What is Lisk Cryptocurrency?

February 19, 2019 7:41 am,

Bitcoin is the very first of the cryptocurrencies, and also the most valued among them. Since its huge success in the digital market, there has been numerous altcoins that has emerged. Because of the increasing competition, only a very few among these have been able to make it in the market. One of the most successful altcoin is Lisk. It was launched in 2016 and has been active ever since. It is currently in the eighth position based on the market capitalization value, which is a pretty decent place for a recently launched cryptocurrency. Lisk has followed the footsteps of Ethereum and Bitcoin, and also made its own contributions and additional features as well.

Sidechains

Blockchain is the backbone of every cryptocurrency. This is the technology that is utilized by almost all cryptocurrencies to check their transactions and store the data. But the downside of blockchain is that it can be bloated by using fake transactions. By doing so, the components of the blockchain, i.e. the blocks, get filled up quickly, which eventually slows down the whole process. Lisk eliminates this by adding sidechains to the already existing blockchains. Transactions are much faster and easy in Lisk with this additional feature. Lisk has modules as its building block. Similar to ethereum, using this facility, Lisk allows the users to develop their own apps using the modular technology.

App Developing Platform

The single most important function of Lisk is to enable users to develop apps. It is a decentralized platform and hence gives more importance and recognition to the users. Even though it sounds quite similar to that of Ethereum, they are not a competition to each other. It is far easier to work with Lisk as they use easy programming languages like JavaScript. LSK is the coin of Lisk and cannot be used outside the platform. It does not qualify as a digital currency, but functions more like a token for the Lisk platform. Investments made through Lisk are also quite successful these days.

Buying and selling of Lisk

Lisk can be bought from exchange sites like Coinroom, Binance and so on. There are various wallets available in the market to store coins, and the best one to store Lisk coin is its own wallet known as the Lisk wallet. The other way to acquire Lisk coin is to mine it. But the mining for Lisk coin is very much different from that of mining for Bitcoins. The future of Lisk is bright due to a number of reasons. The most important reason is that it uses JavaScript to develop the programs. This attracts a large number of users and also give them more control over the process.

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