Summary

Lisk is an open source blockchain application platform that improves Web3 accessibility for developers and users. With its easy-to-use software development kit (SDK), developers can build blockchain applications using JavaScript, one of the most widely used programming languages. Lisk aims to enable developers to eventually deploy sidechains into its network so that blockchain applications can scale while remaining connected to the wider Lisk ecosystem.

Introduction

Lack of accessibility is one of the main challenges facing blockchain technology in the Web3 era. Different blockchains use different programming languages, making it difficult for developers to create applications that can be used flexibly across multiple platforms.

What is Lisk?

Lisk is an open source layer-1 blockchain application platform designed to help projects bring users to cryptocurrency and Web3 field. With an easy-to-use SDK, developers can easily build scalable blockchain applications. The Metaverse project, the DAO, the NFT market, and the many other applications they create can also provide users with faster transaction speeds at lower fees.

How does Lisk work?

Lisk was founded in 2016 by Max Kordek and Oliver Beddows. It focuses on improving Web3 accessibility for developers and users. Some of Lisk’s main features include:

Delegated Proof of Stake (DPoS)

Lisk uses the Delegated Proof of Stake (DPoS) consensus algorithm to secure the blockchain. DPoS is recognized as a more efficient and democratic version of the popular Proof of Stake (PoS) mechanism. It allows validators to outsource block verification through a voting system.

In the Lisk blockchain, voters can use LSK tokens to vote for up to 10 delegators to represent them. Securing the network and sharing LSK rewards among them. Generally, the more delegators who vote, the more likely they are to be selected to generate subsequent blocks. Because the process is distributed among more than 100 delegated validators, Lisk can operate in a fairly decentralized manner. It also makes the network scalable and improves transactions per second (TPS).

Lisk SDK

One of Lisk's unique features is its software development kit based on JavaScript, one of the most widely used programming languages in the world. Popular blockchain networks often rely on different languages. For example, Bitcoin (BTC) uses C++, while Ethereum is built on Solidity. Interacting with different blockchains can be extremely challenging for developers unless they are proficient in multiple languages.

Lisk’s solution is an open source and modular SDK based on JavaScript, making blockchain and Web3 available for wider development generally accessible. Using an extremely versatile programming language removes barriers for those just starting out building blockchain applications. Newbies can start building immediately using JavaScript and TypeScript without having to invest time and effort in learning a blockchain-specific language.

In addition, after the Lisk platform is launched in the future, developers will be able to use the Lisk SDK to implement their applications on the side chain instead of Smart contracts. Sidechain interoperability will enhance scaling and keep transaction fees minimal. Lisk SDK is also expected to support the development of NFT, C2C and Proof of Authority (PoA) modules.

Scalable sidechain

To promote interoperability among all application-specific blockchains in the network, Lisk is building the Lisk Platform, which is designed to enable developers to build scalable applications on sidechains with greater autonomy and flexibility. Sidechains are independent blockchains connected to the main chain. In Lisk, developers will be able to deploy their own sidechains to scale their blockchain applications and provide lower transaction fees and more transactions per second. Through cross-chain messages, sidechains will communicate with each other directly. This interoperability is expected to ensure smooth asset transactions between sidechains and the main Lisk blockchain.

The Lisk team is working on promoting integration with other layer-1 blockchains and protocols such as Ethereum (ETH), Polkadot (DOT) and Cosmos (ATOM)) interoperability to expand its ecosystem. Its vision is to allow users to benefit from a growing ecosystem of apps interconnected through Lisk bridges.

What is LSK?

Lisk (LSK) is Lisk’s native cryptocurrency and utility token. It is used to pay transaction fees and reward delegators in the network. LSK holders can also use tokens to protect the Lisk network through DPoS. They can stake LSK tokens in the Lisk desktop wallet to vote or delegate, and the tokens will be locked as long as the user performs either role.

LSK’s utility is expected to grow, and more will emerge as the Lisk network achieves interoperability with other blockchains. Multiple use cases. For example, LSK can be used to register blockchain applications, or to transfer messages between different applications.

How to buy LSK on Binance?

You can buy Lisk tokens (LSK) on cryptocurrency exchanges such as Binance.

1. Log in to your Binance account and click [Trade] - [Spot].

2. Search for "LSK" to view available trading pairs. We will use LSK/BUSD as an example.

3. Please visit the [Spot] box and enter the amount of LSK you want to purchase. Here we take market order as an example. Click [Buy LSK] and the purchased tokens will be credited to your spot wallet.

Summary

Many people believe that making blockchain technology more Broad access is one of the key components to achieving mass adoption of Web3. Through projects like Lisk, more developers can easily build blockchain applications using familiar coding languages. At the same time, users benefit from a growing ecosystem of connected applications, enabling faster transactions at lower fees.