Lisk (LSK) Review – Crypto Coin Judge
From the past few years, Cryptocurrencies has been gaining more and more grounds as compared to fiat currency market. Although, the world biggies have been seen speaking against it, but fact is undeniable that Cryptocurrency is emerging to dominate the market.
Much has been talked and heard of Bitcoin (the largely accepted Crypto coin), but there is one less-known, yet fast enlarging Cryptocurrency – Lisk. The market specialists say, there is something different and unique about it. Why not find out then?
– What is Lisk all about?
Blockchain technology is taking an edge over everything that has ruled the IT market so far. It is a new era, changing the outlook of people for good. Lisk, an online platform, is committed to enabling developers to create Blockchain Applications with their individual Sidechains. Lisk is an open source platform. Being forked from ‘Crypti,’ it was launched in early 2016, by Olivier Beddows and Max Kordek. It has been built using Nodes, thereby it is the fastest suite, data streaming enabled, easily available, real-time features, a perfect solution for all types of database queries, easy on coding and NPM (Node Package Manager) dynamic.
To join Lisk, all you are supposed to do is create an account with it and download its wallet. As other blockchains, The platform has coined its own in-platform Cryptocurrency, named LSK, for all sorts of transactions within the platform. Despite the market being saturated, Lisk has been enjoying quite a steady and satisfactory market capitalization. As of December 18th, 2017, Lisk is priced at $14.64.
Do you know why LSK is often weighed against Ethereum? It is because the both are based on Blockchain, Smart Contracts technology that enable developers to develop and design DApps as per their respective areas.
This is how LISK works –
The key objective of it is to simplify the process for developers while they create good and effective decentralized applications. Thereby, followings are the steps –
- Deployment: Unlike many other Blockchain platforms, Lisk is enabled with multiple storage options for Blockchain applications. Creators are allowed to use .zip for code deployment for services such as Web server and Github. As soon as the code is deployed, the platform gets available for the developer to register applications by giving out some details such as tags, descriptions, download link and name only.
- Finally, use: The minute applications are good to be launched, it starts functioning as decentralized authority for that particular application. With help of their extensive user-base, Lisk allows its developers or end users to discover third party nodes and then implement future Blockchain applications via servers worldwide in a genuine decentralized manner. Do not fret over as the application will be secured by decentralized code computation worldwide.
The platform has been designed on DPoS (Delegated proof of work) algos, initially crafted by BitShares. You can as well call it a different level of PoS Blockchain to rank in Top 101 delegates as it forges and secures network actively and continually.
Here is how you can use Lisk conveniently and efficiently –
As already told, it is an open source, direct Blockchain platform with simple six joining steps mentioned below:
Get an account created: Once you are done filling-in your personal credentials, you will receive a password. Then, you have to download Lisk wallet to finally launch the application.
Time to avail LSK Tokens: Its ecosystem is powered by LSK tokens. All the activities on this network are powered by LSK, considered a rising Altcoin. World’s all major Cryptocurrency exchanges provide LSK. For example, Bittrex and Poloniex – they both have enlisted this Altcoin.
Custom your account: One you register yourself on Lisk, you are allowed to custom-add features to your account. For example, users can add two-factor-authentication in order to protect access to the account.
Make the most of tools available: Lisk is featured with most amazing tools for users to maximize their profits. Go to Blockchain Explorer to find the tools.
Get set go: Know that this Blockchain-enabled platform is concentrated around Community Growth and Experience. This is the only Blockchain platform where users not only just keep in line with the network, but also be engaged in the growth and virtue of the network. Getting together with the community, users actually do contribute to Lisk’s rise and expansion.
What is Lisk’s new innovation?
If you are thinking, this platform is what it is now, you are wrong. There are many more plans in the pipeline and to your surprise, they are considering to be more user-friendly in its approach to the mass. In the month of May, 2016, Lisk went Live with its very individual cryptocoin named LSK to support crowdfunding for their on-going projects. In addition to this, LSK is also being used as transactions and fees within its ecosystem.
What problem Lisk is solving and how?
- Lisk claims to be a ‘modular’ cyprocoin – It has been branding itself as the first modular Cryptocoin using sidechains. This means more efficient and successful ICOs.
- Lisk already enjoys development and compatibility with DApp sidechain – The network brands itself as the most potential Blockchain network because of its modular cryptocoin.
- Proof of Stake, delegated – Contrasting with Proof of Work (PoW) models, the programmers are enabled to implement any new model for Cryptocurrency generation, which is to sustain here as well as ecological and autonomous.
How is Lisk different and better than other solutions, i.e. Bitcoin and Ethereum?
Quite similar to many other cryptos such as MaidSafeCoin, MonaCoin, NEM, OmiseGo, BitShares, Cardano, the network is although associated with Cryptocurrency, but primarily it is DApp development platform. To participate, programmer uses LSK token to make all sorts of transactions within its platform and also pay fees with LSK. It has a much boarder and efficient framkework to support better DApps development. On the other hand, Bitcoin has been formed as a stand-alone virtual currency, which is used and accessible worldwide.
How stronger Lisk stands against Ethereum?
What is sidechain in LISK?
Most Blockchain application developments are concentrated around single Blockchain or it calls for a customized, private Blockchain network. DApps programmed with this network can be used on their individual sidechain, which is a flexible substitute integrated with Lisk’s main Blockchain infrastructure. The best part of developing applications on your own sidechain is that developers enjoy full control over the coding and deployment.
How LISK is mined?
LSK is mined with Eobot. Eobot, as most of us have no idea about, is the simplest, affordable and most efficient means to mine LSK. Did you know you can actually hash LSK with cloud mining as well? Other than this, programmer can also utilize GPU or CPU for Scrypt or SHA-256, a computer or as many computers to get instant mining results.
How to get Lisk wallet?
Finding your way to Lisk.io, which brands itself one of the most propitious Blockchain application platforms, you are just a few steps away from becoming its authorized member. Unlike other Blockchain networks, Lisk being an open source platform, has made registration and wallet setup really easy for its prospects. Below are two steps by following which you can quickly setup LSK wallet –
Step 1 – Create an account on Lisk
On starting into LSK, you find the LSK Nano Sign-in page. If you are new to the platform, there is a radio button ‘New account’ Login at the right bottom of the page. Click to create a new account. In the process, all you will be asked to input are your personal details including contact address and number. Once you are done, you will be given a passphrase aka password that you are supposed to use everytime, you attempt to Sign-in to LSK.
Step 2 – Download the LSK Nano wallet
Once you are done authorizing yourself on LSK, you are given direct access to download LSK Nano Wallet to then run it successfully. You might again need to sign-in yourself with LSK Nano Wallet to avail a new address, Peet Network and see balance. In case, you already
hold some of LSK to your Bittrex account, start moving them all to your new address. If everything goes well, mean now you have your LSK secured in local LSK wallet.
How can you buy LSK?
Step 1 – Visit the LSK official website and download LSK Nano Wallet.
Step 2 – Now, the installation file needs to be run.
Step 3 – Click to open the LSK Nano wallet locally and click to create a new account.
Step 4 – Well, this part is a bit fun. Once your credential are verified, create a passphrase just by moving your mouse around. On doing it successfully, a 12 digit passphrase will be generated. Copy this to your primary email or anywhere else safe and secure because you can’t lose it anyway.
Step 5 – Now you will be prompted with log-in page. Log-in to open your wallet.
Step 6 – Once you log-in, you will be given an address, Peer Network and show the balance as well.
Step 7 – Now, the situation varies based on your financial possession. If you already hold Bitcoin, you can exchange it with LSK, or else first you have to buy Bitcoin to then exchange it with LSK. To buy bitcoin, you have to go through renowned and reliable Bitcoin Exchange, such as Coinbase or CEX.IO.
LISK Vs Bitcoin: Difference that many were unaware of
While Bitcoin is just a currency, Lisk serves as the both – a Blockchain-enabled platform as well as a currency, abbreviated as follows – LSK. Undoubtedly, Bitcoin is leading the league of Cryptocurrencies, but Lisk makes a smart investment choice when it comes to small-scale enterprise solutions and proving effective as well. Lisk is incentivizing user behavior in a great way.
LSK and how well has it managed to be on the News from the past few days–
NEWS 1. MARKET SAGES SAY, LSK TO HIT A NEW HIKE IN NEAR FUTURE –
NEWS 2. LISK LOSES QUITE OF ITS LUSTER, BUT THE FUTURE STILL LIGHTS BRIGHT –
Being launched and circulated in 2016, the coin has quietly experienced a bitcoin-like surge. It’s no more than 1.5 years, however the coin is facing frequent fluctuations in its value and the credit goes to its marketing department. Looking at the record from past few weeks, LSK has reportedly lost quite its Lusters as the original Blockchain value hiked above $11, 000 for the first time, but just as Bitcoin faces quick surge immediately after a fall, the development team ensures the same with LSK as well, for it being a moduler Cryptocurrency based on sidechains.
Price prediction of LSK for 2018
There has been much speculations over ‘should you really invest in LSK by the coming year or not?’ LSK proves to be a brilliant long-term investment-vehicle. Typically, LSK predictions are updated in every quarter of the year, backed by technical analysis and market . According to Walletinvestor.com, investing in LSK will prove better with good, infact higher return. Priced at $14.64 as of 18/12/2017, LSK gives the adopters a bigger and cent percent positive opportunity to expect long-term surge. Put simply, if you are considering investing in an Altcoin, LSK does make a smart choice.
Note* Crypto values are dynamic. Google for updates!
A quick insight into Lisk and its profit potentials