Everything you must know about Lisk [LSK] (A Beginner’s Guide)
It’s just a few years since the term, “cryptocurrency” became a part of mainstream vocabulary. And, during this short span no one could have predicted the soaring rise in the number of other altcoins. Without exaggerating, at the time of writing this there are over 1500 cryptocurrencies listed on CoinMarketCap.com.
That’s indeed some serious competition. As a result, several altcoins die away (no reported market cap or trading activity). According to DeadCoins.com, there are over 600 deceased altcoins.
Not all is Gloomy for Altcoins
With that said, some altcoins have managed to capture a large market share. If you take a closer look at these successful altcoins, you can spot a common thread – it’s no longer enough for cryptocurrencies to be mere digital currencies. Altcoins have to provide added features, functionalities and address specific issues.
A good example of this is Ethereum, the second most popular and largest cryptocurrency in terms of market cap, only next to Bitcoin, the original cryptocurrency. Ethereum is a public blockchain that can be used to execute smart contracts (a peer-to-peer contract system) using Ether, the tokens of this platform.
An exciting altcoin that was introduced in 2016 is Lisk. Denoted as LSK, this altcoin has several standout features that make it noteworthy.
Here, in today’s post, you can find,
What is Lisk (LSK) and Everything You Need to Know about it
According to CoinMarketCap.com, here are the basics
- Token – LSK
- Market Cap -$581,275,496
- Trading Volume (24h) - $7,239,720
- Circulating Supply – 108,155,144 LSK
- Total Supply - 122,877,228 LSK
The Lisk Founding Team and Members
Lisk is one of the very few altcoins that has a transparent and robust dev team. The team conducts a Q&A session on YouTube for one hour every month and even host Reddit AMA. During this session, the team answers all questions about the Lisk project including profiles of team members, future roadmaps, challenges and much more.
Max Kordek and Oliver Beddows are co-founders of Lisk. Both of them were previously associated with the Crypti project, before they started Lisk. In fact, Lisk is a branch of the now-defunct Crypti project. The development team is located in Zug, Switzerland. Recently, Lisk opened another branch in Berlin.
The company Lightcurve is in charge of overseeing the work of the development team. The future plans of Lightcurve is to guide other businesses develop and build on the Lisk platform.
Former Ethereum members now a part of Lisk
In June 2016, Steven Nerayoff (an ex-advisor of Ethereum) and Charles Hoskinson (the ex-CEO of Ethereum) joined Lisk to oversee Product Development.
Lisk Appoints Country Ambassadors
Since developer communities are known to be tight-knit, Lisk started an initiative by appointing Country Ambassadors. This initiative aims to make the Lisk ecosystem popular among developers and also to provide technical support and assistance for them.
Right now, Lisk has eleven country ambassadors. Individuals cannot volunteer themselves for this position. Instead, they are cherry-picked by the core team based on their profiles. Though country ambassadors are not paid, they may receive bounties.
Lisk Cryptocurrency History and Partnerships
Lisk was initially started as a fork of Crypti in 2016. During May of that year, the main net of Lisk was launched and the LSK tokens were available for trade on several crypto exchanges.
Lisk partnered with software giant Microsoft in 2016 to offer BaaS (Blockchain-as-a-Service) via the Azure platform. In February of this year, Lisk rebranded itself following a complete relaunch.
What makes Lisk Stand-out from other Altcoins?
It’s a modular cryptocurrency
Lisk defines itself as the “first modular cryptocurrency that makes use of sidechains.” As the name implies, the coin is designed and constructed in a modular way. This is one of the significant advantages of using Lisk. The system makes it easy for any third-party developer to use the designing blocks of Lisk to build their own dApps (Decentralized Apps).
It makes use of Sidechains
Blockchains are the fundamental blocks of Cryptocurrencies. One of the biggest flaws of blockchains is that they run the chances of a bloated network. Here, spammers slow down the network using fraudulent transactions.
This is where, Lisk introduces an ingenious solution – Sidechains. These are special additions to the platform apart from the central blockchain. You can consider sidechains as stick-on post-it notes. These notes add value to a textbook without cluttering the printed words.
Sidechains are attached to the central blockchains. All high-volume transactions can be placed on the sidechain, thereby not burdening the main blockchain. The result – the network doesn’t get slowed down by high-volume or spammy transactions.
It’s specifically designed for App Developers
Decentralized apps or dApps in short have a huge potential in a variety of applications like Oracle services, immutable storage, computation of smart contracts and much more. Lisk aims to be the de-facto standard for blockchain services and applications.
The Delegated Proof of Stake Algorithm (DPoS)
Each Lisk coin is valued at one vote. And, only the top 101 users with the most number of votes (highest number of Lisks owned) will be able to cast their vote and have a say in any resolution passed.
It has Proof for its Applications
If you’re wondering what a typical dApp looks like, then you can check out the official page of the Lisk project. Here are a few examples showcased by Lisk that tell how it works.
- Criterion – for Proof of Existence
- Discovr – A Social network for Artists
- Dust – for Decentralized Trust on Lisk
- BlockData – A Smart Home application using Lisk
- MarketPlace – A prototype for a Decentralized Store
You can also find information on other ongoing projects by checking out the Blockchain application section of the site.
Lisk ICO Details – Token Price, Sales, and other Details
The Initial Coin Offering (ICO) for Lisk was conducted in February and March 2016. During the sale, the team distributed 100 million LSK tokens. Nearly 85% of these LSK coins were distributed to the ICO participants. The core team retained 7.8% of the tokens. The advisors and other third-party supporters were given 2% and the bounties and campaigns committee received 4% for its efforts.
Early supporters of Lisk were awarded 1% of the tokens and the remaining 0.2% was given to first-day ICO participants. The Lisk ICO managed to raise about $9.76 million and is one of the biggest ICOs to date.
How to Buy Lisk (LSK)?
Just like other popular cryptocurrencies Lisk can be bought at nearly 20 major exchanges using ETH, BTC and others. Right now, you can buy Lisk directly using only two fiat currencies – the Chinese Yuan and Japanese Yen. Some of the popular crypto exchanges where you can purchase Lisk include: Poloniex, HitBTC, Binance, BitSquare, Jubi, Livecoin, BitMEX, Shapeshift, Touzibi, BitBay, Changelly and more.
How to Store Lisk?
You can store it at any one of the compatible crypto wallets. The Lisk Project has its official wallet to store LSK coins. Other options include KeepKey hardware wallet and Ledger Hardware Wallet.
How to Mine Lisk?
Unfortunately, unlike Bitcoin Lisk doesn’t reward miners with LSK coins. This is because it uses a Delegated Proof of Stake system and not the PoW (Proof-of-Work) used by Bitcoin. On the other hand, if you make it as an active delegate (if you are one among the individuals who have the top 101 votes), you are provided with a share of the rewards and fees of the blockchain.
Lisk Roadmap for 2018
Following the rebranding early this year, Lisk aims to launch a web app, desktop app and fix the existing address system. Right now, the transaction fees are pretty high, and the team is working to set it right. Lisk also has plans to implement gApp registration, custom tokens, sidechain withdrawal/deposit, decentralized exchange and a blockchain application platform before the end of this year.
Lisk Price Predictions for 2018
Currently, the market value of LSK is around $5-$6. Experts predict that by the end of 2018, it may reach an all-time high. This is because Lisk is supported by an active community. Even on days when the price was rock-bottom ($1), there were numerous discussions about the currency on popular forums like Reddit.
Lisk is often referred to as the “Competitor to Ethereum.” But the CEO of Lisk denies it. From the developer’s perspective, Lisk is a great ecosystem as it provides the way to build and create dApps and other applications within minimal time.
With that said, just like all other altcoins, Lisk is subject to volatility. Since, this is a new cryptocurrency, only time will reveal whether this digital currency will take off or fall.
Image via Shutterstock
Join our Telegram group