Lisk is easy to use, with easy access due to the use of the Software development Kit that is powered by Java. To use Lisk you need to purchase LSK tokens which are essential for every action carried out on Lisk, as well as the Lisk wallet available on their website. You can also customize the advanced features from the settings option. After this, you can use the Lisk Explorer tool. This tool will grant you access to the continually expanding lists of Lisk Markets, delegates, statistics, latest transactions, and even richest accounts.
Once the Software Development Kit is open, it will open limitless applications to using Lisk. You can develop decentralized Social platforms, networks, messengers as well as games. You will need LSK tokens, and the system will require your Lisk wallet address to carry out transactions and pay fees built on the List Network.
Lisk uses a documentation panel which consists of technical documentation, comprehensive guides to help users get the necessary information. This will also include blogs, news and latest updates of lisk.io.
The Lisk platform uses the LSK tokens, and it is an independent currency which isn’t based on Ethereum. This is why Lisk provides with its wallet called the Lisk Nano which also comes with an easy to use interface.
Lisk does not use Proof of Work algorithm like other Blockchain platforms. For their security, Lisk uses Delegates, who are charged with the task for maintaining network security. The consensus algorithm used by Lisk is the Delegated Proof of stake protocol (dPos). Lisk token holders can vote for trusted delegates. There are 101 delegates, and this small number allows for better scalability and more significant transactions.
Lisk has a meager rate of transaction fees: The cost at Lisk is 0.1 LSK per transaction. This is a very low cost because the value of LSK was less than $30 by early 2018. However, the price will be continuing its increase with the rise in the amount of LSK.
The problem with Blockchains is that they are easily bloated by artificial transactions. This can result in the network slowing down due to the high traffic in the blockchain. Lisk solves this problem by applying Sidechains, which are add-ons to the main blockchain. You can carry out transactions on the Sidechains without affecting the activities of the main blockchain.
You can run your decentralized application on Lisk which also runs in a separate blockchain. Anyone can create their cryptocurrency platform.
Faster, More secure, More scalable
Lisk provides an advantageous speed with better security and more scalability with the Schnorr signature themed Ed-25519 which is a better alternative to secp_256k1, this is also used by Bitcoin as well as Ethereum. This means that Lisk can carry out thousands of transactions per second with ease.
It is easy to use and buy LSK, and most of the steps are guided. You will first need to sign up for an account and download their wallet from their official Lisk website. The Installation of the wallet doesn’t take much time, and once you have done so, you will be required to store your seed phrase in a safe location. This is important because if you lose this, you cannot access your accounts when your hard drive fails.
You can get LSK in exchange for other cryptocurrencies. You can buy exchanges from popular and established sites like Bittrex, Binance, Cointree, CoinSwitch, Youbit.net, and Poliniex. You can also buy LSK for fiat currency from Changelly, in case Lisk is your first investment in cryptocurrency, which is more expensive because sites will also charge you for their services.
After this, you will need to enter the wallet address, after which the Lisk tokens will be delivered into your wallet.
As of now, Lisk is among the top 30 in the cryptocurrency market cap, coming at a value of $305,103,714, which is an equivalent of 48280 BTC. Within their system, the circulating supply comes at 111,695,529 LSK out of the total supply of 126,932,720 LSK.
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