Because of the open-source nature of Bitcoin Cryptocurrency, new blockchain platforms have been entering the market with new features compared to their predecessors. One such currency is Lisk.
What is Lisk?
Lisk is a decentralized network designed on a completely new blockchain that targeted helping developers build a wide range of app by creating custom side chains. Because of this approach, Lisk has many similarities to the highly successful Ethereum blockchain. Note that unlike Ethereum that targeted smart contracts, Lisk is aimed at developing apps and new functionalities.
The Cryptocurrency was founded in May 2016 by Max Kordek who strongly believes that by advancing the open source outlook, the blockchain technology can help to revolutionize everything in the globe. To give Lisk the thrust it required to compete and even outdo other cryptocurrencies in the world, Kordek brought aboard ex-Ethereum top executives Steven Nerayoff and Charles Hoskinson. They are believed to be the anchors to different projects applied in Lisk, and that is helping it to gain momentum in the highly competitive market.
Lisk was designed for App developers and anticipates being the de-facto platform for most blockchain applications and related services. Its decentralized apps are poised to be the next great thing with huge potential for operations such as immutable data storage and decentralized federation of hosting. It could bring a whole new meaning to the way people view the internet today.
By August of 2017, Lisk reached a market cap at $306,597,496 which is an equivalent of 75,965 Bitcoins. The total supply by August was 111,208,540 LSK priced at $2.76/coin. This made the Cryptocurrency shoot to number 23. This is a great performance for a Cryptocurrency that only entered the market recently.
How does Lisk work?
To join Lisk network, the first step is downloading their platform client into your computer and signing an account with them. This allows you to access the main Lisk interface that will help you to trade, develop apps, and join the community. Note that you are required to put some cash into Lisk system to start trading.
Users can also join the delegates system that has the voting rights for various systems. Here, you need to open a delegate account that is allowed to collect votes from LSK holders. The target is joining the top 101 delegates that have voting rights. If your delegate account is outside the 101 bracket, it is considered to be standby. You must convince Lisk users to vote in your favor to start participating.
Features of Lisk
One common characteristic of all cryptocurrencies is blockchain (a completed public ledger of all transactions). However, the blockchain nature comes with one major issue, the risk of fake transactions. These make the blockchain to fill faster than previously thought. However, Lisk uses side chains on top of the common blockchain. They are attached to the main Lisk blockchain and help in adding high volume transactions while leaving the main blockchain intact. This guarantees users of a fast network all the time.
The developer tool
One thing that makes Lisk stand out is its unique products. Its potential for utilizing sidechain has largely been boosted by allowing users to design apps. The application section has been the main reason for the platform yielding a lot of ongoing projects such as the idea for P2P drone delivery and Online Card Trading Game. In the Lisk main page, other projects being showcased include Criterion, Dust, Marketplace, and Discovr.
The country ambassadors
There is no other blockchain that has implemented a highly comprehensive support system through a community such as Lisk. After Kordek brought on board ex-Ethereum top executives, it started an ambitious community system called country ambassadors. This initiative targets to promote the Lisk ecosystem and offering technical support especially to new users. Over 11 country ambassadors have so far been picked to spearhead the project.
Delegated Proof of Stake (DPoS)
This is a consensus model applied in the blockchain to ensure that every LSK carries only one vote. Under the system, it is only the top 101 users who feature the heaviest votes are allowed to cast votes and carry forward motions to solve problems.
Pros of using Lisk
- It has some of the best minds in the global blockchain technology. This alone has made more people prefer joining it to other blockchains.
- The user interface of Lisk is very easy to use. Besides, Lisk appears to have learnt from other cryptocurrencies about the dangers of not offering good support to users. This makes joining the network easy, fast, and highly reliable.
- It is one of the most secure blockchains out there. This is based on the ability to use sidechains and take proof of importance to a whole new level.
Cons of using Lisk
The main disadvantage of Lisk is that it is still in development. This means that most of the features are still being developed and, therefore, users cannot be assured of their stability. Even though it has a very high potential, it might be advisable to go slow and check the effectiveness of every component.
Where to Buy and Sell Lisk in Australia?
Crypto Currency for Fun recommends buying Lisk at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Lisk and they offer Instant Delivery or your coins right into your account.
Lisk is the ultimate blockchain technology that everybody has been waiting for. It presents users with an opportunity to put their cash into a Cryptocurrency that has a huge potential to take the world by storm. Despite the fact that it is relatively young compared to others, Lisk is a great place for both newbies and experienced traders.