What is Lisk Coin? A private network with its own blockchain

lisk coin

What Lisk is exactly is that Lisk (LSK) is a cryptocurrency with a decentralized blockchain base. It is a private network with its own blockchain that has been started in order to create a wide range of applications with their own special tokens by creating side chains on its own network. It was formed in 2016, by being bifurcated from “Crypti.” It is a cryptocurrency that develops and allows the distribution of Javascript-based block-chaining.

 

The team also hopes to keep the main network strong with the side-chain application and to keep Lisk productive. It can build, distribute, publish and monetize powerful applications within a crypto-money system that allows the use of customized block chains, intelligent contracts, cloud storage and computing nodes.

Why is Lisk Coin usually compared to Ethereum and What is the difference between them?

As compared to Ethereum, Lisk (LSK) generally has some differences. Both platforms are block-based platforms that developers can create applications for it. However, while Ethereum enables developers to create “decentralized applications” in virtual machines connected to the main Ethereum blockchain, Lisk enables developers to create applications through side chains connected to the main blockchain.

Some other differences

Lisk uses a negotiation algorithm on a delegated evidence document, Ethereum will ultimately go to the PoS consensus but is currently using PoW.
While Ethereum uses Solidity, Lisk (LSK) uses JavaScript as an application language.
While Ethereum stores applications on the main chain, Lisk uses side chains in order to store apps.
Applications in Ethereum work on a virtual machine. For this, errors cause loss of money. Problems of applications in Lisk interest side chains of developers.

We can mention them as differences.

How does Lisk work?

What is Lisk Coin
What is Lisk Coin

It is easy to scale as a side chain is applied to every application developed on the Lisk (LSK) platform. The development of applications in the side chains will not affect Lisk’s main blockchain if anything goes wrong. Side chains make it safer and faster. For secure shopping with Lisk, mini exchange system can be applied in the blockchain. It is also true that the blockchain has projects to solve the same problems since it can be applied to the side chain of everything. Decentralized storage, anonymous transactions, and social blogging can all be done on a single block of chains or Lisk. On the Lisk (LSK) network, users create mini-networks. Included in the mini-network of a created application, they can import, develop and modify the application’s software. When users are included in the side networks, the load on the main network is lightened and everyone can do their work easily. There is also a negative side to entering the side network. You need to rely on the person who created the incoming side network. When entering the side network, all the wallet information will be moved to this network so that malicious software can steal people’s LISK coins and spread their knowledge. The use of these side networks by novice users should be avoided for this reason. (We would like you to get more attention to the last sentence. It is kind of a security warning to you!)

The primary goal of the LISP platform is to help developers easily create decentralized applications. In order to create an application on the Lisk, you need to follow the following steps:

Coding

Decentralized blockchain implementations can be built on Lisk as JavaScript in order to take advantage of Lisk’s powerful APIs. Every application is working on its own side-chain to ensure that the main LISP platform remains safe and scalable.

Publishing

The LISK platform offers some different storage options for block-chain applications. Developers may distribute the code in the .zip archive to Github or similar web servers. Developers can then register their application on the LISK (LSK) platform by filling in the name, description, label, and download link information.

Use

After the applications are ready for publication, Lisk functions as a decentralized power source for these applications.

Why does Lisk use JavaScript?

LSK-ETH Chart of Binance
LSK-ETH Chart of Binance

It seems that the Lisk team has decided to use JavaScript because of a few reasons. The main reason is that JavaScript is everywhere on the web and every developer can get access to it easily. JS is used in almost every website in order to add interactive components. JavaScript was developed and programmed in a short time and even though it took a short term, it has succeeded to be the most popular programming language. Lisk (LSK)uses JavaScript, which means that they can reach everywhere and a massive number of people from all around the world.

Whose project is Lisk (LSK)?

The founders of Lisk are Max Kordek, CEO & Co-Founder,  and Oliver Beddows, CTO & CO-Founder. They propose the idea of Lisk in 2016. The main idea is coming from Crypti.

Is Lisk a good idea for investment?

This altcoin, which was founded in 2016, has taken its place in 18 different crypto markets in a short period of time and has succeeded to be in front of its most significant competitor, Ethereum. The Lisk, which also finds a place for itself in the Japanese market, can also be bought with the Japanese Yen. In many countries, this cryptocurrency is seen as it has the brightest future of cryptocurrency by experts.

Some good and bad sides of Lisk

Good ones

It is an open-source network, so the system is getting improved and developed every single second. This makes Lisk safer, more rapid and more effective.
When someone programs a new algorithm, someone else can continue to develop that algorithm.
Some possible errors in a transaction will not cause loss of money because of not keeping something on the main blockchain.

 

Bad ones

For beginners, it may sometimes be risky to use. When you get into the site, all your information is moved to the site so if you are a beginner; you should be two times more careful than usual about keeping your data secure.
It is always compared to Ethereum wrongly and by unlucky. Even though it is better than Ethereum right now, everyone thinks that Lisk is an extension of Ethereum so to use Ethereum is better than Lisk, but that is not true.

Summary

Lisk is a developer platform with a public block-chain base. Developers can create their own side chains independent of the main Lisk blockchain and create decentralized applications. Lisk thus offers unique opportunities for developers. Therefore, we are saying that it can be a nice way for you to invest in Lisk.

 

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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