What is Lisk (LSK)?
Lisk a blockchain platform introduced in early 2016. Lisk has its own blockchain network token, LSK, which is used as its internal currency. Lisk will help developers create, manage and distribute decentralized applications (dApps) by deploying what are called sidechains linked to the Lisk network, along with a custom token. The success of the network is largely thanks to these sidechains, as they allow developers to implement and customize their own blockchain applications.
The founders of Lisk are Max Kordek and Oliver Beddows, who both saw the lack of developer adoption for cryptocurrencies. Together, they have the shared vision to make blockchain technology easily accessible, and created a blockchain framework that accelerates their development.
Lisk Blockchain Specifications
- Block Time: 10 seconds
- Round Time: 17 minutes
- Supply: 100 million
- Consensus System: Delegated Proof-of-Stake (DPoS)
- Ticker symbol: LSK
Lisk intends to create a platform similar to ETH or NEO with a decentralized network. There are, however, some important differences between Lisk and its main competitors.
Ethereum uses Solidity to program smart contracts and decentralized applications. This means that developers are required to learn a new language to create applications on the Ethereum network. Also, as Ethereum is focused on back-end development, this then requires third parties to operates as front-end applications (i.e ERC-20 tokens).
Lisk uses sidechains together with a Software Development Kit for developers to create decentralized applications on an independent blockchain system. The sidechains are linked securely to the mainchain via smart contracts.
What are Lisk Sidechains?
Sidechains are independent ledgers (blockchains) that integrate with the mainchain using its own resources and computing power. This allows integration of different apps and chains like transferring tokens and other virtual assets.
Sidechains give developers complete control of their consensus algorithms and network scaling, as well as the ability to release their internal cryptocurrencies on testnets.
There are other sidechain solutions available, yet they are either a different blockchain standard or a private blockchain that does not support distributed applications. Lisk strives to deliver both by maintaining stability of the network while allowing sidechains to operate with unlimited flexibility.
In other words, Lisk developers can complete control of their blockchain network as a sidechain while he the Lisk team maintains the mainchain. Another benefit of sidechains is that they do not, in anyway, effect he performance of the main blockchain.
How is Lisk Different?
The SDK consists of 4 different features:
- Consensus Algorithm
The principle behind this is that independent projects will link to a parent chain that has the existing resources and robustness. Lisk also have what are called “delegates” that help maintain the sidechains network integrity.
By using the power of the Lisk network and open source SDK, developers can create easy to download applications in one package. The app runs in a decentralized repository, similar to an app store. LSK tokens can be consumed through the use of network resources (similar GAS with NEO and Ether with Etheruem).
This structure then allows developers to focus on the use of their app and not maintaining a new blockchain.
One of the best things of having an SDK an open source ecosystem on the Lisk mainchain is that the whole ecosystem benefits from each new dApp use case by developers. For example, Solidity does not have a library in Lisk but a developer could create an Ethereum Virtual Machine (EVM) with their own sidechain or blockchain service. The whole network could then use that library.
Once coded, the whole Lisk network could now benefit from that new repository. And as additional developers code using Lisk, this could then spur a powerful and rapid creation of new applications and services. This works well for Lisk through the creation of additional value for developers and users.
Lisk App Directory
You can search for any dApp in the ecosystem by using the Lisk client. All blockchain applications built on Lisk must be registered on the Mainchain. This then creates a connection between Mainchain and sidechains, allowing the application directory to find all blockchain applications and services.
As part of this process, application developers can assign a unique application name, category, icon, tags and a download link. This is very similar to how mobile app stores function.
Like other blockchains, the development of Lisk has not been without its challenges. Despite these difficulties, the blockchain has grown into a real project with global contributions from developers all over the world.
Lisk partnered with Microsoft in 2016, and this provided the opportunity for Lisk to provide a blockchain-as-a-service offering through Azure and earned some industry recognition.
One major development was the decision for Lisk to rebrand. The platform hired a strategy and design firm, to recreate Lisk into a globally-recognized brand. This relaunched occurred in February 2018, as a result of feedback the team received from community members and stakeholders.
How is Lisk different to Other Platforms?
Lisk is more than just a collection of developer tools. Lisk is one of the largest technological innovations in the space of blockchain with its SDK written in Javasript, and has a particular focus on developer support and documentation.
The Lisk Foundation also supports the ecosystem. It has the goal to educate developers and business owners. The ultimate vision of the foundation is to bring new talent into the blockchain industry by creating a decentralized infrastructure with its SDK. This then could allow for an easy entry for people who want to take the idea to a workable product.
Where To Buy Lisk
List is traded on a variety of exchanges like Bittrex, Poloniex and Binance. As with other exchanges that trade cryptocurrencies, you will need to begin with bitcoin so you can use it as a trading pair to convert it into Lisk.
How To Store Lisk
You can store your Lisk LSK cryptocurrency tokens in the Lisk nano wallet, which is a light wallet and does not run full nodes but rather connects to Lisk’s foundation nodes.
There is also a core wallet available for download, but this is for advanced users only.(It is a command line dashboard without a user interface).
Lisk has seen a slow a steady rise in terms of features of adoption. In a time of FUD, FOMO and pumps and dumps, it’s therefore refreshing to see consistent development and gradual improvements made on behalf of the blockchain.
Since the early days of Lisk, the founders have kept a watchful eye on their project. It has since grown from a small stable of coders to a much larger team with offices in Berlin, Germany, so Lisk has come a long way.
Although many people consider Lisk to be a main rival to Etheruem, a closer look at the ecosystem reveals that it is a serious contender to disrupt the whole ecosystem, being built right before our eyes.
But in the end, only time will tell if Lisk will be here to stay and if it can successfully compete with its biggest rivals like Ethereum and NEO.