Let us discuss brief overview of Lisk (LSK) Token.
LISK (LSK) Token
The Lisk (LSK) Token is the cryptocurrency token used in the Lisk platform ecosystem with the following use cases:
1. Paying for Transaction Fees
Transaction fees on the Lisk blockchain are paid in LSK tokens and distributed to Lisk’s 101 delegates for maintaining the Lisk blockchain by forging blocks, which processes transactions.
2. Paying for Block Rewards
Lisk delegates receive block rewards paid out in newly minted LSK tokens. With every new block created, 5 new LSK is added to the total supply and distributed among all 101 delegates.
3. Transfer Value
Apart from being used to pay for transaction fees and block rewards, LSK is also used as a currency within the network to transfer value. LSK tokens can be transferred between accounts for minimal fees.
4. Vote for Delegates
Lisk users can use their LSK tokens to vote for their favorite delegates to forge blocks and secure the blockchain.
5. Create Blockchain Applications
From a development standpoint, LSK is used to create blockchain applications. Developers and entrepreneurs wanting to build on the Lisk platform will be required to purchase LSK tokens and pay for Lisk’s blockchain development services using LSK.
Lisk Token Staking
A popular Japanese cryptocurrency exchange introduced the very first Lisk staking services, the Coincheck.
Staking Service Details
By staking LSK tokens on Coincheck, the user gives up their delegate voting rights to Coincheck.
Coincheck then uses the staked LSK tokens to vote for delegates. If enough LSK tokens are staked on Coincheck, the exchange will have enough voting power to be selected as one of the 101 delegates.
List of Top Cryptocurrency exchange Lisk (LSK) Token listed
- Binance (Trading pairs: LSK/BTC, LSK/ETH, LSK/BNB)
- BitBay (Trading pairs: LSK/BTC, LSK/EUR, LSK/PLN, LSK/USD)
- bitFlyer (Trading pairs: LSK/EUR, LSK/JPY, LSK/USD)
- Bitpanda (Trading pairs: LSK/CHF, LSK/EUR, LSK/GBP, LSK/USD)
- Bittrex (Trading pairs: LSK/BTC)
- Coincheck (Trading pairs: LSK/JPY)
- Huobi (Trading pairs: LSK/BTC, LSK/ETH)
- Kraken (Trading pairs: LSK/BTC, LSK/ETH, LSK/EUR, LSK/USD)
- KuCoin (Trading pairs: LSK/BTC, LSK/ETH)
OKEx (Trading pairs: LSK/BTC, LSK/USDT) - Poloniex (Trading pairs: LSK/BTC, LSK/USDT)
- UPbit (Trading pairs: LSK/BTC, LSK/IDR, LSK/KRW, LSK/SGD)
