cryptocurrencies

Lisk (LSK): A Complete Beginners Guide

Daksh Murkute | | |

Lisk is a decentralized application development platform that enables developers to create decentralized applications in the Javascript programming language, using the LSK cryptocurrency. Developers can build applications on their own sidechain, which is connected to the Lisk network, as well as with their own custom token.

 

Lisk was founded in the year 2000 by Max Kordek and Oliver Beddows. It is a software development company. The project is a fork of the popular Crypti blockchain, which is currently in use. Forked into Lisk in May 2016, Crypti was founded in 2014 as an open-source blockchain application platform. This fork was made possible in order to enable the platform to achieve the goals set forth by its creators.

 

In this blog, I am going to tell you everything about Lisk and its token LSK.

Contents

What is Lisk?

What is sidechain?

Who created Lisk?

What makes Lisk unique?

Applications made on Lisk

Component of Lisk

How do I buy a Lisk?

Is Lisk a good investment?

Why should I invest in Lisk?

 

What is Lisk?

What is Lisk?

 

Lisk is a decentralized application development platform that allows developers to create decentralized applications in the Javascript language, powered by the LSK cryptocurrency. Developers can create applications on their own sidechain that is linked to the Lisk network, as well as with their own custom token.

 

Well, it’s a lot of information. Let’s break it into pieces to get more information.

 

I am sure you’ll all know about the centralized system, it is one of the most widespread models for software applications. This system controls the flow of information from a single center and individuals are majorly dependent on the central power to send and receive information.

 

But the problem with such systems is

 

  • There is only a single point of control.

  • Such a system can easily be corrupt

  • Lack of communication

 

So to overcome these problems, decentralized applications came. Decentralized applications or DApps are such applications or programs that work on decentralized technology. It could be blockchain, hashgraph, or DAGs.

 

What is Sidechain?

 

A sidechain is a separate blockchain that is linked to its main blockchain or parent blockchain. By using sidechains, tokens, and other digital assets from the main blockchain can be securely used, and then if it needs back then it returned to the original blockchain.

 

Sometimes we can’t get what we want from a blockchain we chose, because it can be too expensive and it takes too much time to process. That’s where Sidechain came.

 

And sidechain is totally independent blockchains that don’t affect the performance of and speed of the mainchain or parent chain.

 

Lisk is one such platform that works on a blockchain technology that enables developers to create, manage and distribute decentralized applications by deploying their own Sidechain.

 

Who created Lisk?

 

Who created Lisk?

 

Lisk was founded by Max Kordek and Oliver Beddows in the year 2000. The project is a fork of the popular Crypti blockchain. Crypti was founded in 2014 as an open-source blockchain application platform, and it was forked into Lisk in May 2016 in order to allow the platform to achieve the goals set forth by its creators.

 

It all started with an Initial Coin Offering (ICO) to raise funds for development. The ICO took place between February 22nd and March 21st, 2018. The total amount of bitcoin raised exceeded 14000 BTC.

 

And after that, the Lisk main net went live on May 24, 2016, and the cryptocurrency became available for trading on major exchanges.

 

What makes Lisk unique?

 

Lisk is used for making decentralized applications and there are certain things that make Lisk a unique blockchain.

 

Open source: Lisk is an open-source platform. Open source means the Lisk software that is designed is publicly available and anyone in the world can see, change and distribute the software code as they want.

 

Rooted in JavaScript: Lisk is enabled with JavaScript. Javascript is already well know programming language used by developers around the world, so making Javascript enabled into the Lisk ecosystem will ease creating decentralized applications. Developers of the world don’t have to learn a different language altogether to make applications

 

Delegated Proof of Stake: It is somewhat better than Proof of stake, In proof of stake, a user can validate any block transaction based on the number of coins he owns, but it was a little discriminatory because it was all based on the user’s wealth and coins at stake.

 

But in delegated proof of work, users of the network elect delegates to validate the next block. Delegates are also known as witnesses. So what exactly happens is, a limited number of delegates are chosen for each new block, and these elected delegates receive the fees from that block.

 

Lisk wallet: Liks has a digital wallet called Lisk wallet that allows the users to store and manage their LISK token. It is available on both desktop and mobile.

 

Token: the name of the token is LSK and it is used for payment on the Lisk blockchain like transaction fees etc.

 

Lisk.js: This year's Lisk.js developer conference is organized by Lisk, which brought together blockchain enthusiasts from all over the world, as well as developers, community members, and media. The two-day event has been designed to accommodate attendees with a wide range of technical knowledge and experience levels.

 

Applications made on Lisk

 

Lisk DAO, Fit market, Lisk ticketing, Collabalancer

 

Component of Lisk

 

Lisk Core: Lisk Core is the internal part of the Lisk protocol that provides to set up and run a full-fledged node to participate in the decentralized Lisk network. Lisk Core is a fork of the Lisk protocol that was developed by the Lisk Foundation.

 

Lisk SDK: SDK stands for the software development kit. SDK is a user-friendly tool that gives developers the ability to create a diverse range of blockchain applications that are based on the Lisk protocol. The SDK is written in the widely used JavaScript programming language, and it gives developers the flexibility to make blockchain applications to a wide range of use-cases.

 

Lisk Desktop: Lisk Desktop is the 'go to' wallet for the Lisk ecosystem, with features such as exploring, monitoring, governing, and interacting with the Lisk blockchain application platform on desktop devices, such as the provision of a blockchain wallet for sending and receiving LSK tokens, the blockchain explorer, the blockchain network monitor, and finally blockchain governance for delegate voting.

 

Lisk Mobile: Lisk Mobile is a cross-platform user interface that allows mobile users to interact with the Lisk blockchain application platform. It gives users access to essential features such as a blockchain wallet for sending and receiving LSK tokens.

 

Lisk Service: Lisk Service is a service layer that sits between a blockchain application created with the Lisk SDK and a user interface. It's used to provide advanced HTTP API calls, off-chain data pooling, aggregation, and persistence from Lisk Core to Lisk wallets.

 

How do I buy a Lisk?

 

How do I buy a Lisk

 

LSK coin is the official governance token of the LISK, and it is available in a number of exchanges, like Binance, Kraken, KuCoin, Gate.io, Bittrex, Huobi Global, WazirX, etc.

 

Is Lisk a good investment?

 

Is Lisk a good investment?

 

Consider a world in which almost anyone can benefit from blockchain technology. With that thing in mind, the Lisk foundation set a very specific goal: to inspire blockchain developers and enthusiasts from all over the world to make applications in the most used programming language in the world JavaScript, and trust me if everything goes according to plan this it will be a good investment for long term.

 

The Lisk price when I am writing this is article is around 3 dollars, The current ranking is #146, with a live market cap of $408,654,795 USD. It has a circulating supply of 128,900,445 LSK coins and the max. supply is not available. 

 

Why should I invest in Lisk?

 

Lisk uses sidechains for all decentralized applications that will be developed on the platform. This means that the whole blockchain network of Lisk will not be slowed down or interrupted, and the high volume transactions on the sidechain will not affect the mainchain. That’s its uniqueness.

 

Lisk has everything you need in a blockchain, a proper structure, a proper roadmap, a dedicated team, and a number of applications. If you are looking for a long-term project then it is good for you but if you are looking for a short-term project then you should be a little careful in investing in it.

 

This is not financial advice so before investing DYOR (do your own research).

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