Lisk Coin Review
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Cryptocurrency is a digital cryptographic-based currency that serves as a medium of online exchange. It is secure, fast and reliable. There are different types of cryptocurrencies, and Lisk is one of them. Lisk started when Beddows and Kordek decided to leave Crypti and forked another blockchain project, which is now popularly known as Lisk platform. During this, an ICO (Initial Coin Offering) publicly announced to help fund the development of Lisk. This gives Lisk access to raise $5.8 billion, giving it a chance to become the second most announced cryptocurrency that many embraced.
What is Lisk?
- Developers are able to build, manage and transfer decentralized blockchain application, which is done by deploying side chains.
- Mechanism of Lisk involve the use of algorithm known as Delegated Proof of Stake (DPOS)
- The DPOS is guided by 101 democratically delegates which makes it more active and well secured.
Pros of DPOS
- It is efficient, very fast, requires minimal fees and highly profitable.
Cons of DPOS
- DPOS is less decentralized and cannot function effectively without a large number of consistent users.
How does Lisk work?
- Lisk DPOS works through rounds that consist of 101 separate blocks.
- A block is randomly selected to forge (Lisk mining).
- A complete round is about 17 minutes.
- If the forge was not successful, then the activity is passed to the next block in the round.
LSK cryptocurrency was able to solve one of the problems facing other cryptocurrencies, which is scalability. Lisk purpose is to make Blockchain technology easily accessible and make developers have the ability to create their own block chains with the use of SDK thereby giving developers a full control.
What is so special about LSK?
Liscryptocurrency was created with a special technology, DPOS. This is the only cryptocurrency that is delegated. Other cryptocurrencies like ethereum, bitcoin, and others, use either PoS (Proof of Stake) or PoW (Proof of Work).
- Lisk sidechains: The blockchain platform created by Lisk users is called side chain and it’s used with Lisk mainchain.
- Ethereum former employees: Max Kordek (Lisk CEO), Steven Nerayoff (ex-advisor for Ethereum) and Charles Hoskrason (Ethereum former CEO) Are part of Lisk team.
- Lisk is recognized as a successful ICO: Based on Lisk current ROI of 8370% Lisk was rated 7th.
- DPOS: The use of Delegated Proof of Stake in Lisk gives it an edge over every other cryptocurrencies.
Lisk Software Development Kit (SDK) is still in the process of development. Once this developing kit is released, blockchain network will be opened to every developer in the world. The purpose of the SDK is to change the way users develop their applications and provide them with a better option.
- Lisk application is linked with external links (sidechains) to the blockchain.
Lisk tools are:
- Lisky: This enables effective communication with the Lisk node or remote.
Lisk and Ethereum are different in function but similar to one another with following features:
- Both are based on decentralized blockchain platforms.
- They both have application platform and use currency.
- They are both aiming to solve almost the same problem using a different approach.
- They both use coin but with different names. Lisk coin is LSK while Ethereum coin is known as Ether (ETH).
From May 2016 to 2017, Lisk was under a dollar with a market cap of $22,722,400 in October 2016 and went low to $15,142,800 by December 2016. Lisk recorded one of its first huge market cap, $858,097,932 in December 2017 and it has been on the increase side thereafter.
Lisk cannot be mined because it uses DPOS, unlike other cryptocurrencies that can be mined because they use PoW. Instead of mining LSK, you can be rewarded by staking your Lisk coin if you are among the 101 voted delegates. To be among the delegates, you have to be voted for by the stakeholders.
Lisk wallet is used for managing and transacting LSK cryptocurrency which is stored on blockchain platform.
Setting up your Lisk wallet:
- Download the Lisk Nano wallet from the official website.
- Run and install the downloaded file.
- Ensure your computer antivirus is disabled to prevent flagging of the file.
- Click on the “new account” button after Nano wallet has opened.
- Click on “next” button after reading the instructions.
- Create a passphrase by moving your mouse around on your computer.
- A twelve letters words or digits will appear, ensure to copy this down and keep it safe or back it up in case you forget your passphrase.
N.B.: If the passphrase is lost, your access will be denied and your account or Lisk cryptocurrency cannot be reset.
- An instruction to double-click your passphrase comes up and you’ll be asked to input the missing word.
- Your wallet account is ready to be used.
- Copy your personal wallet address. This can take hours to be generated.
- Now proceed to purchase your bitcoin, ethereum or any other popular cryptocurrencies.
Wallets that support Lisk
Lisk Nano – Lisk Nano, which is a light Lisk coin wallet, gives a chance to send and receive transactions on Lisk network. It also promotes users accessibility to interface features like delegating and voting. Lisk Nano supports Mac Os, Windows, and Linux platforms and the latest release is 1.3.2.
- Support registration of the second passphrase.
- It is connected to the official Lisk nodes owned by Lisk Foundation, thereby Blockchain synchronization is no more needed.
- It featured list core for effective API interaction.
- Well secured, safe and easy to use.
- It can’t be accessed on the go.
- Only for desktop or Pc.
Free Wallet (Lisk Wallet)
This is a first mobile cryptocurrency wallet for iOS and Android.
- It is easy to use anywhere and everywhere.
- It supports all platforms that are popular.
- There is quick access to your funds.
- Rated 3.5 by Lisk users.
- Backup is not required an automatic safe passphrase.
- Quick and smart transaction.
- Can easily be hacked
- Less secure
- Features may not appear complete. Meaning, it might not support some features.
How to buy Lisk?
Lisk cryptocurrency cannot be bought straight with flat money but can be exchanged for Lisk token from bitcoin and ether. There are online places to exchange or buy LSK currency. These include Bittrex, Poloniex, LiteBit, Changelly, Jubi, Yobit and so on. For a transaction to be completed on Lisk, it might take 10 seconds.
Knowing where to buy Lisk also require knowledge of each cryptocurrency exchange rate, deposit, withdrawal fee, and security.
Changelly is based in Prague and they do crypto-to-crypto exchange. They exchange bitcoin both cash and gold. Their exchange rate is 0.5% including networking fees. It is supported worldwide and payment method is in USD, EUN, and more than 35 cryptocurrencies. They are fast, fair and trusted. You can deposit by bitcoin with a credit card, debit card or other cryptos. Their deposit fee varies.
This website is a very busy platform. They have been supporting Lisk cryptocurrency trade over a long period of time. Their charges fee is between 0.5% – 0.25%. They support LSK/BTC, LSK/ETH. No fee is charged for deposit and withdrawal fee is 0.0005BTC as at 22nd of December, 2017.
Bittrex, based out of US has been supporting Lisk coin for long. Their exchange fee is 0.25% if trading occurs on their platform.Account verification is fast and they support Lisk pair (LSK/BTC). Withdrawal fee is 0.001BTC.
Buying LSK cryptocurrency with Bitcoin on Bittrex:
- First, you need to buy bitcoin from a good coin exchange marketers. Here are some ways to buy Bitcoin.
- Open an account with Bittrex and input your correct data information.
- Login directly after your email has been confirmed.
- Then deposit your Bitcoin into your wallet by clicking “wallet”, navigate to Bitcoin on the right-hand side and click on the currency.
- Your “BTC deposit address” comes up, highlight and copy it.
- Enter it in the space that will be provided.
- Click on “market” and search for LSK (Lisk coin) and click on “move to wallet”.
- You must select the total BTC you want and double check if the order has been executed.
- Congratulations, you have successfully bought your LSK.
to sum up…
Lisk is one of the most popular cryptocurrencies, it ranks 19th in the crypto market. It is aiming to solve the problem of scalability and enable developers to be creative and monetize their talents.
Thank you for reading this article and make sure you check out our website and learn more about various ICOs and cryptocurrencies.