Everything you need to know about Lisk, the innovative new platform for building blockchain applications.
What is Lisk?
|Icon||Symbol||Initial release date||Algorithm type||Max. supply|
|LSK||24 May, 2016||EdDSA, SHA-256||No max|
In recent years, many companies, institutions, and organizations have started to explore the possibilities for incorporating blockchain technology. However, finding and funding developers capable of coding a custom blockchain infrastructure from scratch can be a significant challenge.
Lisk aims to provide that infrastructure. Instead of having to write the core blockchain code themselves, programmers will be assisted in developing custom, industry-specific applications that work on top of Lisk’s blockchain framework.
While it's still under development, Lisk aims to be user-friendly and is geared towards mass adoption. Lisk launched its own digital token (LSK) in May, 2016 to help raise funds to finance the project. The Lisk token is also used to handle fees and transactions within the larger Lisk ecosystem.
How is it different from bitcoin?
Although there is a cryptocurrency associated with it, Lisk is primarily a software development platform. The Lisk token (LSK) is used to pay fees or make transactions within applications built on the broader Lisk framework. Bitcoin, on the other hand, was designed to be a stand-alone digital currency that is universally accessible.
Lisk vs Ethereum
Much of the current development surrounding blockchain technology involves a single blockchain or requires a custom, private blockchain solution. The goal is that applications built with Lisk can be deployed on their own “sidechain,” a flexible alternative that integrates with the main Lisk network’s blockchain infrastructure, while simultaneously giving developers complete control over their projects.
Where can I use LSK to pay
Lisk tokens (LSK) can be used to finance projects build on the Lisk platform. The team behind Lisk is working to create a framework that makes it easy to build entire applications using blockchain technology. In order to run the software inside these applications, users will need to pay fees with the Lisk token.
How to purchase Lisk
You can buy Lisk on most popular cryptocurrency exchanges, including Bittrex and Poloniex. Before you buy Lisk, you’ll want to be sure to download the Lisk wallet to hold your funds. In most cases, you can’t buy Lisk directly with fiat currency – you will need to use bitcoin.
Can I make money with Lisk?
Although the Lisk platform is still under development, the Lisk token (LSK) has seen considerable growth since its initial release in 2016. Cryptocurrency markets are notoriously volatile, and the ultimate value of LSK will likely become clearer once more applications begin to use the Lisk framework. Those who see potential in the larger Lisk framework may choose to buy into the token with the assumption that it will increase in value as the project develops. However, cryptocurrencies are not reliable, and there is no guarantee you can make money with Lisk.
What to watch out for
As of September, 2017, the core Lisk platform and Lisk’s Software Development Kit (SDK) is still in the developmental stage. The community surrounding this new platform is growing rapidly, but only time will tell when it comes to how successful Lisk will be in terms of mainstream adoption.
While the Lisk platform has many unique features, there are other blockchain frameworks competing in this space. As more applications begin to implement the Lisk infrastructure, we'll get a much clearer picture of what the future holds for this new technology.
What’s next for Lisk?
After releasing its first major application, the Lisk nano wallet in June 2017, the Lisk team is continuing to develop the project. Mid-late 2017 has seen Lisk put an emphasis on their marketing strategy, building their brand, and growing the community.
Frequently asked questions
Image sources: Shutterstock