What is Lisk?
Main Features of LISK
LISK has several unique features that set it apart from other cryptocurrencies, they are:
Modular Cryptocurrency: modules serve as the basis of Lisk’s design and construction.
Sidechains: one problem that most blockchains have is its ability to be artificially bloated. This occurs when there are too many fakes transactions, the blocks become full and so the network becomes slow (bloated network). LISK has offered a solution to the blockchain problem, the creation of sidechains, these sidechains are the additional parts of the blockchain. To further illustrate this point, think of the sidechains as “Personal Notes” found in books, this note section ensures that the reader does not alter the already written text rather he can write his on a fresh sheet. This is the same with the sidechains, they are attached to the blockchain but do not interfere. This lack of interference will ensure that the blockchain network remains fast all day.
Delegated Proof of Stake: Lisk uses the delegated proof of stake as its consensus model. Only the 101 users with highest individually owned LISK are allowed to vote, to push for a motion and to contribute in problem-solving resolutions in the network, this is the only reason that sets the Delegated proof of stake aside from the regular Proof-of-stake.
LISK has it own blockchain protocol
LISK has a decentralized network of delegates and voters that allows owners of Lisk coin, LSK to help validate transactions by either voting for delegates or being delegates themselves.
Sending LSK from one delegate or voter to another takes about 10 seconds to process, although after about 1-3 minutes the transaction information might not be changed.
How does the Delegated Proof of Stake Work on Lisk Network?
Delegated Proof of Stake functions with rounds, every round consists of 101 blocks. Each of the 101 eligible delegates (people with the highest Lisk Coins) are assigned to 1 block to forge. A full round takes about 17 minutes and each delegate that is unable to forge his block will move to the next block on the ground.
LISK uses an inflammatory forge reward system which creates new Lisk for every successful block forged. During the first year, the reward for each block forged is 5 LSK. Every year that goes by and a particular block is not forged, the reward drops from 5 LSK to 4 LSK. This is to say that if a block is not forged over the period of five years, its reward will drop drastically to 1 LSK.
Buying Lisk (LSK)
The best place to buy LSK right now is on Bittrex Exchange, this is because it is the exchange with the highest volume of LSK being bought and sold.
You cannot buy LSK with fiat money, it can be bought with other cryptocurrencies like Bitcoin. To buy LSK you must first buy Bitcoin with your fiat money after your Bitcoin might have been deposited on your Bittrex Exchange account, then you can buy LSK.
Difference between LISK coin and other Cryptocurrencies
- Unlike most cryptocurrencies, the transaction made on the network are stored in sidechains while most cryptocurrencies have their transaction details stored in the main blockchain.
- Lisk uses delegated Proof-of-stake consensus model. Most cryptocurrencies settle for Proof of Work or the more regular Proof of Stake.
- LISK coin possess its own blockchain protocol. This means that Lisk Network was built from the scratch, not like other cryptocurrencies like Ethereum and NEO.
Lisk Pros and Cons
- The use of delegated Proof-of-stake ensures that transactions are fast and each user in possession of LSK can validate transactions.
- LISK is reported to have one of the best documentation technologies in the crypto world.
- The creation of sidechains ensures that transactions on the main blockchain are fast.
- There are enough funds to support the Lisk project in case crypto fails.
- When transferring LSK to another account, every user has about 1-2 minutes to edit the information before the transaction is complete.
- LISK has too many protocols
- Compared to other cryptocurrencies, LISK has a less experienced team.
- LISK has no working product and it has high valuation
- It is difficult for people with no basic knowledge of programming
- Application errors in Lisk’s sidechains are difficult to fix
- The much talked about Software Development Kit has not been released, this means that the development platform of Lisk is nonexistent.
- LISK does not perform smart contracts as most delegates and voters claim.