What is lisk Cryptocurrency? Everything you need to know it

  1. What is Lisk (Foundation)? (WHAT)
  2. Things that make LISK differ from other. (HOW)
  3. Lisk Today
  4. Need of LISK (WHY)

What is Lisk (Foundation)? (WHAT)

  • Lisk is an open source blockchain platform powered by LSK tokens that will allow developers to write decentralized applications in the JavaScript programming language. Lisk will give developers the ability to build applications on their own sidechain linked to the Lisk network, with their own custom token.
  • Lisk is currently in the process of its Software Development Kit (SDK), which is what will allow the building of your own personal blockchain. The SDK will use JavaScript to do so. According to Lisk’s website, it will be as easy as Code — Deploy — Use. The dApps built on the Lisk network will run in individual sidechains so as not to compromise the overall Lisk network and its scalability.
  • Blockchain networks that are built off of the Lisk network will have full use of the Lisk APIs but will also be fully customizable.
  • Lisk’s roadmap is split into five stages: Inception, Resilience, Expansion, Ascent, and Eternity. Specifically, Lisk’s rebranding, which is included in this stage of the roadmap.

Things that make LISK differ from other. (HOW)

  • One of the biggest problems with other cryptocurrencies like Bitcoin and Ethereum is scalability. Because the Lisk platform is implementing a sidechain for each application developed on it, it is far easier to scale with much less bloat. Since applications are being developed on sidechains if something goes wrong on another applications blockchain it won’t force Lisk to have a hardfork because it won’t affect the Lisk blockchain. Sidechains also mean more security and faster application for application developers. Another thing that makes Lisk special is the fact that it is an open source platform. There are currently 29 contributors to the Lisk project and it is ranked as one of the best cryptocurrencies by actual developers. You can check out their GitHub for a peak of what’s currently being worked on and what’s next: https://github.com/LiskHQ/lisk.

Lisk Today

  • Lisk is currently the 14th largest cryptocurrency with a market cap of $3.7 billion. LSK is selling for $31.59 at the time of writing, which puts the token up 11.33% in the past 24 hours; excitement is mounting in the days leading up to the re-launch.
  • Since first launching early in 2016, Lisk has grown 1448.5% and is still steadily growing in popularity. There are several upcoming ICOs that are being launched on the Lisk platform, including Sapien.
  • Does Lisk interest you? If the re-launch is successful, this might be the altcoin to watch in 2018.

Need of LISK (WHY)

It is a ‘modular’ cryptocurrency

Utilises ‘sidechains’

One of the Most Successful Cryptocurrency Crowdsale (What Global Say)

As a Developer Tool, It Works as Advertised (But Small Sample Size)

BIG COMPARISON — LISK vs ETHER

Differences from Ethereum

  • Applications language: Lisk uses Javascript, while Ethereum currently uses Solidity.
  • Applications location: Lisk uses sidechains, while Ethereum currently stores it on the main chain.
  • Error handling: In Lisk, if your application has an issue it will be contained to only your chain, but require a hard fork to fix. In Ethereum, applications are run in a virtual machine on the main chain so any error should just result in the waste of transaction fees, but be contained to the VM (as long as there is no bug in the VM).
  • Lisk uses DPoS, while Ethereum currently uses PoW (they have stated they plan to switch to PoS eventually).
  • Applications VM: Ethereum applications are run in the Ethereum Virtual Machine (EVM). Lisk does not have a VM, but it is in development.

Differences from Crypti

  • Completely open source and the whole development procedure is happening in public on GitHub.
  • BIP39 enforced for all passphrases
  • Development is continuing and active, while Crypti seems to have stopped.

Block Time

The Lisk network forges blocks in 10s intervals. In the event that a delegate fails to properly forge their assigned block, the transactions move to the next block in the round, causing the block to be extended by 10s. Each subsequent missed block results in a 10s delay for transaction processing and confirmations.

Forging

Thanks for your time and best of luck with your trading.

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Marketing Researcher & Digital Strategist. Currently working with eCommerce brands helping them with branding, paid ad campaigns, Content marketing & web design

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Harshdeep Champaneri

Harshdeep Champaneri

Marketing Researcher & Digital Strategist. Currently working with eCommerce brands helping them with branding, paid ad campaigns, Content marketing & web design

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