Lisk is a cryptocurrency that aims to act as a platform for decentralized applications (dApps), which are applications meant to run over a network of computers using shared software.
However, Lisk enables developers to build new dApps and cryptocurrencies through what it calls "side chains," which are distinct blockchains that operate within the Lisk network. These side chains are connected to the Lisk blockchain and can be customized to meet the demands of Lisk decentralized applications.
Because these blockchains are interoperable with Lisk, developers can access resources such as the project's software development kit, coding libraries, and Lisk's native token, LSK.
In February 2016, the founders of Lisk staged an initial coin offering (ICO) for Lisk's cryptocurrency, LSK, and raised 14,000 BTC (about $5.6 million) by auctioning 85% of Lisk's token supply.
The remaining 15% of LSK tokens were allocated to important developers and other stakeholders. The project's relaunch in 2018 shifted its focus to a new branding, design, and user experience (UX) strategy.
Lisk Core, the main software for the network, makes sure that the protocol's rules are followed. This keeps all the computers that run it in sync and running smoothly.
The Lisk software development kit (SDK) is used to create decentralized applications (dApps) that work with Lisk Core.
The SDK consists of three elements:
Lisk Framework - which enables interactions between the modules of the decentralized applications
Lisk Elements - a collection of coding libraries
Lisk Commander - a tool that facilitates blockchain interaction.
Lisk employs a consensus technique known as delegated proof-of-stake (DPoS) to secure its blockchain and maintain its distributed network of computers in sync.
DPoS uses a real-time voting system to choose which computers can build the next block on the Lisk blockchain. This means that any LSK holder can contribute to the network's operation.
LSK is the utility token for the Lisk network. LSK is a cryptocurrency that may be used to execute transactions on the Lisk blockchain network. The LSK token can also be used to protect the Lisk network using the Delegated Proof of Stake (DPoS) consensus process. Users can vote or delegate using their LSK tokens in the Lisk desktop wallet. For as long as the user occupies the role, the tokens will be unavailable to anyone else. LSK can also be traded for other cryptocurrencies on a number of large exchanges.
Many believe that increasing the accessibility of blockchain technology is one of the most important factors in achieving Web3's widespread acceptance. With the help of projects like Lisk, more developers can easily build blockchain applications using the coding languages they already know. At the same time, users can benefit from a growing ecosystem of connected applications that make transactions faster and cheaper.
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