About Lisk (LSK)weiss-badge

Overview

Lisk (LSK) is a public blockchain platform that currently provides decentralized blockchain apps. It was forked from Crypti in early 2016 by Max Kordek and Oliver Beddows. After beginning with an ICO (Initial Coin Offering), and raising 14,000 BTC, it became the second largest cryptocurrency crowdfund of its time - and for a while, it was one of the most popular cryptocurrencies available, second only to Bitcoin. The main advantage of Lisk in relation to blockchain applications lies within the fact that each Lisk-based app has its very own sidechain, separate from the main one for Lisk itself. This individuality means that these sidechains are easily customizable (you don't have to affect the primary Lisk blockchain itself); because of this, Lisk shows great promise regarding both scalability and overall possibilities for projects, whether they are created from existing templates, or built from scratch.

Technology

Lisk is written using a mixture of Node JS/Javascript for the backend, and CSS3/HTML5/JavaScript for the frontend, many of which are commonly understood and practised programming languages. Because Lisk's executable code is written entirely in Javascript, it appears that software could be developed much more quickly than through other compiled languages, albeit at the risk of errors in program execution. In regards to rewards for people that mine Lisk, every new block that is forged creates new LSK. These rewards scale down at every 3,000,000 blocks, which means that over time (and depending on difficulty) there will be diminishing returns in regards to obtaining Lisk through these means.

Future Focus

Lisk is busy with a number of projects under development such as Lisk Elements, Lisk Nano, Lisk Core and Lisk Hub, all of which are aimed to improve the user and developer experience when interacting with the network. Lisk Hub is an all-in-one solution users can use to manage their Lisk ID, send Lisk tokens and vote for delegates. Further, the team aims to introduce a decentralised exchange (DEX), which will be available via the Lisk Hub. Lisk Elements is a collection of libraries containing shared cryptography, an API representation, transaction logic for logic signing and important constants for the ecosystem. Lisk Nano is the old Lisk wallet which offers a range of functions for beginners and advanced users, and Lisk Core is a tool for advanced users who want to access main network blockchain data, secure network infrastructure or attain delegate forging access. All in all, Lisk looks to keep busy with a number of exciting projects already underway. For more information regarding Lisk visit the official webpage.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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