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What is Lisk? A guide to LSK coin, it’s history and its blockchain

What is Lisk

Lisk is a sidechain project that aims to make blockchain technology more accessible to developers by allowing them to create and deploy decentralized apps using JavaScript. Lisk ensures that developers get what they deserve in terms of revenue and attention, which is not the case with centralized platforms such as Play Store.

Lisk goes by the ticker LSK and It is important to note that LSK is not a digital currency that can is used for payment like ETH and others.

The development of Lisk

Lisk

Lisk’s origin is associated with Crypti, an open source blockchain for apps. Max Kordek and Oliver Beddows are the individuals behind the forking of Crypti in 2016 to give rise to Lisk. The entire Lisk team has more than forty members all working with a sole aim of making the blockchain more accessible by the public.

Lisk uses JavaScript instead of the many other languages available because of two reasons. Firstly, it is easy to access JavaScript out there than it is with other languages. JavaScript can be accessed through the web, and almost all websites are created using JavaScript so that they are easy to use and attractive. Secondly, it uses Javascript because it is among the most popularly accepted languages

What makes LSK Unique?

Lisk

Scalability; there is little to no scalability issue on the Lisk platform because it implements a sidechain for all apps developed on it. Therefore, any problem that may arise from the blockchain used on a developed application, Lisk cannot be forced to fork because the problem will not have affected Lisk’s main blockchain.

Open source platform; the Lisk platform is easily accessible by the public, and it has quite a large number of developers currently working on new projects.

Dapps; It allows developers to create decentralized apps without complex consensus protocols and network algorithms. The apps can be messengers apps, social networks, prediction markets, online stores, and many others.

The Lisk team developed a software developers kit so that their blockchain technology could be made more accessible. The kit is JavaScript-based and has its main focus on User Interface and developer support. The SDK is divided into four parts;

Consensus Algorithm; Lisk uses the Delegated Proof of Stake as its algorithm.

Sidechain; this feature allows developers to develop autonomous blockchains linked to Lisk’s main chain.

Back-end; the platform’s back end uses a customizable code that allows devs to build decentralized apps independently.

Front-end;  is a UI that facilitates interaction between the platform and the public.

It’s sidechain is secured through combining the power from the original chain and network with the open-source software development kit; this gives developers the ability to develop convenient and easy to access applications.

Sidechain is advantageous in that;

•    It is customizable

•    Free from spam

•    It gives you the liberty to either use the LSK tokens used on the main chain or a wholly new custom token

Is it worth investing in Lisk?

Lisk

When investment in cryptocurrency is brought up, most people only think about the more popular coins like Bitcoin and Ethereum. However, crypto experts say that currencies such as Lisk have equal potential of becoming good investment options and with outstanding profits in the long run.

Here are some of the reasons Cryptoline news agrees with this narrative.

•    it is backed by a strong team that’s focused on making it the best digital asset in the market.

•    Since its inception, Lisk has proven that it can grow despite the various market challenges because of its sidechain technology.

•    It has shown that it can become a leading payment network because many decentralized apps related payments are having their payments done through LSK.

•    More and more people are investing in Lisk because they have seen the potential that this digital asset has when looking at how its price has grown over the years.

How you can buy LSK

Since its creation, the value of Lisk has continued to show an upward growth which means that’s it’s a worthwhile investment for those who hold it’s native LSK tokens.

If you also want to invest and benefit from this growth, then you will first have to buy the tokens. The tokens can be obtained through waiting for rewards given in LSK or receiving payment through LSK, joining delegates that confirm transactions and by direct buying from cryptocurrency exchanges.

Direct buying is the primary method used and here is a guide on how to do so;

I.    Pull together funds for buying the number of LSK coins you want

II.    Get a wallet for holding the coins

III.    Pick a crypto exchange- this step is crucial, and you have to pick that exchange site that’s secure, and cost-effective. Examples of such exchanges include Poloniex, Binance, Changelly, Shapeshift and BitBay.

IV.    Register an account on the exchange you’ve chosen and verify all details required to be correct. 

V.    You can now move to the buy option on the exchange platform and buy your desired number of coins.

Most exchanges will allow you to pay using fiat currencies, wire transfers or other cryptocurrencies. It is important to note that some exchanges may require that you store the coins on their platform for a while before moving them to your wallet while others will require immediate action of moving the coins to your wallet.

How to store LSK coins

Lisk

Once an investor decides to use the Lisk platform for whatever reason, he/she has to own some Lisk tokens, and that means they should also have a place to store them.

It is important to note that the tokens used on Lisk never leave the leading network and therefore what’s stored on the wallets are private and public keys used by stakeholders to identify their altcoins on the Lisk network.

The most commonly used wallets include;

Lisk Nano (desktop wallet)- it is the official Lisk wallet and has an easy user interface. It also allows the participation of nodes in voting to help with consensus. This wallet has more than a single private key for added security in case one key is hacked.

Ledger Nano S (hardware wallet)- it is considered to be the most secure digital wallet which gives users full control of their coins and tokens. It also facilitates coin recovery in case of any loss, and that makes it a favourite of many investors.

Investors can also store Lisk tokens on Lisk Hub wallet, Lisk Nano wallet and Lisk Core Wallet.

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coinmag

Daniel is a determined and experienced writer with a keen eye on emerging technologies. Daniel aims at educating the crypto community on the developments within the space.

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