Ethereum vs Lisk – 3 Unknown Differences
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In this article, we will see comparison between Ethereum vs Lisk. Let’s start!!
What are Ethereum and Lisk?
Lisk is a blockchain just like Bitcoin. The lisk cryptocurrency token is LSK which can be exchanged through a number of crypto exchanges. It is designed to work as a platform for decentralised applications (called as dapps) which are programs specifically made to run across a network of computers running shared software.
On the other hand, Ethereum is a decentralised platform powered by open source blockchain technology with smart contract functionality. It is most popularly known for its cryptocurrency, ether (ETH) but it also hosts countless decentralised applications.
Ethereum vs Lisk: Origins
Ethereum was planned in 2013 by Vitalik Buterin. However, it didn’t receive a lot of attention at the time. A year later, Buterin published a whitepaper that delineated smart contracts running on a dApps platform. This idea then remodelled blockchain technology into a tool of the distribution agreement. It made the company rise to fame and shortly thereafter the Ethereum Foundation was born.
Lisk appeared in 2016 as a fork of Crypto. Crypto is now a defunct cryptocurrency that steam-powered the primary JavaScript decentralised application (dApp) platform. Developers Kordek and Oliver Beddows took the basic code and pushed it into a really new direction. Accessibility within the blockchain development community was considered a very big issue by them. Which is why they decided to produce a dApp platform to use right away.
The team’s initial strategy with Lisk was to popularise it as the “Ethereum for JavaScript developers”. This created enough buzz to secure an ICO, quickly bumping the LSK token to the second most listed coin on the market. A lot of funding was secured thereafter, allowing Lisk to carve out its own area as a dapps platform design for privacy and measurability.
Ethereum vs Lisk: Elevator Pitch
The Ethereum platform allows users to build and deploy apps that are programs that act like web2 based apps, but actually run on blockchain. Self-executing smart contracts set dapps in motion to make the network traceable and clear. The complete transaction works by charging a fee called gas, with the network’s native token, ether (ETH).
Lisk may be a blockchain application platform that handles apps and contracts like Ethereum. Lisk’s goal is to open dapp development to a wider audience by making JavaScript as its main programming language. Anyone versed in JavaScript will create the transition to blockchain development with a minimum of overhead.
Ethereum vs Lisk: Designing
The Ethereum platform relies on one main blockchain. Sharding was eventually introduced, a technique of ripping the blockchain into smaller semi-independent items that perform like sidechains. However, there’s some doubt on whether or not sharding could be a true long resolution to the quantifiability downside.
Sidechains basically perform in an independent manner from the main blockchain, however, will still move with it once necessary. Tokens are transferred back and forth with real ease, and personal side chains can also operate using customised coins as transaction fees.
Lisk was engineered for side chains from the start. Every dapp runs on its own non-public blockchain without losing its association to the main chain. Quantifiability is a lot simpler here, as adding sidechains doesn’t dramatically increase main chain activity. It’s additionally a boon for businesses that require the additional security provided by side chains. However, you don’t need to create a custom blockchain from scratch.
Ethereum vs Lisk
| ETHEREUM | LISK |
| Date of Fundraising: 20 July to 2 September 2014 | Date of Fundraising: 22nd February to 23 March 2016 |
| Total funds raised equalled 31,500 bitcoins | Total funds raised equal Over 14,052 bitcoins |
| Here Total coin supply is 99 million + ongoing mining operations | Total coin supply is 106 million + ongoing forging operations |
| Funding allocation is 12 million ETH | Funding allocation is 8 million LSK |
| Ethereum previously operated on the Proof of Work consensus mechanism but has now transitioned to Proof of Stake | Lisk is working with Delegated Proof of Stake |
| Ethereum shields developers from innumerable problems that plague experienced blockchain developers. | Lisk “sandbox” cannot be used to run untrusted code |
| Ethereum developers have to learn Solidity | Lisk framework provides no protections against non-deterministic behaviour |
| Ethereum apps have no possibility of generating non-deterministic behaviour. | Lisk doesn’t have the ability to prevent infinite loops and/or measure total computation |
| There is no need to manage “undo” state in Ethereum because any exception thrown automatically rolls back all changes (except for the fee). | Lisk doesn’t have the ability to prevent unbounded memory growth and/or measure memory consumption |
| Learning a new language syntax is trivial compared to learning how to avoid the millions of ways you can shoot yourself in the foot. | Common JavaScript language features (such as iterating over keys in an object) results is hidden non-deterministic behaviour |
| Ethereum blockchain is already live and functional with over 1,500 dapps on it | Lisk is still under development |
| Block time is 15 seconds | Block time is 10 seconds, which is 5 second quicker than Ethereum |
| Execution environment is mainchain with Ethereum virtual machine | Execution environment is Sidechain with Virtual Machine |
| Cost per DApp usage is defined by miners | Cost per DApp usage is defined by dapp developers. |
Conclusion
In this article, we gained a basic introduction about Lisk and Ethereum as blockchain platforms and cryptocurrencies. We also, at length, learnt the main differences between these two blockchains and reviewed how they differ from each other.
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