Without a doubt, no one expected the flooding of cryptocurrency soon after the introduction of Bitcoin. This was because many investors saw a good business opportunity and everyone wanted a piece of the lion’s shares. Since then, hundreds of crypto coins have been introduced. Thus the competition in this crypto realm became stiffer than ever before. Unfortunately, more than four hundred cryptocurrencies have died (zero reported market cap).
The few that made it to the top have managed to stay on top for some time now. One of the crypto coins to make it to the big leagues includes Lisk. It is evident that for any crypto to remain on top, the founders have to provide a unique feature that will attract a huge market cap. In this article therefore, we are going to discuss a few details about Lisk that has put it on the front raw of the cryptocurrency market. In addition, we will take a recap of its history and how it came to be. By the end of this article I hope you will have a better understanding of Lisk and possibly invest in it.
History of Lisk
Just like most cryptocurrencies, Lisk was forked from a previously existing crypto named Crypti. The founders of the new fork were Oliver Beddows and Mark Kordek and the crypto was established in May 2016. Just as soon as LSK (Lisk) was released, it became the 2nd most known crypto after bitcoin. This was a remarkable performance even for the newly introduced cryptocurrency.
LSK is a cryptocurrency that offers a new next gen platform which gives developers a chance to distribute and develop Java based applications through the blockchains. With the help of Lisk, developers can publish, build and distribute their applications within the platform powered by cryptocurrency. Moreover, the developers can use smart contracts, customize blockchains, have the chance to store data in the cloud and also compute nodes.
Definition of Lisk
Lisk is an open source blockchain platform that allows developers to create individual decentralized application on the platform. This is almost the same concept in Ethereum but Lisk has something much better to offer;
You are probably familiar with blockchains (if not let’s just define it to give you an idea of what we are talking about. Blockchains are publicized ledgers that entail all completed transactions). The problem with this is that it can be bloated (slowdown of the network) by hackers using various fake or even test transactions hence causing major losses to the crypto and investors as well. This in most cases has caused users to start losing faith in the crypto network. No one likes slow networks.
On the other hand, Lisk uses Side-Chains as an addition to the blockchains. Imagine having side notes added on to your text book. You can add value to your notes but you will not mess with the original content in the text. Side-Chains work the same way. This is because side-chains can be added to independent blockchains and are used as places to put most of the high volume transactions without having to interfere with the major blockchain. According to the founders, this routine ensures the speed of the network is as fast as usual every time even with increase in the number of transactions.
The presence of side-chains ensures that the currency doesn’t suffer from any risks of hard fork which is a great challenge to any upcoming cryptocurrency. Other reasons for the success of this cryptocurrency include:
Lisk is said to be a modular crypto coin
Members of other crypto joining Lisk
In 2016, Charles Hoskinson and Steven Nerayoff, who were core members at Ethereum, decided to join Lisk as senior advisors. Their main objective is to increase product development in the Lisk platform.
The cryptocurrency is among the few new generation of cryptocurrencies that offer a platform where users can develop their own decentralized applications. The developers are also given other features including oracle services, hosting, smart contracts and an immense storage capacity which is obviously some of the few wishes of developers.
This has made more and more cryptocurrency enthusiasts to choose this platform. Basically, this platform offers easy to use programming language that can be developed by any developer hence increasing its popularity. You don’t have to bother yourself with complex codes in other platforms which may be a waste of precious time.
Crowd sale success
The Lisk cryptocurrency was able to raise about 14,052 bitcoins between Feb and March in 2014 which was the 4th largest amount raised in a crowd sale by any cryptocurrency. This was the first few reasons why this cryptocurrency became so famous overnight.
With all the above descriptions, I hope you now have a better understanding of the Lisk cryptocurrency. Even though it seems to be a major competitor to Bitcoin and Ethereum, the founders still maintain the coin isn’t trying to compete with other cryptos. Well, this might not be actually true, since the crypto seems to perfect on the shortcomings of both cryptocurrencies. However, it is impossible to predict the future of this crypto but we expect to see the best performance.