Lisk (LSK) The evolution of the digital currencies has seen the emergence of hundreds of currencies all promising to be the next big thing. Most have failed as they have not offered the users any added advantage. Those currencies that have added utility have gained popularity and a wide customer base. Lisk is one of the currencies that has evolved to become more than just a currency and targeted a very crucial part of the population – developers and programmers.
Lisk was developed by Max Kordek and Oliver Beddows who saw the great untapped potential that the development of the blockchain framework held. This market remained largely unattended to by the existing cryptocurrencies and the two developers decided to build their market around it. Lisk has gone on to become one of the most popular cryptocurrencies in the world and has been in the top ten most valuable currencies for a long time. Its current market capitalization stands at $898 million. Lisk sets apart from its competitors’ thanks to the following:
1. Use of Side Chains
Most cryptocurrencies are experiencing slow transactions which put off potential investors. These delays in transactions resulting from the filling of blocks by fake transactions which delay the genuine transactions as new blocks have to be formed first. This has especially been problematic for Bitcoin with slow transactions being one of the main complaints of Bitcoin users.
Lisk solved this issue by introducing sidechains. These are attached to the main blockchains and record the high-volume transactions without affecting the speed of the other transactions.
2. Developer Friendly
3. Blockchain as a Service (BaaS)
Lisk and Microsoft Azure, which is a cloud computing service for building and testing applications, partnered to offer the Lisk platform as a service which will enable developers worldwide to use it to build, test and manage their blockchain-based dApps. This serves not just as a very valuable corporate endorsement but also further cements Lisk’s position as a pioneer platform in blockchain development.
On top of the enhanced speed that sidechains give the Lisk platform, they also give it the unique ability to scale to accommodate increased usage. As more people start trading and transacting in LSK, the Lisk platform will be able to accommodate them without affecting the efficiency, security or speed of the transactions in their network.
The applications of the blockchain technology are increasing every day thanks to its security and privacy features. Ethereum made use of this technology to pioneer smart contracts which saw an astronomical rise in its value. Lisk has positioned itself to take advantage of the next big development in the blockchain technology which is integrated into everyday applications. This will make LSK highly sought as it will be the medium of choice for the millions of developers who will use the Lisk platform. At only $7.7, the price of LSK makes it a lucrative investment for any investor as it is bound to rise with a rise in demand.