve discussed how does Lisk work and some best Lisk exchanges to buy or sell Lisk coins.
If you have any query, feel free to tell us in the comment section. We are happy to help you.