The world of cryptocurrency is developing rapidly, and new products are coming to the market very often. Each project for some time seems to be promising, but very quickly “blown away”, as it does not withstand the onslaught of competition with Bitcoin. This coin is a pioneer in the digital money industry and reliably holds the position of the leader. It is for this reason that many altcoins “die” without revealing their potential. However, some managed to “stay afloat”. One of these coins is the Lisk cryptocurrency. In this article, we will tell you what is good about Lisk, what features this particular altcoin has, and whether it’s worth paying attention to it at all.
Introduction to Lisk cryptocurrency
The designation of the cryptocurrency in the common market is LCS. The project appeared in 2016 and very quickly gained popularity, especially after spreading in the territory of China.
The LISK project is a cryptocurrency and a platform with the same name for the development and release of custom applications based on a decentralized Blockchain system. The mechanism of operation is similar to Bitcoin: users can exchange cryptocurrency tokens and participate in investment projects, investing in promising projects developed on the platform.
The LISK system uses a special algorithm – DPoS (access confirmation algorithm). The platform is managed through 101 special delegates. They are elected by the vote, which is held among all users of the platform. The capabilities of the platform itself are ideal for developing applications based on the Blockchain mechanism.
The complex project Lisk is an excellent base for financial transactions and work with Blockchain applications. Each participant in the common network can develop their applications using the Java programming language.
The main drawback of any platform running on the Blockchain is the probability of overloading due to a large number of simultaneous transactions. The developers of the Lisk project have improved Bitcoin’s basic Blockchain system, allowing at any time to make adjustments to the applications and the platform, without overloading the overall system. Optimization of the network is based on forks of the main Blockchain.
Developers of the project constantly improve the work of their platform, thanks to which Ethereum appeared on the market. By integrating the experience of such well-known projects, the developers of the Lisk platform regularly improve their project, providing new opportunities for working with cryptocurrencies.
The Lisk procs and cons
Before you start working with this platform and the cryptocurrency, you should be aware of the advantages and disadvantages of the project.
The main advantages of the project:
- Accelerated rates of development of the project due to constant upgrades.
- Active community and responsive technical support.
Among the main disadvantages of the project is the relatively low stability of the main platform, which is due to the novelty of the project and with constant updates. In general, this can be seen as a positive side, as developers actively participate in the development of the project.
How to get Lisk cryptocurrency?
And now about the main thing: how to earn Lisk. One of the ways is mining. However, not everyone can be involved in this process, but only one of the 101 delegates. To become this very delegate, you need to pass the registration procedure, which, by the way, is paid. Delegates are distinguished between active and reserve. The rest of the audience of users participates in voting on the choice of delegates, which costs about 1 LSK. Delegates create pools for mining, where the extraction of coins takes place. After that, “mining” is divided among the members of the community in proportion to their shares. The fee for each block is 4 LSK, which will subsequently be reduced to one coin.
Another, more common way for you to obtain Lisk cryptocurrency is trading on the stock exchange.
The Lisk wallet
To operate with LSK coins, you will need a Lisk wallet.
Download and install it using a trusted source. This is the official website of Lisk – https://lisk.io.
Here you will not only be able to download the wallet (by the link https://lisk.io/download) but also get the latest information about the project – news, updates, releases of related products.
When working with a wallet, do not forget about such a thing as the Lisk address. The Lisk address is a data represented as a sequence of characters. The Lisk address is used during the transactions.
The Lisk cryptocurrency actual rates
What is 1 Lisk worth? Immediately after the launch of the project, the coin Lisk was rapidly gaining its weight in the exchange market, and for quite some time the value of the coins was kept at a decent level. For today, March 27, 2018, one LSK coin is equal to $ 10.38 USD or equivalent to 0.00127935 BTC. The rate has grown, and its fall is not expected, which indicates the development and stabilization of the project.
Prospects for the Lisk project
The Lisk company, or rather its management, has entered into an official agreement with the Windows corporation – there are plans to integrate Lisk with Azure Blockchain to create its own service. This means you can work anywhere in the world to create applications through the cloud platform.
Conclusions about the Lisk cryptocurrency
In conclusion, we can say that Lisk is a very interesting and long-term project, as the statistics show. The developers have a lot of ideas that they are going to implement in the near future. At the same time, Lisk is the 21st altcoin in terms of capitalization. This is a good start, which indicates the further advancement of the product to the masses.