Lisk cryptocurrency guide

Lisk Cryptocurrency: A Beginner’s Guide

A journey of a thousand miles begins with one step they say. Ever since the journey began ten years ago, the story surrounding cryptocurrency has been both sweet and sour. Take it or leave it, no industry had a rosy start from the first day it was launched. Truth be told, the blockchain industry has been one that has shown a tremendous turn-around from both investors and its features.

Lisk Cryptocurrency is a blockchain company that had made a good start right from when it was launched. Its platform was built to leverage the use of its side chains as an access point for software developers to build their application. This has made its network to become more valuable amongst its users. We are going to discuss some important aspect of the Lisk cryptocurrency from its historical roadmap, design framework, importance, wallet system, and how to secure its coin.

History of the Lisk cryptocurrency

Lisk was launched in May 2016 as an open source cryptocurrency. It was forked from the Crypti by Max Kordek and Oliver Beddows who were the founders of the Crypti Cryptocurrency. After the launching of Lisk into an open source, Charles Hoskinson and Steven Nerayoff were later appointed as advisors of the Lisk platform.

What is the Lisk Cryptocurrency?

The Lisk Cryptocurrency is an open source blockchain platform that allows software developers to build a decentralized app (popularly called App) in Javascript and other languages. This developed dApp which can be linked to the side chain of the Lisk network. Lisk operates in a similar trend to some couple of other decentralized cryptos like Ethereum that can be used to build a decentralized application.

The Lisk Cryptocurrency has been built to form a modular cryptocurrency utilising side chains. These side chains used by Lisk were to accommodate more transactions and reduce the bulkiness of the main chain. Not until recently, Lisk has been termed one of the most stable coins worth investing in.

The Lisk Software Development Kit, SDK, allows developers of the Lisk network to build both front and backend application to run in the Lisk network. This SDK provides a flexible language by using JavaScript that is conventionally well known. SDK can be used in the development of games and social networks.

Lisk cryptocurrency and its market value

The Lisk crypto coin currently has a market cap of over 139 million USD which is equivalent to 40278BTC. Its current circulating supply is 113086993LSK against its total supply of 128203852 LSK. Lisk Cryptocurrency currently ranks 35 in the coin market and it is traded across different cryptocurrency exchanges.

Benefits of using the lisk cryptocurrency

  • A decentralized network hub; Lisk cryptocurrency forms a decentralized blockchain network like every other coin platform. This decentralization enables users to verify transactions in an autonomous state. This totally eliminates the third party and hence reduces the hidden charges taken by middlemen and third parties.
  • An easy language for developers; One of the main reasons why Lisk has grown over the past three years is the development of decentralized applications in its side chains. The team behind the Lisk platform has made Javascript the main language for developers to create dApp because of its easy accessibility across the web. Javascript which forms the main language for developers and it can easily be used as an interactive tool in most cases across a wide area of web tools.
  • Maximum utility of sidechains; The side chain is one of the areas whereby Lisk has had a cutting-edge advantage more than most cryptocurrencies. Side chains present in the Lisk network is a valuable asset that helps incentivise its mining opportunities. This side chain allows the assets to be easily interchangeable and hence increase scalability across the entire network.

Also with the Lisk side chain, bloating in its network is reduced to carter for more side chains to be used by developers as a decentralized application.

How to secure the Lisk wallet

The Lisk wallet system is cut across from web wallet, desktop wallet and paper wallet. This wallet system provides a secured access point for private and public keys. Despite the fact that the Lisk wallet is more of hot wallet, its wallet provides encryption for the high-security level. An example of Lisk wallet is;

  • Lisk Hub (version 1.7.0); Lisk hub is a desktop wallet that guarantees full control of your LSK tokens. Lisk Hub uses a Schnorr signature and a second passphrase option making its security highly fortified. Downloading and creating your account in the Lisk network allows you to easily send and receive the LSK tokens.
  • Lisk Nano; This is a lightweight wallet that allows easy access to Lisk nodes for sending and receiving LSK tokens. It provides a simple interface for use and permits easy generation of private keys.
  • Lisk Core (Desktop wallet); This wallet designed by Lisk is a full node wallet that requires a full blockchain synchronization. It allows you to send and receive LSK tokens and complete API development if you are a developer.

How to buy LSK

Buying of the Lisk cryptocurrency directly with fiat currency might be difficult but using a cryptocurrency exchange can save us the stress. A cryptocurrency exchange is a platform that allows a cross trade between two cryptocurrencies. This cross trade involves in trading pairs like BTC/LSK or ETH/LSK.

This process involves three easy steps;

  • Buying of Ethereum or Bitcoin; Since you cannot buy Lisk directly, securing either Bitcoin or Ethereum should be the first step. You can use Coinbase to secure either coin by first registering on the platform and paying with either your debit or master card.
  • Using Crypto exchange for trading your Purchased ETH/BTC for LSK; A cryptocurrency exchange like Binance can be used as a trading platform for LSK. Binance requires new users to register in their platform before trading on any coin. After registering, you can deposit your BTC or ETH as an exchange for LSK through either trading pairs of BTC/LSK or ETH/LSK.
  • The last actionable step is the storage of your newly acquired Lisk coin in either of the above wallet systems.

How to mine the Lisk cryptocurrency

Lisk uses a delegated proof of stake consensus making difficult to mine. Its mining operation does not occur like that of Proof of Work Consensus. The only way by which you can earn Lisk is by trading for it in a cryptocurrency exchange platform.