Updated: Dec 20, 2019
This guide will talk about the purpose Lisk was designed for, its creators, how it works, and various uses and applications.
What Is Lisk Designed For?
Who Is the Team Behind Lisk?
Lisk has its origins in an open-source blockchain app platform called Crypti. The blockchain could not realize its founders’ goals without enough firepower. Crypti founders Max Kordek and Oliver Beddows, eventually implemented a hard fork on the network to create Lisk, in 2016.
Kordek and Beddows are also the co-founders of Lightcurve, which is a successful blockchain product development studio and consultancy. There are 40 employees hired by Lisk, who are dedicated to the goal of making blockchain development open to the public.
How Does Lisk Work?
Developers can use sidechains, which works like a private blockchain to create their applications that can then be connected to the Lisk mainchain. These sidechains are fully customizable, allowing developers to get a perfect fit platform to build and launch their Dapp with its token.
Master nodes in every sidechain are Lisk nodes, which can be used to generate new blocks within individual sidechains. Interested parties must get approval from the Dapp creator to become a master node on the platform.
This is one of the ways Lisk solves the problem of scalability. Since all side chains formed in the process of app development are independent of the mainchain, there is no load on the Lisk platform. This means that if there is a problem with any application’s blockchain, it would not result in a hard fork in Lisk’s mainchain.
LSK is a cryptocurrency, which can be mined like Bitcoin and others. However, since the currency works on PoS, the mining is a bit different from Bitcoin’s. There is no maximum coin number with Lisk and it is estimated that about 107 million tokens are in circulation.
What are Current and Future Applications of Lisk?
Lisk can currently be traded on 15 – 20 exchanges, including Binance, Bittrex, HitBTC, and Coinroom, where LSK can be traded for BTC and ETH. There are some exchanges where LSK can also be purchased for fiat currencies, like BitBay (USD, EUR), Exrates (USD) and Coinroom (EUR, GBP).
These are some real-world applications of Lisk:
You can know precisely where your seafood came from or the big-ticket item you are purchasing is original or counterfeit
Charity organizations can allow people to track donations so that they understand how their donations are being put to use
Content creators or curators can be fairly rewarded for their services by using Lisk
Lisk can be used to send value globally within seconds and much lower transaction fees
Lisk provides innovative services and a solid network for self-driving car infrastructure
Since its 2016 launch, the cryptocurrency has certainly climbed its intended growth ladder rapidly. Its accessibility and interface make it very popular among developers. The excellent reward system only makes it better.
The fact that Lisk has integrated itself into numerous industries, like music and real estate by partnering with platforms like Brikbito.io, Rencoin.io, Mandana.io, and Moosecoin.io, only shows that the developers have ambitious plans for this crypto.