Lisk

What is Lisk (LSK)?

Lisk is an accessible blockchain platform and provider of a JavaScript SDK that aims to supply users with a single point of entry to the world of crypto and Web3.

The primary focus of Lisk is accessibility, envisioning a future in which everyone can use and benefit from crypto through unlimited access to tokens, NFTs, and popular Web3 applications.

Lisk can be viewed as an open-source web3 application platform designed for interoperability sidechains. Its JavaScript SDK gives developers an easy route into blockchain development and empowers the development of app-specific blockchains.

The project’s objective is to become an industry standard for JavaScript blockchain application development and to onboard 100 million users into crypto and Web3.

When was Lisk Launched?

The Lisk network was launched in May 2016 by Max Kordek and Oliver Beddows. Two months prior, the project completed an ICO (Initial Coin Offering) where it raised 14,009 BTC and over 80 million XCR.

XCR was the coin of a project called Crypti and was accepted by the Lisk team at a fixed conversion rate of 0.000013 BTC per XCR. Lisk began as a fork of Crypti, which can be regarded as Lisk’s predecessor since it was a similar JavaScript-based project also started by Kordek and Beddows two years prior.

Two years after Lisk’s launch, the project underwent a relaunch with a new look, a long-term plan for the project, and a focus on accessibility.

How Does Lisk Work?

Lisk, as a platform, has a range of products and services on offer. One of the most notable of these, in keeping with the project’s vision of accessibility, is the Lisk wallet, available for desktop and mobile platforms.

The desktop wallet can send all of the various types of network transactions and monitor network events. These include delegate forging statistics, top account holders, the most recent transactions, and many more features for advanced users.

The mobile wallet is available for both iOS and Android. While not quite as feature-rich as the Lisk desktop option, it is a safe and convenient option for blockchain engagement and digital asset storage.

Lisk Core, meanwhile, is part of the Lisk product portfolio targeting extremely advanced users. Lisk Core enables delegate forging, provides blockchain synchronization, and includes the complete API for developers. In addition, it helps users secure network infrastructure and attain delegated forging access.

Finally, Lisk Service provides data to the UI clients, such as the Lisk desktop and mobile wallets. Lisk Service makes it possible to access all blockchain live data just like the regular Lisk SDK API. It also provides users with many more details and endpoints, including geolocation and network usage statistics.

What makes Lisk Unique?

As mentioned, Lisk’s suite of offerings also includes the Lisk SDK. This is an open-source software development kit that allows developers to build scalable Web3 apps in the familiar JavaScript language and in TypeScript.

Each application is developed to have its own blockchain, which allows for virtually infinite customization as per the needs of the developer. This level of customization is achieved through a modular design, with developers able to configure, exchange, or extend any of the blockchain-related logic in the application. These blockchains are also compatible with the Lisk protocol by default.

Lisk SDK also offers convenient dev tools, such as a command line interface tool called Lisk Commander, along with a dashboard plugin, and SDK testing utilities.

How is the Lisk Network Secured?

Lisk is a blockchain network that uses a delegated proof-of-stake (DPoS) mechanism for consensus. There are 101 nodes referred to as active delegates and 2 further stand-by delegates, which process transactions and validate blocks that are appended to the chain.

This is a relatively high number of delegates in the grand scheme of things and provides a significant sense of decentralization. It’s also Byzantine Fault Tolerant by design, with delegates not only forging blocks but agreeing on the correct block at every height. The incorporation of BFT design guarantees that blocks can never be reverted once finalized.

Furthermore, the scalability of the Lisk Network is assured by its application-specific sidechain design. As more projects are added to Lisk, more transactions naturally need to be processed. However, each application has its own sidechain, and each sidechain is responsible for its own blocks and transactions.

What is the Use of LSK?

LSK is the native utility token of the Lisk platform. It can be used on the Lisk blockchain to perform various actions, including balance transfers, voting, registering multisig wallets, and much more.

It is also used in staking for network security, and yet further token utility is expected with the launch of the Lisk Interoperability framework. One such use case is the registration of new blockchains on the network, an action that will also be powered by LSK.

How Much LSK is In Circulation?

Lisk has a circulating supply of over 128 million LSK out of a total of over 144 million. However, these figures will change as Lisk has an inflationary economic model for the LSK cryptocurrency. The rate of inflation currently stands at approximately 2%.

Per the previously mentioned LISK ICO terms, the project launched with an initial total of 100 million LSK. Early supporters were given 1% of this stack, with 2% going to advisors and partners and 8% to the core team. Fully 85% of the distribution went to ICO participants, which has often led to it being referred to as a “fair launch.”

How Do You Buy LSK?

Lisk is a relatively old project as far as the blockchain industry goes, so it should be no surprise that the LSK cryptocurrency is listed on various exchange platforms. You can buy it on most top-tier trading venues, where it is often found paired with stablecoins like USDT and BUSD.

How Do You Store LSK?

The best way to store LSK is to use the project’s own Lisk wallet. As mentioned, it’s available across all major desktop and mobile operating systems and provides a wide range of features, on top of safety and accessibility.

The desktop wallet is notable for its feature set, which includes the ability for users to register their own usernames. It can also connect to hardware wallets like the Ledger Nano S and Ledger Nano X for added security.

Is LSK a Good Investment?

Lisk is a powerful platform and a compelling project, and it benefits from a significant amount of time in the market given that it is approaching its seventh anniversary. The project team has shown the ability to innovate and develop and has taken Lisk through not just a relaunch but several iterations of the Lisk Core.

And yet, the Lisk vision remains to be fully realized. This will come in the project’s Diamond phase, which follows the current Sapphire phase. When complete, Diamond will give Lisk the ability to extend bridges to other ecosystems such as Ethereum, Cardano, Polkadot, and Cosmos to achieve interoperability.