What is Lisk And What Can It Do?
Lisk often shrugs off comparisons to Ethereum. However, Ethereum’s influence on the team is indisputable. Charles Hoskinson, ex-CEO of Ethereum, and Steven Nerayoff, a prominent former Ethereum advisor, are both on-board with Lisk. That’s some serious knowledge in the team’s corner.
WHAT IS THE LISK BLOCKCHAIN PLATFORM?
2017 will go down in history as the year blockchain went mainstream. But so far, it’s also been the year cryptocurrencies grappled with lag and transaction times. Cryptocurrencies have rocketed up in value, but the downside has been stagnation on the blockchains, with higher transaction times and fees. There’s no easy fix yet, as the recent Bitcoin Segwit2x battle illustrated. But one up-and-coming token has made fixing this problem a pillar of their system, among myriad other features. Lisk is one of the most intriguing and versatile cryptocurrencies on the market today. It’s also currently in our list of top performing ICOs in terms of ROI. We discovered Lisk a long time ago as part of our ongoing research for our premium, members-only Coinist Insiders Network. Within the Insiders Network our researchers look for newer, or small cap projects that have strong development, technology and marketing signals. Essentially, we’re looking for tokens with a huge ROI potential before there is any retail hype behind them (learn more about the Coinist Insiders Network Here). And with Lisk, the Coinist Insiders team got all perfect. We experienced huge tripple digit gains on Lisk last year over a very short period of time. But enough about token price, let’s talk instead about what Lisk is.
FLYING BELOW THE RADAR
Flying relatively under the radar in the crypto boom, Lisk has been labeled as yet another competitor to Ethereum. Ethereum, which made waves with its smart contracts and ability to launch ICOs, has become the second-largest cryptocurrency, spawned waves of copycats and just hit all-time highs. But Lisk is more than another hackneyed competitor.
Lisk isn’t a name everyone knows yet, but the team is positioned for success. Headquarted in Zug, Switzerland, which has been dubbed “Crypto Valley,” Lisk is in a blockchain hotbed. Switzerland’s tolerance towards startups and decentralized projects earned it a spot on our list of most crypto-friendly countries.
A CONSTANT COMPARISON TO ETHEREUM
Despite the frequent comparisons to Vitalik Buterin’s project, the Lisk team resists pigeonholing themselves as Ethereum competitors. Speaking to CoinGecko, Lisk CEO Max Kordek maintained “Lisk is not a competitor to Ethereum.” Be that as it may, Ethereum’s influence on the team is indisputable. Charles Hoskinson, ex-CEO of Ethereum, and Steven Nerayoff, a prominent former Ethereum advisor, are both on-board with Lisk. That’s some serious knowledge in the team’s corner.
The Lisk token itself is currently trading a bit under $8, as $LSK. we picked up Lisk when it was at $2.18 (See our Insiders Network if you want to see our picks). LSK tokens are required to perform activities in Lisk, giving the token a legitimate use. Lisk tokens can go from sidechain to sidechain, but tokens uniquely minted on sidechains cannot.
THE CREATION OF DECENTRALIZED APPLICATIONS
Another way Lisk differs from Ethereum is that it supports creation of decentralized applications, not smart contracts. Lisk doesn’t use proof of work or proof of stake. Instead, it operates on what’s called delegated proof of stake. LSK holders can vote on the future of the blockchain. But there’s a catch: only 101 delegates will ever have the power to vote. And those 101 will be the individuals who hold the most LSK. There are pros and cons to this. On one hand, a few whales at the top won’t be able to single-handedly determine the token’s direction. On the other hand, those who own smaller amounts of LSK have no say in the coin’s future. Aside from voting rights, the financial reward to be a delegate is a payout per block generated.
With some serious experience on the team and a few unique tricks, Lisk is very much a cryptocurrency to keep your eye on. Don’t think of it as a mere Ethereum competitor, despite the staff overlap. Instead, Lisk offers easy-to-use tools and a solution to blockchain bloating. Cryptocurrencies are shooting to the moon left and right. Lisk might just be the next one.
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