Lisk Blockchain CryptoCurrency Guide

Lisk Blockchain CryptoCurrency Guide

in Cryptocurrency, Newbie, Altcoins
Lisk Blockchain Currency Guide Lisk (LSK) is a blockchain platform that allows developers to create their own decentralized blockchain applications on top of what is known as sidechains. Lisk sidechains allow developers to create applications with their very own blockchain technology backing them up. Lisk utilizes its own blockchain technology, with sidechain applications being able to operate alongside the main chain.
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Lisk uses the consensus algorithm: Delegated Proof-of-Stake (DPoS). This allows for any LSK holder to vote for mainchain delegates who are responsible for securing the network. There is a maximum of 101 active mainchain delegates at any given time. Other delegates are either on standby to becoming a mainchain delegate, or are busy securing Lisk sidechains. All delegates are rewarded in LSK for helping to maintain the Lisk network.  
ICO Details and LSK Tokens
Lisk’s ICO took place in February and March of 2016, during which time 100 million LSK tokens were distributed. Eighty-five percent of these tokens went to ICO participants, with 7.8 percent going to the core team. The campaigns and bounties received 4 percent, while the advisors, partners, and third parties got 2 percent. Finally, early supporters received 1 percent, and the remaining 0.2 percent went to first-day ICO participants. If you missed the ICO, you can buy and sell LSK tokens on the majority of the major exchanges, including Jubi, Poloniex, Bittrex, and YoBit. You can exchange them for bitcoins and other cryptocurrencies. The only FIAT currencies that you can currently exchange LSK tokens with are the Japanese Yen and Chinese Yuan, although the developers hope to expand the options in the future. Anyway, you can exchange or buy it the same way as any other cryptocurrency coins.
How is it different to bitcoin?
Although there is a cryptocurrency associated with it, Lisk is primarily a software development platform. The Lisk token (LSK) is used to pay fees or make transactions within applications built on the broader Lisk framework. Bitcoin, on the other hand, was designed to be a stand-alone digital currency that is universally accessible.
Lisk vs Ethereum
Like Ethereum, Lisk is a platform from creating decentralized applications. Unlike Ethereum, which requires most developers to learn the Solidity programming language, Lisk is built with JavaScript, which is a language that is already well-known and popular. Lisk tokens (LSK) can be used to finance projects build on the Lisk platform. The team behind Lisk is working to create a framework that makes it easy to build entire applications using blockchain technology. In order to run the software inside these applications, users will need to pay fees with the Lisk token.  
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Blockchain Applications
The Lisk platform allows developers to create and launch their own blockchain applications through its SDK platform written in JavaScript. Through its framework, developers are able to build a wide range of blockchain applications such as: Gaming applications, IoT applications, messenger applications and many more. All of these applications possess their own dedicated blockchain to operate from. A blockchain applications consists of four key parts:
  • Consensus Algorithm
  • Sidechain
  • Back end
  • Front end
The consensus algorithm for a blockchain application is by default DPoS, with the sidechain being the database from which the application operates from. The back end consists of the computational logic required for the blockchain application to run, and the front end, the application interface that the user interacts with. In-order to save data on to a sidechain, and for a blockchain application to run smoothly, a token of value is required in the form of a LSK token, or a custom token unique to a sidechain. This has the benefit of preventing spam transactions on both the Lisk mainchain, as well as the sidechains. Sidechains are also able to connect with the mainchain by using the LSK token.
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Decentralized Applications
The applications built on Lisk will be decentralized, putting them in stark contrast to those found on Google’s Play Store and Apple’s App Store. Each of those is a centralized solution that a company owns to create centralized applications. By contrast, applications built on Lisk are decentralized and use blockchain technology that everyone can access. The main goal of Lisk is to allow developers to build these decentralized blockchain applications using the Lisk APIs. The applications each run on their own sidechains to keep Lisk scalable as well as safe. The applications will be written in JavaScript. The ability to build applications on Lisk is still being developed with a hopeful release in the fourth quarter of this year. The Lisk Foundation is working to complete the Software Development Kit, known as SDK. This framework is written in JavaScript and will allow developers to deploy their blockchain networks alongside the major Lisk network. As such, each decentralized application is built on your own blockchain.  
Delegated Proof of Stake (DPOS)
The same as Ark, Lisk uses a Delegated Proof of Stake (DPOS) system for consensus which works as follows: Anyone can register a delegate account on the Lisk network by simply choosing a username for their account. Now this delegate account can collect votes from any LSK holder. Easily spoken 1 LSK equals 1 vote and every LSK holder can only vote with the total amount in his account. The 101 delegates with the most votes in the whole network become active and start securing the network by adding new blocks. Every other delegate account outside the top 101 is on standby. The voting process is dynamic and the order of the delegates, active and standby, can change. This means, you choose a delegate to vote for who then share their LSK rewards with the pool of people who voted for them, thus increasing your LSK supply just for holding the currency.
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Blockchain Services
The provision of blockchain services is a powerful feature of the Lisk platform that adds further functionality to blockchain applications. Blockchain services are a type of blockchain application that only have a single use. Developers can use these services within their application. Examples of blockchain services include:
  • Storage of user information as a service
  • Execution of smart contracts as a service
Blockchain application developers can use a blockchain service for storing user information without having to necessarily build such a function into their application. Blockchain developer are able to incorporate these services into their applications because these services would be connected to the mainchain, therefore allowing access for the sidechains. Once the Software Development Kit is launched, the possibilities for using Lisk for development are limitless. It will be possible to develop social networks, games, messengers, and other applications that are independent of platforms. Best of all, there will be no hassles like following peer-to-peer networking protocols or developing consensus algorithms. Because the individual blockchains will be built off the main Lisk blockchain, these challenges are already taken care of while still maintaining decentralization.
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Lisk Cryptocurrency Team
Max Kordek – President / Founder
Max is a futurist and thoroughbred entrepreneur who is interested in disruptive technologies. Having a rich experience in the blockchain industry and seeing the potential of blockchain-based applications, he co-founded Lisk. A blockchain application platform for JavaScript developers which caused a stir when it collected 14000 BTC in its crowd fund early 2016.
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Oliver Beddows – Vice President / Founder
Oliver is a full stack developer with over 15 years experience in building mission critical enterprise applications. He co-founded Lisk with the view to inspire and enable developers to build the decentralised applications of their dreams, with an unparalleled degree of simplicity and ease. He is a husband, father, open-source advocate, blockchain enthusiast, and works tirelessly to build a better future for Lisk everyday. Because of Lisk’s focus on decentralization, the Lisk Foundation works with contractors from around the world. Many are located in New York; Berlin; and Zug, Switzerland. The core team working on Lisk (via Lightcurve GmbH) are based in Berlin.  
Lisk Market Cap Chart

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Lisk can be a valuable tool for developers in search of decentralized platforms. This software should save developers time, allowing them to focus on perfecting their application instead of being bogged down by details of the main blockchain. Like Ark, this is a good Cryptocurrency to hold as you are rewarded by the delegate system for holding the tokens in your wallet ( the more people who hold and stake their tokens, the less supply for sale). Lisk is just over a year old and the LSK tokens currently cost around $4.70 ( as of 15th September 2017 ) with an ATH of just under $8 so now would seem to be a good time to buy and hold until the platform matures and there are real-world uses of in action.  
Do you think Lisk is a valuable JavaScript platform? Let us know your thoughts in the comments below.
     

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