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LISK (LSK): Blockchain Javascript Application Development Token?

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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?

To make the blockchain tech easier to use, the team has created a software developers kit (SDK) that’s based on Javascript.

The SDK consists of 4 different features:

  • Consensus Algorithm
  • Sidechain
  • Backend
  • Frontend

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.

Lisk Nodes

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.

Lisk Roadmap

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 Conclusion

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.

Ethereum has a focus on smart contracts and code like Solidity as a backend tool, while Lisk hopes to leverage Javascript to make it easier for developers to build their own decentralized applications.

The Javascript SDK is easy to use and has functions that are hard to miss. Why use a separate programming language when most developers know how to use Javascript already? This is where Lisk has stopped itself from coming up with its own language and instead uses a pre-existing framework.

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.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

Click to see a full size chart

The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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