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What Is Lisk?

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Nov 22, 2022
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4 min read
what-is-lisk

This blog post will cover:

  • About Lisk (LSK)
  • Where did Lisk (LSK) come from?
  • What are the advantages of Lisk (LSK)?
  • What are the disadvantages of Lisk (LSK)?
  • How to buy Lisk (LSK) on SimpleSwap?

About Lisk (LSK)

Lisk (LSK) is a cryptocurrency of a blockchain application platform that seeks to make blockchain technology more accessible to the masses. Lisk focuses on user experience, developer support and in-depth documentations. The Lisk code is written in JavaScript so as to allow developers to easily build blockchain applications on the Lisk blockchain and even deploy their own sidechain linked to the Lisk network. The open source Lisk blockchain platform is powered by LSK coins and operates under the Delegated Proof of Stake (DPoS) consensus model to allow for its network to be secured by democratically elected delegates.

Where did Lisk (LSK) come from?

Thereby features of Lisk lies in the fact that developers provide you with the ability to create and run applications of a decentralized type, as well as blockchains based on Lisk platform.

Lisk was started up in 2016 and presented its cryptocurrency LSK.The background of Lisk goes back to 2014 with Crypti, an open-source blockchain app platform. Despite being successful on a community level, Crypti was branch by founders Max Kordek and Oliver Beddows due to needed to develop further. Thus, in May 2016, Lisk appeared.

In short time after this branch valuable recruits were joined. For example, Charles Hoskinson (ex-CEO of Ethereum) and Steven Nerayoff (ex-advisor for Ethereum) were nominated as senior advisors of Lisk, to help guide product development.

What are the advantages of Lisk (LSK)?

  • Delegated Proof of Stake (DPoS)
    
    LISK utilises the Delegated proof of stake to mitigate the potential negative impacts of centralization through the use of witnesses (or delegates). 
  • User-friendly Interface
  • App Developers oriented
    
    LISK adds a blockchain layer in front of relational database, which is familiar to most of developers in the world today.

What are the disadvantages of Lisk (LSK)?

  • Extended Block Time
    
    Each block time normally takes 10 seconds, and if a delegate can’t forge a block within 17 minutes, the block is moved to the round, meaning its time gets extended by 10 seconds. 

How to buy Lisk (LSK) on SimpleSwap?

Let’s say you want to buy Lisk. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for LSK. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select LSK in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. LSK will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to LSK exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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