LISK Blockchain : Explained
We all may come across the terms Ethereum, EOS, and Tron. Right? Does LISK sound jargon to you? Here we gonna discuss about LISK, one of the Upcoming blockchain network and developing dapps on Lisk platform in detail. Are you ready to unlock the knowledge about Lisk ? Without a gap, let us jump into deep discussion.
LISK - What Is It Actually ?
Lisk is a decentralized open source blockchain platform that allows for developing a blockchain based DApps via sidechain to lisk main network. It works on the Delegated Proof of Stake (DPoS ) Consensus Algorithm.
Simply, Lisk can be termed as
1. A Cryptocurrency like Bitcoin, whose token is termed as LSK.
3. A sidechain Platform.
4. A blockchain services platform
5. A blockchain application platform.
Origin of LISK
Lisk has its origin in back January 2016. Lisk actually has origins in Crypti, an open source blockchain application platform by Max Kordek and Oliver Beddows. Lisk has aimed in of bringing blockchain development to the public.
In 2017 16th November, Lisk hit a 1 Billion Dollar market cap and was in the top 15 cryptocurrencies in the globe.
LSK - Cryptocurrency of LISK
LSK coin is a cryptocurrency or token associated with Lisk platform.
Lisk ( LSK ) Price :
The current value of Lisk ( LSK ) / unit published by coinmarketcap is , $1.99 USD ( While writing this article ) and the market cap is $231,911,228 USD (i.e) 41,823 BTC .
Source : Coinmarketcap
To know more about LISK Price Index , Checkout Here : Coindesk's Lisk Price Index
Specialties of LISK Blockchain
2 . Sidechain
Sidechains are independent blockchains which are linked to the main blockchain of lisk network in such a way that they don't get modified or altered with its performance. LISK allows developers to build dapps on separate sidechain under the main LISK network. The main chain provides security and stability which is required to run the decentralized applications developed on side chains .
3 . Modularity
Modularity is a mechanism in which different applications can interact with the main blockchain network through sidechains or subchains. Modularization concept of LISK helps to overcome scalability problems and make for faster transactions.
4 . Delegated Proof Of Stake
LISK's main key feature is that it uses Delegated Proof of Stake ( DPoS ) consensus algorithm that allows all LSK holder to vote for the main LISK chain delegates that secure the network. Only a maximum of 101 active mainchain delegates always get most of the votes and rewarded for block generations. Every other delegates are standby and secure the LISK's sidechains.
5 . Greater Documentation
Lisk is an open source network that has greater documentation which provides for easy on-boarding for developers and also users.
Competitors of LISK
As we said, lisk is not a cryptocurrency like Bitcoin. It is a blockchain network like Ethereum. So, all the blockchain networks other than lisk is termed as competitors of Lisk. The notable key competitors of Lisk are Ethereum, EOS, Stratis NEO and TRON.
Building a DApp on LISK
Lisk is one of the popular blockchain application development platform like Ethereum. Unlike Ethereum, Lisk doesn't require developers to know the Solidity programming language for the development of a decentralized application. Instead, LISK uses JAVA Script to develop a decentralized application on it.
Most of the blockchain networks allow for the development of application on a single blockchain or custom blockchain. Lisk is the only blockchain platform that allows for deploying applications on "Sidechain", a flexible alternative that integrates with main lisk chain network.
Why Lisk for building Decentralized Applications ?
2. The use of Sidechains, for developing dapps on lisk reduces scalability issues.
3. Lisk software development kit (SDK ) allows developers to build any kind of dapps like games, gambling, storage or shopping apps and so on.
4. Lisk DApp provides Easy onboarding for both developers and user as well.
Future Scope of LISK
As there are a lot of applications developed on lisk, there is no such killer decentralized application on lisk blockchain network yet. Since the lisk platform has many unique features and use cases there arises many blockchain frameworks to compete with LISK.
As more applications begin to implement the Lisk blockchain network, we will get a much clear picture about the future of lisk network.
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