Lisk LSK

Lisk (LSK) 💎 Ethereum Made In Germany


Many people are talking about Ethereum, NEO, EOS or Tron and tend to oversee Lisk (LSK), the hidden gem 💎. But I believe that Lisk has enormous potential. It can easily keep up with its big competitors. That`s the reason why I decided to write this post about it.

lisk

What is Lisk?

The Lisk Project is a decentralized blockchain platform that focuses on the operation of decentralized applications (dApps) on sidechains. 

Lisk, therefore, strives to be a platform provider with a decentralized network. For this reason, Lisk is often compared with Ethereum, NEO, EOS or Tron. However, it differs in many technical features from the aforementioned blockchain projects. In contrast to Ethereum, the dApps do not run on the mainchain but are processed via the freely programmable sidechains. Ultimately, the focus is somewhat very different:

While Ethereum is based on smart contracts, the focus at Lisk is more on decentralized applications, the dApps.

The team behind Lisk is permanently seeking to make blockchain technologies more accessible to the masses. In the case of Lisk, the masses are not only the users but also the dApps developers.

The History Of Lisk

Lisk's code base originates from the "Crypti Project", on which the German founders Max Kordek and Oliver Beddows previously had worked. The Crypti Project collected 750 bitcoins in 2014 to develop a blockchain application platform. However, after the project stalled, the two German founders of Lisk saw the potential and decided to take over the company and founded Lisk in May 2016. The company is headquartered in Zug, Switzerland.

Through their previous experience in the blockchain industry, the two founders of the project recognized a major problem in the crypto industry, namely that the development of blockchain applications was also a major hurdle for experienced developers, which is why Max Kordek and Oliver Beddows decided to develop Lisk based on the very common programming language JavaScript. The project wants to accelerate the adaptation and to significantly simplify the development of dApps for programmers.

A Decentralized Directory For Applications

The basic idea of ​​a blockchain platform is that is geared towards the operation of decentralized applications. This also means that the Lisk platform provides a directory for decentralized applications within the Lisk ecosystem. This directory is practically a decentralized counterpart to the centralized solutions from the Apple Store or from the Play Store.

All decentralized applications created in the Lisk ecosystem only need to be registered on the mainchain so that a connection can be established between the Lisk mainchain and the sidechain. Now the application directory is able to find all blockchain applications and services.

351665157-94eefbebe0a9ee24c5ba96f611214e4c22414773ba3c39ba9f5030718847476f.png

Delegated Proof-of Stake

To generate consensus on the mainchain, Lisk uses a simplified implementation of BitShares' original consensus algorithm, a delegated proof-of-stake (DPoS). As with Tezos, Steem, EOS or Tron, also the holders of the LSK Coin can vote for delegates.

In contrast to a proof-of-stake consensus, the coin holders cannot participate directly and without further efforts in the creation of new blocks. Lisk holders can vote for delegates on the mainchain who secure the network and take over the block production. Regardless of this, everyone is free to apply as a delegate.

The number of votes in the voting for the delegates corresponds to the number of LSK that a Lisk account is holding. As with EOS or Tron, there is a fixed number of delegates, which is set to 101 on the Lisk mainchain. The delegates with the most votes act as the block producers, validate the transactions and receive a block reward, which many block producers share with their voters to give an incentive to be re-elected. To form a block, the node assigned to the delegate inserts up to 25 transactions into a block, signs it and sends this block to the network.

In general, Lisk uses an inflationary reward system. In the first year, the “Forging Reward” was 5 LSK per block. Every 3,000,000 blocks, approximately after one year, the reward is reduced by 1 LSK, so that after 5 years only one LSK per block is released (forever). This makes Lisk an inflationary cryptocurrency that has no maximum supply.

The Lisk (LSK) Coin

LSK 💎 is the platform's own native cryptocurrency. The Lisk token has been sold as a part of an ICO from February to March 2016. The Lisk team was selling around 100 million LSK for around 14,000 bitcoins in this initial ICO.

Lisk`s price today is $0.816300 with a 24-hour trading volume of $4,065,279. It has a circulating supply of 140 Million coins. As already mentioned, Lisk an inflationary cryptocurrency that has no maximum supply! LSK can currently be found on market cap rank number 36.

Binance is the current most active exchange trading it. Binance has also been adding support for Lisk (LSK) Staking starting on 2020/02/27 and is distributing LSK staking rewards:

Monthly LSK Staking Airdrop Program

  • Starting from 2020/02/27 at 00:00 AM UTC, Binance will begin taking live snapshots of user LSK balances.
  • LSK Staking distribution will be calculated as follows:

LSK generated by each user = Total LSK staking rewards received by Binance * User LSK holdings ratio.

  • User LSK holdings ratio = Average user LSK holdings / Average total LSK staked by Binance.
  • Users must hold at least 1 LSK in order to qualify for staking rewards.
  • The initial distribution of LSK staking rewards will be calculated through to 2020/03/31, with the total amount distributed equal to the staking rewards accrued during the period.
  • LSK rewards are calculated daily and distributed monthly. Distributions will be completed before the 20th of each month.

351665157-57dbc92cebbbc2405781f1f60d0ee0426958ee1903ca2c273592253b8a7240cb.png

The Lisk Project is also providing the Lisk Wallet that enables you to take full control of your LSK tokens. The Lisk Wallet Desktop version also enables you to participate in the Lisk ecosystem. 

My Conclusion About Lisk

A key aspect of advancing the adoption of blockchain and cryptocurrencies is making access to these new technologies easier for both - users and developers.

On the one hand, it is important for the end-user to have a simple and intuitive user interface that relieves the user of all superfluous tasks. On the other hand, it is important for the developers that the entry barriers are low.

Lisk offers an innovative solution for both groups compared to other competitors such as Ethereum, NEO, Tron or EOS. The Lisk SDK enables developers to develop fully independent sidechains and decentralized applications that are complete blockchain applications with a customizable, front-end, back-end and consensus algorithm that can be downloaded and then used.

In this respect, Lisk definitely stands out from the aforementioned competitors!

I hope I could provide you with some interesting and useful information. Please make sure to follow me here on publish0x.

Thank you guys for reading, liking and tipping 👍

What are your conclusions about Lisk? 🤔

You may also like: "A Trend Of The Future - Why Status (SNT) Will Be Mooning 🚀 THIS YEAR!"

How do you rate this article?

10


Cryptonator`s
Cryptonator`s Verified Member

I look like an expert. 🤓


Cryptonator`s Junk Box
Cryptonator`s Junk Box

This blog is about all kinds of stuff, mostly crypto-related.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.