What is Lisk?
History of Lisk
Lisk started as a fork of Crypti by Max Kordek and Olivier Beddows, first announced to the public in January 2016. Lisk went live via ICO (Initial Coin Offering) which resulted in $6 million (>14,000 BTC) during February and March 2016. During the ICO, 100,000,000 LSK were distributed to ICO participants, core team, early supporters and others.
In May 2016, main net of Lisk became live for public and the currency was made available for public to trade on major exchanges. Lisk held the second most popular cryptocurrency position, after bitcoin, shortly after its launch. In January 2018, its market cap briefly surpassed $4 billion.
How Lisk Works
As a cryptocurrency, Lisk works almost like bitcoin or Ethereum. When a user wants to transfer funds (LSK), they generate a send command which contains the receiver’s address and the amount of Lisk to be transferred. The transaction is validated using Delegated Proof of Stake, and after confirmation, the receiver receives the amount.
As a DApp building platform, Lisk works by providing easy means for developers to create blockchain-based apps, utilizing Lisk’s blockchain platform which lies underneath. The platform also works as a DEX (Decentralized Exchange) where users can freely trade cryptocurrencies without means of a 3rd party or any central authority.
Lisk is not only a cryptocurrency like bitcoin but also a DApp development platform, much like Ethereum, and offers some unique positives.
- DApps SDK Framework: SDK (Software Development Kit) allows developers to quickly build blockhain-based applications on the Lisk network and test it in a sandbox. With the future of DApps being extremely positive, Lisk can be considered a major stakeholder in their future.
- Sidechain/Private Blockchains: Users and developers can utilize the Lisk network to build sidechains for themselves. There are multiple advantages of sidechains, including the possibility to conduct private transactions.
- Blockchain Services: Lisk offers all the advantages of blockchain based services including futuristic services like Identity as a service, Decentralized hosting as a service, Smart contracts and Oracles.
- DEX: Lisk offers a fully Decentralized Exchange where users can freely trade their digital assets (like cryptocurrencies) with each other without any middleman or a central exchange. The exchanges take place peer-to-peer and eliminates the need for transaction charges.
- Decentralized Library: Lisk also works as a repository of all the DAPPS but in a decentralized way. Think of Google Play Store where the applications are hosted by the developers, not by Google.
- Fast Transactions: Lisk offers fast transaction between two users, directly. This peer to peer operation takes about 10 seconds to transfer funds globally, against minimal charges. The transactions are carried out via blockchains and validated using Delegated Poor of Stake (dPOS).