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Best Crytpo Trading PlatformChoose your quick section of our Lisk review below.
A Quick Overview of our Lisk Review:
When creating DApps on Lisk, developers deploy their sidechains which are linked to the network and its native token, LSK. As result of the flexibility of these sidechains, developers have the freedom of customisation with their own DApps.
Lisk Live Price
What is Lisk?
Lisk is a blockchain application platform that allows developers to create their own decentralised apps (DApps). Lisk has its own network of the blockchain and a native token, LSK. The purpose of Lisk is to allow developers to create, distribute, and manage blockchain applications effortlessly.
Key Features and Takeaways of Lisk
Lisk is one of the top cryptocurrency platforms in the industry that works with DApps and an array of developers. Lisk has some of the following other key features and takeaways:
When creating DApps on Lisk, developers deploy their sidechains which are linked to the network and its native token, LSK. As result of the flexibility of these sidechains, developers have the freedom of customisation with their own DApps.
The codebase of Lisk was forked from another cryptocurrency projected called Crypti, which ran for more than a year and was eventually shut down.
Lisk aims to stand out from the rest through the level of accessibility that it offers, this thanks to the Software Development Kit (SDK) which is written using JavaScript.
In addition to this, Lisk also places a lot of focus on the user experience, unlike other blockchains, along with in-depth documentation as well as developer support.
The mainchain of Lisk provides users with both security and stability, simultaneously the sidechains offer developers with flexibility.
Developers can build their applications on the Lisk blockchain by using Lisk APIs and these applications each run on their own sidechains, keeping Lisk scalable and safe.
Once developers have launched their Software Development Kit, the possibilities for using Lisk are limitless. Developers can develop social networks, games, messaging apps, and numerous others that are independent from platforms.
With Lisk, it is not necessary to follow peer-to-peer (P2P) networking protocols and developers do not need to develop additional consensus mechanisms or algorithms.
Developers also have access to both a back-end and a front-end code. With the back-end code, developers can create DApps while the front-end code features customisable user interface elements.
The Software Development Kit of Lisk allows independent projects to link to stable parent chains that share its security, through delegates, along with the scale and robustness.
Lisk has given developers a variety of examples of blockchain services that they can offer using the SDK namely oracles, smart contract execution, decentralised hosting, identity, and more.
Lisk uses a Delegated Proof of Stake (DPoS) consensus mechanism which means that users can choose a delegate, send their LSK to be staked, and those delegated vote on their behalf.
Lisk also features a DApp directory, allowing users to search for any DApp which has been added to its network. This is made possible by Lisk requiring for all blockchain apps to be registered on the mainchain, creating a link between the mainchain and the sidechain.
Lisk Mining
Lisk works according to the Delegated Proof of Stake (DPoS) consensus mechanism which means that LSK cannot be mined.
However, users can earn Lisk by voting for delegates who share the forged rewards with those who voted for them. To start earning LSK, users must obtain coins by exchanging fiat currencies for LSK on an exchange, or by exchanging crypto that they have for LSK.
The only participants who can forge blocks on the Lisk blockchain are 101 delegates. Users can vote for delegates and it costs 1 LSK, allowing the user to vote for up to 33 delegates.
Users must, however, note that not all delegates pay out rewards to those who voted for them. There are some delegates that use their rewards towards the development of the Lisk ecosystem.
Users can evaluate different delegates on websites like EarnLisk.com and the official Lisk Delegate Monitor. In the Delegate Monitor, users can select the profile of the delegate next to their username, taking the user to that specific delegate’s forum post indicating their pay-out proportion and how they use the rewards they get.
Once a user has cast their votes, they can visit the Lisk Delegate Monitor, select the delegate that they voted for, and see the wallet address under the header of the Voter to see their rewards, if they are entitled to any.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Lisk is a decentralised DApp development platform that makes the creation of apps easy and easily accessible | Lisk is in direct competition with the leading smart contract and DApp platform in the world, Ethereum |
| Lisk makes use of advanced SDK technology, allowing developers to produce DApps and separate blockchains | |
| Link and the process involved with creating DApps makes the entire platform truly decentralised and independent |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Delegating Fee | 1 LSK |
| Withdrawal Fees | 0.1 LSK |
Should you buy Lisk?
The Lisk crypto platform is a convenient and digital ecosystem that is suited for use by developers. Lisk offers developers with the use of Software Development Kits, helping them create and manage a variety of DApps. Since its launch in 2016, Lisk has attracted many developers, users, and investors who believe that Lisk has a bright future in the crypto space.
However, Lisk is often compared to other DApp and Smart Contract platforms, especially Ethereum, with the latter seen as the leading smart contract network in the market.
This makes it hard for Lisk to compete with such a well-advertised and widely used platform, however, there are experts who believe that the Lisk ecosystem has the potential to outgrow Ethereum at some point, as result of the unique features that Lisk offers its users.
Lisk forms part of the top 100 cryptocurrency projects and its native coin, LSK, is one of the most traded coins on major exchanges in the world, including Binance, Gate.io, and several others.
It is unlikely that interest in Lisk and LSK will diminish soon, but whether it will become popular will depend on the ability of the development team to keep to the roadmap, ensuring that the network is improved and updated to include new and upcoming features.
How to buy Lisk (LSK)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Lisk/LSK and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
LSK can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading LSK.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading LSK, select the option from the “Trade” Menu. Enter “LSK” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select LSK_USDT or LSK_BTC. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair LSK/USDT or LSK/BTC.
Here, you will see that you have the option to buy or sell LSK either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy LSK through via Limit Order
To buy LSK and create a limit order for it, you can enter the amount of LSK you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell LSK through via Limit Order
To sell LSK, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, LSK that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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FAQ
When was Lisk first launched?
Lisk was launched in 2016.
Who founded Lisk?
Max Kordek and Oliver Beddows founded Lisk.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Lisk’s ICO and how much did it raise?
Lisk’s ICO was held in 2016 during which 85% of tokens were distributed to ICO participants.
Is Lisk legit?
Yes, Lisk is legit.
What is Lisk’s total supply?
The total supply of LSK is 120 802 932.
What is the purpose of Lisk?
It aims to be the all-in-one platform for both smart contracts and decentralised applications (DApps), offering developers with flexibility along with decentralisation and security.
On which blockchain is Lisk based?
Lisk is based on its own blockchain.
Does Lisk work with smart contracts?
Yes, Lisk supports the creation of smart contracts.
Does Lisk have potential to become more valuable?
Yes, despite Lisk being up against the leading smart contract and DApp platform, Ethereum, there is potential for it to become more valuable as it has unique features of its own.
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