What is Lisk (LSK) in simple words: history, course and how to buy

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2019-08-04 00:00:00:

The world of virtual currency is developing at an incredible speed, as a result of which you can see the frequent emergence of new products. All projects promise to be promising and successful, but after a while their functioning comes to naught. This is because they cannot withstand the serious onslaught of Bitcoins competition. This coin is a real pioneer in the field of digital currency, as a result of which it reliably holds a leading position.

Cryptocurrencies are gaining more and more popularity every day. This serves as the basis for the creation of various platforms. One of these is the Blockchain application platform called Lisk. It was created in early 2016 and with its help you can create, distribute and further manage a decentralized program from Blockchain. All of this can be done with the simultaneous deployment of your own sidechain, which is directly connected to project networks, including a custom token. With flexible sidechains, creators have the ability to deploy and customize any blockchain application.

What is Lisk?

Many newbies who are just getting started with cryptocurrencies are wondering what is Lisk? It is a virtual currency and platform designed to work with decentralized programs. If we look at it from the side of the crypt, then it is by and large similar to Bitcoin and other currencies. It acts as a dispersed payment system for the virtual money network.

Due to its rapid growth, this platform was able to truly "explode" the virtual currency market and forced all its representatives to pay a large amount of close attention to their project. This site is a competitor to the ether, which also offers users high-end tools to design common software. Compared to Ethereum, Lisk is trying to develop software development functionality as widely as possible. It does not focus exclusively on business and finance.

Lisk history

The history of Lisk began back in 2016, when at the end of April a popular project was announced simultaneously with the virtual coin of the same name. A little earlier, in February of the same year, the company began its work with the collective cooperation of people voluntarily pooling their money and resources. This is necessary in order to generate the entire budget for the further development of the platform. In just one month, the creators of the crypt were able to accumulate over 14,000 virtual bitcoins (by the way, at that time this amount was equal to six million US dollars).

At that time, getting such results from Initial Coins Offering was considered incredible, especially considering that this is a completely new, young platform. A crypto platform called Lisk is ready to offer its customers several important, innovative tools and utilities, which are a programming block that makes it easier for creators to craft dispersed applications. In the inner world of the Lisk ecosystem, programs are developed on the basis of a well-known, common programming language called JavaScript. The use of such a language can be seen among all advanced programmers, which is due to its multifunctionality, which consists in writing useful software.

Distinguishing features of Lisk

Today it is very difficult to find people who have not heard anything about such technology as Blockchain, and who also do not know anything about its positive aspects in front of the standard system for conducting monetary transactions. Today, there is only one drawback of this system - the real possibility of overloading it with the help of fake financial processes. At the moment when the number of spam transactions exceeds the permissible norm, this can lead to a significant slowdown in the entire operation of the system.

The main distinguishing features include:

a generally accepted algorithm for negotiating equity participation called DPoS is used;
the work uses the programming language - JavaScript;
the introduction of a sidechain in order to store important Lisk programs;
emerging problems in programs require creating a rigid fork in the side chains;
no virtual machine.

In addition to these differences, the platform is ready to offer its users several utilities that greatly facilitate the craft of a decentralized program. A number of major creators have already been able to appreciate all the positive aspects of this site.

It is also worth noting that one of the important components of this crypto platform is that all LSK coins have a unique voice. Only the first 101 users who have such votes on their personal account have the right to make a priority decision on the introduction of a new multifunctional tool, as well as to propose a solution to emerging problem situations.

How Lisk works

The Lisk system works thanks to a highly professional, technological algorithm called DPoS (Delegated Proof), which allows the network to reach a point of agreement with the help of a delegate. The meaning of the functioning of this algorithm is that all users of the system have the right to vote for a specific participant, which is a delegate. He, in turn, will provide assistance in financial transactions, and produce a new block.

In total, the Blockchain Lisk technology provides, as mentioned earlier, the number of delegates in the amount of 101. It should be noted that all users, without exception, can become delegates. To do this, you need to collect a certain number of votes, which must be given by the rest of the blockchain participants. If the client could not get on the list of delegates, then he is included in the reserve, where he can be elected either at the next election, or if necessary.

Also, in addition to using the algorithm, the Lisk system includes two main tools that are used when crafting your own flexible dispersed programs. These include the following.

Lisk-Js. It is a personal library of the JavaScript programming language. With its help, you can reproduce an offline transaction, distribute it throughout the network. It can also support the interaction of creators with the system kernel, which is called Lisk Core.
Lisk API. Lisky. The role of this tool is to communicate effectively with the nodes of the blockchain.

First of all, it should be noted that the system is in the development stage, despite the fact that the main part has already been launched and is actively being used. The last update took place at the end of August last year. True, users decided to remind the creators that the MainNet launch date was postponed almost a year in comparison with the previous roadmap.

Lisk advantages and disadvantages

Like all cryptocurrencies, Lisk has both advantages and disadvantages. Among the advantages are the following:

creating a program using a popular, simple programming language called JavaScript;
you can launch, distribute, monetize programs in just two clicks;
free access to a complete set of working utilities called the Software Development Kit;
high throughput of the system due to the placement of the program in the sadchains.

The base of the project is Blockchain, it has a branching structure. The branch belongs to completely different industries of this project, and each new branch is formed after a new industry emerges. This approach can significantly reduce the load on the network. The crypt contains all the necessary information about the branching, which not only makes it possible to significantly save the speed of work, but also to store the data more simplified. Due to the fact that developers use this particular method, each transaction is performed without the help of a standard Blockchain. Based on this, there is completely no commission growth and difficulties in crypto mining.

The simplicity of the structure is a good base for crafting a dispersed tool for applications. The developers of this digital platform focused not only on building a successful collaboration with the client audience, but also on getting closer to outside creators. This, in turn, will significantly accelerate the growth of popularity among a large number of users. The number of professional developers who are engaged in the improvement and development of projects reaches incredible numbers. All creators always work normally, which can make LSK stand out from the competition. All the completion of the crypt is carried out at the official headquarters, and not like in other companies - with the help of the interaction of programmers who work remotely.

As for the disadvantages, the following should be highlighted.

Recent creation of the parent structure. Due to the fact that the project has been in operation for only three years, it has not yet managed to acquire a strong, reliable user audience.
Limited ability to deposit money. That is why it is difficult to accurately predict the future rate of the crypt against rubles, the US dollar and other funds.
Mining specificity. Only an official delegate can get this fork. With regards to other users, it should be noted that they will be on the other side of this process.

Also, the negative aspects include the actual lack of a chance to perform mining, as a result of which the popularization of this project among enthusiasts is significantly limited. Mining, in turn, is a key factor in the process of promoting a virtual currency, since only with its help with minimal investment can one become the owner of a digital currency and, thanks to its subsequent growth, make good money.

Does Lisk mining exist?

It is rather difficult to answer the question of whether mining exists. The main purpose of Lisks existence is the creation of programs, the distribution of cryptocurrency. The creators have resorted to an unusual method with which you can mine coins. It differs significantly from classic mining. This method is called "Forging". Its basis is the PoS algorithm (literally, translated from English, "proof of archiving").

Everything converges to the Delegated Proof of Stake protocol. It is used in several systems. There are several specific fundamental differences in its use. The mining process converges to several points.

Users who wish to start raising money must register as a standby delegate (he acts as a potential earner of virtual money). It should be borne in mind that the registration process is paid, and the cost is set by the system.
Passage of voting. All users have the right to choose miners by giving them their personal vote. It should be noted that you can make a choice among those delegates who paid for the registration process.
A total of 101 users can be selected as a delegate (miner). Only the user who has received a large number of votes can be considered it. The blockchain makes a choice in automatic mode, so there is no bluffing opportunity here, that is, the user cannot change the final result in his favor.
If desired, the delegate who has passed the selection has the right to unite into a common mining pool. Most professional analysts consider this moment controversial. This is due to the fact that this approach will lead to the ability to centralize virtual currency in the hands of a small group of users.
In other words, the algorithm by which the extraction of currency is carried out allows you to remove from the ordinary user all the burden of worrying about independently replenishing their resources. And the coins that miners get are distributed taking into account how much money has on the account of one or the other voter. That is, those who own a large amount of resources receive a more significant share after the next mining period ends. 90% of what miners have mined is provided for further distribution.

As mentioned above, Lisk mining is significantly different from traditional cryptocurrency mining. The main distinguishing feature is that the coin is mined not by all project participants, but by delegates. Each user who has the right to vote in the miner elections does so for one crypto coin. Those who are among the lucky ones have the right to start their own private pool and start mining crypt, which enriches each participant in this pool.

For all the generated blocks received in 2018, one could become the owner of an award in the form of 5 cryptocurrency units. Over the next few years, the size is planned to be reduced until the quantity reaches one coin per block. At this level, the size of the award will remain for a long time. The developers promise to reform the mining algorithm, because most users who are adherents of true dispersal criticize it very strongly. The criticism is that they suspect the creators of creating a controlled centralized emission system.

How do I buy or sell Lisk?

The standard growth of the currency in the cryptocurrency market begins to decline after a while, which can lead to a significant drop in the price of a large amount of virtual money. That is why experts advise to buy coins immediately after the recession phase ends. Thus, the buyer can not only significantly save real money on the purchase of coins, but also be in profit at the moment when their rate begins to increase. At the end of last year, based on the data received from experts, the price of LSK (LISK) was able to increase to $ 100, which is why it should be concluded that the end of the year is the best time to make an investment.

Based on this, Lisk is a promising crypto platform for creating an advanced distributed program. The structure of the platform provides an opportunity for an independent creator to get free access to advanced utilities to adapt their software to the workflow inside the Blockchain. Due to this reliable interaction of large representatives of the information technology industry and an increase in interest from the investor and users, the capitalization of coins is ensured.

Based on such tempting conditions, users dream of finding out how and where they can buy coins, in which web wallet they can store them, and what the Lisk exchange rate is (today it is: 1 coin = 1.47 USD).

A large number of exchangers. Thanks to a wide range of different exchangers, the user can choose a suitable option for himself. However, here it is necessary to take into account the fact that many Internet platforms that provide services for the exchange of virtual currencies make it possible not only to obtain LCS by purchasing bitcoins, but also subsequently to exchange these bitcoins for LCK.
Using popular cryptocurrency exchange platforms. They trade with this asset. That is, in order to purchase coins, you need to have a personal account on any of the cryptocurrency exchanges you like.
An alternative method of acquiring virtual money is to contact an individual. Today this method is very popular among users. You can find such people who distribute coins on special forums.

However, regarding the last point, it is worth noting that before you purchase LISK (LSK, LSK) from an individual who is a user of one of the forums, you must carefully study all the information and reviews about the work. This is very important, as this way you minimize the risk of losing money if the seller turns out to be a fraud. Also, the user can take a guarantor for help, but here it must be taken into account that the transaction will not bear much benefit, since he will take a fee for the provision of his services as an intermediary.

Purchasing a cryptocurrency out of hand, if an individual has an impeccable, spotless reputation, is a successful step from an economic point of view, since such a seller is ready to offer a favorable exchange rate and no commission charges. Users will be able to significantly save money, which in turn determines the popularity of this method of purchasing currency.

It is worth taking stock of exchangers. The most popular trading platforms that cooperate with the LSK system include:

HIT BTC;
YoBit;
Huobi;
Binance;
Poloniex;
Bittrex.

The largest trading volume for coins is seen on a market exchange called YoBit, where the total daily trading object of LSK to BTC is approximately $ 2.5 million. However, it is worth considering that today a large number of clones of all well-known coins have been divorced. That is why you need to be careful when working with this exchange.

Lisk to ruble rate

The Blockchain platform and its virtual Lisk coin appeared in 2016. During the preliminary sale of altcoin (Initial Coins Offering), it turned out to collect about six million US dollars, in Bitcoin and Crypto it amounted to 14 thousand BTC, 80 million XCR. At the very beginning of the systems operation, the Lisk rate to the ruble was over 450 rubles, but this amount was not held for long.

For a fairly long period of time (more than a year), the cost of Lisk dropped to a value of ten to thirty rubles per token. And only since the beginning of May 2017, the rate has grown significantly and reached the mark from seven hundred to eight hundred rubles for one LSK. This result was the result of frequent ups and downs of the currency, which took place until the moment when they found a middle ground.

Lisk to US dollar rate

Since the virtual currency of LSC is not constant, users need to follow the schedule of rate changes. Immediately after the coin project was launched, it quickly increased its value on the market exchange, and for a long period of time the price of one coin was at a prestigious level. Many users hoped that the crypt would continue to gain traction, but there was a significant decline in the rate.

As of today, Lisk to the dollar is 1.47 US dollars, which equals 0.000122040 bitcoin. The exchange rate rises and falls, which indicates that the project is developing, but does not have a stable level.

Lisk to Euro

If we consider the technologies and prospects of the currency, then it is difficult to immediately make a forecast on its account. This is due to the fact that the project is not finished. The currency rises and falls. Regarding the decision to exchange Lisk for euros, it is worth noting that today it is 1 coin = 1.32 euros. However, experts hope that by the end of this year the rate should increase significantly.

Where to store Lisk

Like all virtual currencies, LSC can be stored directly on the exchange, but this method of saving money is quite risky, albeit convenient. The risk is due to the fact that only the creators of the trading platform have the personal key to the web wallet. It is because of this, if you have a large enough amount of virtual money, then you need to learn more about safer storage options.

The best option is to use the official wallet from the creators of this project. By the way, today there are a large number of variations of these wallets. You can find them on the official website of the crypt. To do this, go to the "Products" category, which is available on the main page. There you can choose one of the programs used to store / send coins.
The oldest, but simplest, proven wallet is the Lisk Nano program. It can be found at the bottom of the site (download link). Today it can be used by a user of such operating systems as Linux, Windows, MacOS.
Another way to store coins is by using the Lisk Hub app. This is an updated version of the web wallet that was created on system reboot. This program works perfectly on such operating systems as macOS, Windows. It should be noted that this is not only a wallet, but also a special management system that provides the ability to manage a personal indicator, access, dispose of a token, and also vote for a future miner.

I would like to focus on the Lisk Nano application. Its main positive side is a convenient, simplified control panel, as a result of which it can be used by both professionals and novice users. This web wallet has significant differences from its counterparts, the main difference being its wide versatility (for example, the ability to compete in the elections of delegates). At the beginning of operation, you are not required to synchronize with the entire Blockchain system. This, in turn, provides an opportunity to significantly increase the speed of the program, as well as reduce its size on the hard disk of a personal computer.

Regarding the Lisk Hub program, it should be noted that everything you need is collected there, that is, "all in one". This is precisely what its positive aspects are. In the future, the creators are planning to introduce a distributed exchange (DEX) into this program, as well as the ability to register a side chain by launching their own Initial Coins Offering. Using Lisk Hub, you can also start mining virtual currency by simply downloading it from the groups official page on the Github server.

These are the most basic, popular ways of storing mined cryptocurrency. You can get acquainted with more detailed information and a wide range on the official website of the crypt.

How many Lisk

People who are just planning to start investing in Lisk are wondering how profitable it is, and how many coins Lisk was able to raise during its entire existence. As mentioned above, the system has been in existence for more than three years (since spring 2016). During all this time, since the initial offer of coins, it has been possible to raise over fourteen thousand bitcoins. Today, based on the course, this amounts to:

27 rubles;
$ 72;
74 euros.

Despite the frequent ups and downs of the currency on the market exchange, Lisk was still able to raise a confident, impressive amount of money. That is why it is up to the user to decide whether to invest in a given currency or not.

Lisk emission

An issue is the release of cash into circulation, which leads to a significant increase in the volume of cash. Unlike bitcoins and many other virtual currencies, the creators decided to choose the inflation model, where there is a potentially unlimited number of coins. The issue of Lisk lies in the fact that at the beginning it was decided to issue about one hundred million coins. Of this one hundred million, about 85 percent was sold with Initial Coins Offering, 8 percent went as a reward to the creators of the system, and the remaining amount was spent on advertisements, a charity fund and given to project advisors.

To date, a new coin can be obtained as a reward for the next block. They are obtained as a result of generation, which takes place with a gap of ten to fifteen seconds. At first, the award was 5 lisks, and every year it decreased by one unit, the decrease is still happening today. This will continue until the reward is 1 coin. Upon achieving this result, this figure will remain at its level. Thus, the average annual inflation will be less than two percent.

What Lisk provides

The Lisk virtual platform is based on a consensus algorithm called Delegated Proof-of-Stake. Lisk significantly differs from the Proof-of-Work bitcoins and ethers used by the network in significant savings due to the fact that developers were able to abandon expensive mining. Compared to the standard Proof-of-Stake in DPoS, where a new block can be formed only by those who have been elected through general voting in the elections of miners, there are 101 people in the Lisk system of such miner nodes. It should be noted that during the next rounds, each miner can form a separate transaction block, and the choice of the next nodes will be carried out randomly (randomly).

The development of distributed programs thanks to the Lisk trading platform is possible directly using modular structures:

key elements called Commander, Core;
a wide set of custom library called Lisk Elements.

With their help, you can create a sidechain, and then ensure its interconnection with the main Blockchain system, as well as allow the creators to quickly generate a new program based on specific needs. The library allows you to:

allow the choice of other types of consensus algorithms;
create your own, personal project token;
design a convenient, simplified control panel for users, and more.

After the Lisk Sidechain Development Kit is fully developed, marketplace managers promise to launch a demo application exclusively for creators who specialize in developing valuable new libraries. Thus, they will be provided with the ability to quickly expand the list of available utilities and tools in order to create a new application.

The future of Lisk

In its ongoing struggle for a piece of the virtual foreign exchange market, Lisk relies on three main positives.

Created using a programming language called JavaScript. It is also used to create distributed programs. Since this language is quite common, it can be used in the development of a whole army of programmers. This is why Lisk is one of the most preferred trading platforms among those companies that want an instant, simplified, ultra-efficient blockchain application.
The use of a ready-made library complex, which helps to implement a huge range of various functions, which simplifies the development and launch of the program.
The ability to widely use the sidechain, which can significantly reduce the load on the main blockchain system. Today, two virtual currencies such as BTK and Ether are facing the problem of an overloaded network. As the number of clients who mine digital currency grows, other projects also run the risk of facing similar difficulties.

Lisks future is bright . The value of coins is fully interconnected with Ethereum, and unlike its main competitor, the price is more stable, which reduces the risk for investors. For instance:

in the first stage, Lisks growth fell in mid-June 2017, at that moment the coins went up in price almost three times, and after a while it went back;
in the second stage, which began on September 5-8, Lisk was able to surpass his record in June, after which the cryptocurrency began to grow steadily, without a sharp spurt.

Based on the opinion of analysts, it is still impossible to talk about the future long-term success of the Lisk virtual currency. So far, the cryptocurrency exchange is growing exclusively on speculative, healthy enthusiasm. The project undoubtedly has huge growth potential, which has a direct correlation with Ethereum. However, experts say that one day the time will come when there will be significant changes in the structure, displacing the weak virtual currency from the exchange market. And until the changes come, it is difficult to say who has more competitive advantages - Lisk or its competitive counterparts.

It is worth noting that you should not expect an instant large profit, since this is the initial stage of the development of the trading platform. Therefore, its users need to tune in to long-term cooperation. If Lisk within two years is able to properly establish the functioning of the site, with the help of which new programs can be created, then both the project and the LSK virtual currency will be able to develop and grow exclusively.

Summarizing

Lisk is an extremely curious, long-term project. Both the creators and users are just a storehouse of a large number of interesting ideas that are planned to be implemented in the near future. A virtual currency called LSK was created in order to innovate in the add-ons and software industry. If the Blockchain technology is extremely useful, and the platform can be actively exploited among creators and users, then the Lisk capitalization price will constantly increase.

Summing up, it should be noted that Lisk implies a long-term, successful project. The platform is located on the eighth line of the rating called Coins Gecko, and also rightfully takes the thirteenth place among altcoins in terms of capital contributions. This is a fairly good start, indicating the next advancement of the project into the mass scale.