Review on Lisk by Robiul Islam
Lisk aims to be the first (successful) of its kind as a modular cryptocurrency.
It is an open source blockchain application written in javascript. It enables developers to create distributed and manage decentralized blockchain application by deploying their own side chain linked to the lisk network. It attempts to be the first as a modular cryptocurrency.
The blockchain is actually is on a separate side chain, separated from the main blockchain. This helps in scalability issues that many blockchains have issues with. It uses the Delegate Proof of stake(DPoS) algorithm created by BitShares. In DPoS only the first 101 delegates can forge the network. It functions through a series of rounds and around consist of 101 individual blocks.
LSK uses proof of storage algorithm to forge cryptocurrencies. Delegates have got the rights to create their own pools and engage in mining and the rewards will be distributed to all the participants in the pool.
Coins can be stored on different wallets which are available on the internet.
Its team is more concerned with developing the technology than making content for press releases. Developers have flexibility when it comes to creating their own blockchain for their applications. The Javascript SDK has the potential to attract many dApp developers due to its ease-of-use.
They have gone a different way to most other developing dApp platforms. Instead of focusing on marketing to investors before having a working product, it is instead working silently on technology made easy for developers whose applications will bring utility and true value.
Updated 5 years ago
Rating has not been changed
In the Lisk ecosystem, the key pair Is generated by the NaCl library. As far as I know, you can retrieve your public key and your private key using the Lisk commander.
Lisk Mobile 1.2.0 is out! It features a redesign following the new branding language Lisk started to implement throughout their range of products. You can manage your Lisk transactions on the app. Simple login using Face ID or Touch ID.
I think we are about to experience something very interesting with Lisk!
Updated 5 years ago
Rating has not been changed
If we do not see any positive change in the market, but it can go down as well as many other wells, it cannot resist bearish waves.
In the long run, more likely to be in the top-50, but that requires a lot of teamwork. Their project is often compared to ethereum using sidechain. I think it will hit $ 2, but it's hard to say exactly when this level will be achieved.
Pros
- It is decentralised, but also able to evolve without hard forking due to a flexible democratic system. Advantage of Delegated Proof of Stake (DPoS), Very User-friendly Interface.
- Sidechaining makes the network flexibility, fast, and scalable. Oriented Toward dApp Developers, Partnership on Microsoft/Azure Cloud.
- It is made to be easy to use for developers. Developers can create their own custom blockchains that operate independently whilst benefiting from the security of Lisk’s main chain.
- It is a modular cryptocurrency, the first of its kind. Modules are the basis of construction and design of this cryptocurrency. Due to this feature, anyone can use Lisk for individual app construction and create their own decentralized app.
- Delegated proof of stake. Lisk’s consensus model is based on DPoS model where each of the LSK carries one vote and only first 101 users having heaviest votes will be able to cast votes to carry forward motions and have an in problem-solving resolutions.
- It utilizes sidechain. One main risk that the blockchains are vulnerable is that it can be artificially bloated with test or fake transactions. The lisk’s side chain solution helps to overcome that issue. Side chains can be attached to the independent blockchain and serve as a place to put all the high volume transactions without interfering with the main blockchain.
Cons
- Extended block time causing delay in transaction.
- Problem with users while market perception/branded decreased.
- Its project similar to ERC20/Ethereum which means anyone will see this in same ways.
New products
Comments (1)
June 14, 2019
I like this feedback platform. Over the past year, the guys have achieved a lot in terms of the platform. Now I see Revain as the largest site review for crypto projects. Unfortunately, their token is not growing, but I think the project will still show itself.
