Lisk, also known as LSK, is a decentralized blockchain application platform that aims to make decentralized technologies accessible to everyone.
Developers can use Lisk to develop apps as well as a sidechain that is linked to the Lisk network and incorporates a custom token. Lisk provides a software development kit for blockchain apps to developers and is working on an interoperability solution that will allow everyone to utilize the platform effortlessly.
What is Lisk?
Lisk is a cryptocurrency that aims to act as a platform for decentralized applications (dapps), which are computer programs that operate on a network of computers that share software.
Lisk, on the other hand, allows developers to construct new dapps and cryptocurrencies using “sidechains,” which are separate blockchains that operate within the Lisk network. These sidechains are linked to the Lisk blockchain and may be tailored to the demands of Lisk dapps.
Developers may utilize the project’s software development kit, coding libraries, and coin LSK because these blockchains are interoperable with Lisk.
LSK is the coin that runs the Lisk blockchain. It’s used to pay for main operations and vote on proposed changes to the software’s rules.
Lisk: roots and history
Max Kordek and Oliver Beddows, the project’s founders, launched the project in 2017.
Lisk’s president, Max Kordek, is in charge of the company’s strategy and operations. He’s also the co-founder and director of Lightcurve, where he’s in charge of strategy and business. Lightcurve is a blockchain product development company and consultancy focused on marketing, coding, and customer support.
Lightcurve’s most important client is Lisk, where it is expanding the ecosystem and playing a significant role.
Oliver Beddows is the director of Lightcurve and vice president of Lisk.
Decentralized apps, Bitcoin and blockchain consultancy, startup consulting, UI/UX consulting, and community management are all areas in which they excel.
How does Lisk work?
Lisk aspires to be a platform with a decentralized network (similar to Ethereum and NEO), but it varies in a number of respects.
Ethereum is based on smart contracts and employs the Solidity programming language, which requires developers to learn a new language. This back-end-focused design necessitates the usage of third-party front-end applications (e.g., My Ether Wallet for ERC-20 tokens).
Lisk makes use of sidechains and a full Software Development Kit (SDK) to provide developers everything they need to create professional dapps (decentralized applications) and an independent blockchain all in one place. This side blockchain is linked to and secured by the Lisk blockchain, which is maintained separately.
Sidechains are cryptographically separate ledgers (blockchains) that connect to the mainchain without compromising the mainchain’s performance or speed. Interoperability capabilities like transferring and syncing your tokens between chains are enabled through this link.
Finally, sidechains provide developers complete control over consensus techniques, network scalability, asset tracking, and even beta releases of cryptos (such as testnets) and asset tracking (e.g., stocks).
Many sidechain systems use a single blockchain or multiple private blockchains. Lisk aims to provide the best of both worlds by allowing side chains to have limitless flexibility while maintaining mainchain stability and security.
Developers have complete flexibility over creating their own sidechain network, while the Lisk team manages the main chain, which is protected by 101 delegates. If the alternative blockchain ever has a problem, it will have no effect on the mainchain.
Why choose Lisk?
Imagine if blockchain technology was beneficial to almost everyone. With that in mind, the Lisk foundation set out to achieve one particular goal: to motivate blockchain engineers and enthusiasts all across the world.
Like BitShares, Nxt, and Bitcoin, Lisk is a decentralized network.
However, unlike Bitcoin, Lisk does not employ proof-of-work, instead opting for a simplified version of BitShares’ original consensus process known as delegated proof-of-stake.
Every LSK holder has the ability to vote for mainchain delegates who protect the network. There are 101 active mainchain delegates who consistently receive the most votes and are eligible for block creation awards. All other delegates are on the verge of being elected or obtaining a Lisk sidechain. Lisk is both a cryptocurrency known as LSK as well as a software development kit known as the Lisk LSK SDK. It allows one to create and deploy your own sidechains and construct blockchain applications on top of them.