What is Lisk Coin (LSK Token) | A Beginner's Guide

lisk-coin-lsk-cryptocurrency

LSK Coin Price

What is Lisk Coin | A Summary

Lisk is a decentralized platform for developers to create, distribute, and manage decentralized blockchain applications.

Creating these decentralized applications puts them on a sidechain linked to the Lisk Network, including a custom token.

This allows developers to implement and customize their application entirely.

The History of Lisk

Lisk began with an ICO after the forking of Crypti.

This helped to raise initial development funds.

On may 24, 2016 the mainnet for Lisk went life and started trading on major exchanges. Lisk currently lies with the following stats below:

The Lisk Foundation

Now Lisk is designed and developed by the Lisk foundation.

Alike, the Ethereum Foundation and other foundations, they provide the backing and help to support the program of Lisk.

Two members are the co-founders of Lisk

The Lisk Foundation is a non-profit out of Crypto Valley (Zug) Switzerland. The Foundation provides the team, backing and monetary support needed to build a developing technology.

The Purpose of LSK Token

Lisk was developed to help create a decentralized platform for application development.

Although, they differentiate in that they want to be a modular cryptocurrency platform.

What that means is that each Dapp has its sidechain, separate from the main blockchain. With many different coins like Ethereum and Bitcoin having problems with scaling, this helps to ensure that the mainnet isn’t cluttered.

Otherwise, this is a platform similar to Ethereum, EOS and the like for creating a smart economy and Dapps that can run the new trustless internet.

OUR RECOMMENDED RESOURCES

The Main Features of Lisk

Dapps Existing on Sidechains

The main benefit of creating a Dapp on Lisk lies in its creation of a side chain.

While still connected to the main blockchain, this allows creators to develop their coin and economy separate but still within the Lisk ecosystem.

They provide an SDK written in Javascript, as well as developer support to help developers along the way.

And these all exist on a side chain.

DPoS Design

For these sidechains, Lisk uses something called delegated proof of stake.

Created by Bitshares, this makes the top 101 delegated voters (determined by voting weight) actively forge and secure the network.

Instead, of the traditional proof-of-stake model.

Now as these rounds of blocks are forged, each delegate forming one block, it takes around 17 minutes to complete a round.

This makes block creation time move down to about 10 seconds, and if one can’t forge a block, then it gives an additional 10 seconds for the block to be forged.

When it comes to forging rewards, upon launch, they gave five Lisk per block forged. Although, each year (3,000,000 blocks) that will decrease by one Lisk per block.

Once the reward reaches one lisk per block, it will stay there.

What We Think of Lisk

Lisk is another development model for the creation of the internet 3.0

Granted, they do not have a virtual machine (but one is in the works) making it a little more outdated technologically than Ethereum.

On the other hand, the sidechain concept helps to declutter the overall blockchain.

This can help with scalability and speed of these Dapps.

Which is a bonus.

Thus, Lisk is one to watch, but at this time we at GCA are not owners of Lisk.

If you liked this review and want to help support the academy donate some LSK below!

16689826689295731008L

lsk_wallet_qrcode

MORE FROM THE CRYPTOCURRENCY INDEX

dragonchain coin

What Is Dragonchain (DRGN Coin) | Business-Ready Blockchain Platform

What is Dragonchain (DRGN Coin)? DRGN Coin Price What Is Dragonchain | A Quick Overview Dragonchain is a secure, flexible, business ready blockchain platform and ecosystem. Essentially, DRGN coin is a platform for development, an incubator for exciting projects, and a marketplace for smart contracts, qualified vendors, specialized experts, and incubated projects. The History of…

golem-coin-logo

What Is Golem Coin (GNT Token)? | A Beginner’s Guide

What is Golem Coin (GNT Token)? A Beginner’s Guide GNT Coin Price Golem Cryptocurrency Summary Golem is a global supercomputer that will allow anyone to access it. It is decentralized and created by ordinary laptops and desktops all around the world. By using the personal networks and power of computers and databases around the world,…

utrust coin

What Is UTrust (UTK) | A Payment Platform For The Future

What is UTrust (UTK)? UTK Coin Price What is UTrust? A Quick Overview UTrust is a payment mechanism designed to help combat user fraud, chargebacks, and the volatility of markets in a decentralized peer-to-peer way. Using a payment processing solution that is not only safer, cheaper, and more versatile (accepting cryptocurrency) – it  helps protect…

Verified on Po.et

February 23rd 2018, 15:21