What is Lisk?
Lisk (LSK) is a blockchain platform with the function of providing decentralized Blockchain applications. Basically, Lisk’s Blockchain is quite similar to the Ethereum Blockchain; however, Ethereum uses Smart contracts, while Lisk develops the Lisk SDK.
Lisk has a decentralized net, Lisk implements the Delegated Proof of Stake (DPOS) algorithm, which is very beneficial for the owners, when instead of having to dig coins, just hold the coin to receive a coin reward.
Organizations can use the Lisk SDK to develop Blockchain through sidechains (a customized and independent blockchain). To be able to develop games, use finance, online shops…. 1 simple, flexible and convenient way.
Lisk is currently developing a combination of both Blockchain models: Single blockchain and Private blockchain to bring the highest security and stability to its platform. This is also the only platform that has Dapps (permission part application), this allows companies, organizations and individuals to use Lisk’s sidechains to create heavy, flexible applications.
Investing in 2016, two co-founders Max Kordex and Oliver Beddows have officially announced Lisk to the world, based in Switzerland. Also, at that time, Lisk had about 23 members in the development team, they were all experts in Marketing, blockchain, business, programming, etc. with many years of experience, some of them worked for big corporations.
Oliver Beddows: Founder, and current CEO of Lisk Coin.
Max Kordex: co-founder of Lisk.
Guido Schmitz – Krummacher: Financial advice, legal advice for the project.
In addition, Lisk is advised by leading experts in the field of Blockchain, including Charles Hoskinson (former CEO of Ethereum).
Features of the Lisk platform
A decentralized network
Lisk is a decentralized network like Bitcoin, BitShares or Nxt. It doesn’t use a Proof of Work algorithm like Bitcoin or a Proof of Stake algorithm like Nxt. Lisk opted for a more minimalist way of implementing BitShare’s original algorithms, also known as Delegated Proof of Stake.
A sidechain is a customized blockchain, which does not affect the principal or other sidechains. All details, specifications and transaction types are subject to change to fit perfectly with your blockchain application.
To prevent spam in the blockchain, there are always valuable tokens that require storing data in the blockchain, such as all transaction costs. In the Lisk sidechain, you can use LSK tokens from the mainchain or all tokens from new customers.
You will have a separate limit in case you want to use the tokens from the mainchain LSK inside your sidechain. You cannot easily transfer tokens between different blockchains.
Cons and pros
- Using advanced sidechain platform: Sidechain is a sub-platform of Lisk running on Blockchain. Sidechain also helps to operate continuously, without lag even when Blockchain is overloaded.
- Suitable for application development: Lisk allows users to easily optimize application development, as well as in application completion.
- Few people know: due to being in operation for only 2 years, Lisk coin is still not really popular.
- Only IT savvy people can use it: the Blockchain technology platform is still quite new in the world. So using is not easy.
While Ethereum stores smart contracts in a single blockchain, the use of Lisk sidechains makes it much more scalable than its competitors. Moreover, Lisk seeks to remove barriers to accelerate application development; makes Lisk more user-friendly than Ethereum.