The LSK token powers the Lisk blockchain platform, one of the veterans in the industry. This platform provides dApp developers with a streamlined blockchain environment for creating, distributing, and managing their decentralized applications.
If you’re interested in making a crypto investment and have a concept for developing a Web 3 decentralized application, then this Lisk (LSK) review is for you.
How Does Lisk (LSK) Work?
Lisk is a convenient blockchain platform that offers almost endless possibilities for dApp developers. By providing highly innovative and streamlined functionalities in support of developers’ ideas, this platform is suitable for almost any business that would like to take part in the blockchain ecosphere and utilize crypto as a form of payment.
To start with their individual project, all developers need to do is launch their Lisk SDK and dive into the endless possibilities for creating dApps. These software kits enable them to safely and easily connect their projects to the main blockchain and benefit from increased security, smart contract integration support, decentralized hosting, oracles, and increased scalability.
To create their dApp, developers utilize Lisk’s sidechains that are linked to the native blockchain,l, powered by the LSK token. These sidechains are cryptographically independent public ledgers connected to the main blockchain without interfering with its performance and functionality.
By connecting their sidechains to the main Lisk blockchain, developers benefit from the increased interoperability that supports the transfer and synchronization of the tokens between the connected blockchains.
Moreover, Lisk enables dApp developers to store their data onto their own customizable sidechains linked to the original Link blockchain, increasing their scalability and security.
What’s more, dApp creators who opt to develop their applications on Lisk have limitless customization options at their disposal. For instance, they can create messaging apps, social networks, gaming apps – just about anything you can set your mind on, really.
Last but not least, Lisk provides comprehensive documentation on the project to further support developers. There’s also a Lisk directory of the already created dApps on this platform, which makes it very convenient for users searching for a particular application.
Lisk’s dApps Directory
Just like you can search for your favorite app in the Google Store, you can also find a particular dApp by searching the Lisk Decentralized Applications Directory. This directory is practically self-made, as all blockchain dApps must register on the mainnet.
During the registration process of a dApp on the network, the developer can submit all the required details that make an application recognizable, such as its name and icon, the link for downloading it, etc. The registration creates a link between the sidechain that hosts the dApp and the Lisk mainnet, which makes it easy for the directory to find the app you’re searching for.
What Is Lisk (LSK) Used For?
LSK functions as a utility token of the Lisk blockchain platform. Its primary use is to govern the operations on the platform, but it’s also used to support balance transfers, register for the multi-signature wallet, and generate custom names for the developers using the Lisk network.
Where to Buy Lisk (LSK)?
If you’d like to check some other options, please refer to our detailed reviews on some of the most popular trading platforms in the industry.
How Long Has Lisk (LSK) Been Around?
The Lisk platform and its LSK token were launched in 2016.
What’s Controversial About Lisk (LSK)?
Despite the fact that both the blockchain and the token have been around for quite a while, there are no known controversies in connection with this project.
How Many LSK Tokens Are There?
There are 144,818,773 LSK tokens in total, while the circulating supply of this token amounts to 128,900,445 LSK at the time of writing this article.
Can LSK Be Mined?
While the dApp developers can enjoy the full control and freedom to modify their blockchain networks as a sidechain to the main Lisk blockchain, there are 101 delegates that take care of the entire network’s security instead of the crypto miners.
Namely, Lisk employs the Delegated Proof-of-Stake (DPoS) consensus mechanism to verify blockchain data. Therefore, you cannot mine the LSK token, but you can stake your LSK holdings or vote for a delegate from the community that can cast a vote on the platform’s changes on your behalf.
For your trust, some of the delegates will reward you with crypto, but not all of them. This is because most of the delegates chose to put their crypto rewards into the further development of the Lisk blockchain.
Market Cap and Price History of Lisk (LSK)
LSK’s current market cap amounts to approximately $129,237,858, making CoinMarketCap rank this token #198 among all cryptocurrencies. Recently, the market price for one LSK has been hovering around $1.00, while the 24-hour trading volume is around $2,602,642.
Biggest Competitors of Lisk (LSK)
In the blockchain industry, Lisk is often compared with Tron, as well as with Ethereum and its native ETH cryptocurrency, which is the first and most powerful blockchain platform that offers dApp development, underpinned by smart contracts that guarantee the security of the transactions.
While it’s a sort of a privilege to be compared to such blockchain giants, this comparison likely imposes a huge burden on the Lisk developers as they probably feel a constant need to surpass the success of the Ethereum blockchain at the same time.
What Does the Lisk (LSK) Project Road Map Look Like?
The ultimate aim of the developers of this project is to provide limitless access to blockchain solutions for dApp developers and the wider community through their services and products.
So far, it’s been highly encouraging to see the developers of the Lisk platform adhere to each and every phase of the project’s development by meeting their scheduled releases and consistent improvements.
In the same vein, the ongoing and future development phases of this project include facilitating the interoperability between the Lisk blockchain and the native blockchains of Ethereum, Cardano, Polkadot, and Cosmos.
Pros and Cons of Lisk (LSK)
- Provides streamlined access to a convenient dApp developing platform;
- Employs Delegated Proof-of-Stake (DPoS) as a consensus mechanism;
- A widely accessible token;
- A platform with a highly user-friendly interface.
- Extended block time (read: delayed transactions).