Lisk Cryptocurrency – Popular Myths About Lisk | Blockchain

The Lisk cryptocurrency 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.

About Lisk

Lisk is a blockchain just like Bitcoin. However, unlike Bitcoin, it does not require proof of labour or a proof of stake for transaction verification. It relies on Delegated proof of Stake, which allows each LISK holder to vote.

The lisk cryptocurrency token is LSK which can be exchanged through a number of crypto exchanges.

Platform For Sidechain To Lisk

This project enables developers to transfer skills to build dapps faster and in popular languages like Javascript and Typescript. Lisk also allows the creation of custom dapss and cryptocurrencies using unique blockchains operating within the Lisk network that are called Sidechains.

While working on LISK sidechain you can use the LSK token as fee for any transaction, a customised token might also work but care must be taken to ensure the token is also created on the same sidechain network, as you cannot send a Litecoin to the Bitcoin network.

Since the sidechains are compatible with Lisk, any developer can leverage resources from it to integrate into their own project. Lisk was one of the earliest blockchains for dapp development.

History of Lisk

In 2016, Max Kordek and Olivier Beddows, founded LISK from a fork of a similar Javascript-based cryptocurrency project they made in 2014 called Crypti.

Working of Lisk

The underlying software, Lisk Core, is responsible for enforcing the protocol rules and keeps the participant computers in sync to ensure smooth operations.

The lisk blockchain offers an SDK, basically a Software Development Kit which is used to build the Dapps which are further compatible with Lisk Core. The Lisk SDK has the following components:

1. Lisk Framework: To facilitate communication between the modules of the dapps

2. Lisk Elements: A set of coding libraries

3. Lisk Commander: Tool to allow users to interact with blockchain

Delegated Proof-of-Stake (DPoS)

Transactions on a Lisk Blockchain are verified using the technology called Delegated Proof of Stake, or DPoS. This is a consensus system which uses real-time voting to determine which computers running the software will be allowed to create a new block. This ensures that only those who own LSK can help operate the network.

Here, each LSK token is “staked” so as to represent a vote. There are a total 101 blocks per cycle, with 10 seconds between each new block. Each block cycle is about every 16 minutes. In return, active delegates receive block’s total transaction fees and are rewarded in the LSK cryptocurrency. Active delegates can even choose the percentage of LSK they want to distribute to users who were involved in the voting system, thus incentivizing the voters.

Why Lisk?

1. Open Source

Lisk products are developed completely in open-source, hence anyone can suggest changes to make it better.

2. Rooted in JavaScript

Committed to the most popular programming language makes it popular among programmers around the world.

3. Customizable

Develop blockchain applications with total flexibility. This is a unique characteristic which make Lisk more appealing

4. Delegated Proof-of-Stake

Scalable and energy-efficient consensus algorithm gives it an environment friendly outlook as well.

Apps Built on Lisk

The Lisk community is working on multiple proof of concept blockchain applications developed with the Lisk SDK.

1. Kalipo is a platform to support Decentralised Autonomous Organisations (DAOs).

2. Enevti is a decentralised social media NFT platform.

3. doEdu is an educational platform built with Lisk SDK.

4. Colecti is a Lisk-based NFT marketplace.

Lisk Wallet

Lisk Desktop is a one stop destination to manage your Lisk account, access and send tokens, or vote for delegates. It combines the functionality of a cryptocurrency wallet with the transparency of a blockchain explorer. Lisk Mobile is also a lightweight version available for on-the-go use.

Lisk Token

LSK is the name of the Lisk token. Like other native tokens, it is used to pay for transaction fees on the Lisk blockchain. LSK is supported by various exchanges and third-party wallets, but the most recommended way to store and manage your LSK is in the official Lisk wallet, available on both desktop and mobile.

Network

Lisk operates on a decentralised network, which makes it unstoppable and always-on. This is a network no third party can intervene with, which is run by people all around the globe.

AmpliFire

Organised on December 2nd, 2021, AmpliFire was an event designed to suit everyone. Geared towards both technical and non-technical individuals, blockchain enthusiasts, entrepreneurs, investors, and basically anyone who was interested in the crypto and blockchain industry. AmpliFire was about celebrating competitive advantages within the blockchain world, together with showcasing what makes blockchain an invaluable innovation, and why Lisk is one of the best.

Myths about Lisk Blockchain

1. Unsafe

The fact that Lisk is written in Javascript, does not mean that it is unsafe. Javascript was employed because of its versatility, style and scalability. It has an ever increasing developer base and quick access which makes its a lucrative choice.

As a result of their powerfully written nature, Java makes it less probable for the developer to write down the unhealthy code. However, that doesn’t mean these languages don’t associate with alternative vital tradeoffs. A major reason to select JavaScript is that it runs virtually every place, is very in style & widespread, and has huge firms like Google or Microsoft performing on its speed and security across a good variety of devices. Therefore, its ever-increasing developer base and easy access contend a large role therein call.

The security of the blockchain is maintained by the underlying API and hence, javascript has nothing to do with it. Making the myth retardant.

2. Competition

The concept of side chains gives Lisk a competitive edge but it doesn’t necessarily aim to drown out the competition. Blockchain is a large domain with a lot of possibilities and room for competition.

Another added benefit of Lisk is that if a developer wants to reuse an existing service they don’t have to re-implement everything.

Conclusion

In this article we learnt about the Lisk blockchain and cryptocurrency. We discussed Sidechains and the history of Lisk. We also understood its working and broke some common myths about it.