Lisk project purpose and description
What is Lisk?
The platform is easy to use, and it is one of the most well-rounded blockchain ecosystems. Other than building apps, developers on Lisk can also distribute, publish and monetize their work, taking advantage of the best cloud storage, blockchain smart contracts, and computing nodes, all brought together under one roof.
The goal behind making Lisk easily accessible to developers is to build a plug and play system which becomes a platform where they can do everything in one place. From design and development, developers have all the tools to publicize and monetize their work. They are also able to deploy apps faster; all the while backed and supported by the security and integrity of this blockchain.
All the cloud functions that are performed on Lisk are undertaken by Lisk delegates and users. For their resources, they are paid through an invoice system that is built into Lisk, either in BTC or LSK. Lisk, therefore, is a complete, one-stop platform for app development which provides users with efficient solutions.
What is the problem that Lisk Solves?
Lisk is all about accessibility. This has always been a problem in so many of the blockchain platforms we have in the industry. Bitcoin, for example, runs on C++. Therefore, for you to use and enjoy the full threshold of Bitcoin, you would need to learn C++. The same applies to Ethereum, which runs on Solidity. This makes such platforms a preserve of the few who can master these languages.
The issue of scalability also arises in Lisk. Most blockchain platforms are not fully scalable. Lisk uses sidechains. The sidechains are built independently of the main chain. Therefore, if there is any problem that affects any of the sidechains, this would not be replicated to the main chain. In retrospect, this is also a security feature that protects the Lisk ecosystem if one of the sidechains in the network is under siege.
How does Lisk Solve the problem?
Users on Lisk who have the Lisk wallets and use the LSK token often receive regular updates on improvements and upgrades in the ecosystem. In fact, the team behind Lisk works hard, pushing their limits to make Lisk one of the most successful and competitive blockchain platforms.
Lisk also has a wide community of users, spread across different social networks, including Facebook, Reddit, and Twitter. Here, users can engage one another, learn more about the platform, changes, upgrades, risks and anything else that might affect their experience on Lisk. By keeping people informed, Lisk has a solid backing in the crypto community, which is a good way of keeping it alive, and a boost to the future outlook of the blockchain.
Lisk has been highly decentralized, and this serves different purposes. The most important of all is that it is virtually impossible, even theoretically, to overload Lisk with too many transactions. It is fully scalable and can handle as many transactions as possible.
What makes Lisk better than the competitors?
There are lots of cryptocurrencies out there. The choice of which one to choose depends on the unique features it has, and what you are looking for as an investor. The following are some of the advantages that Lisk has over the competition:
Anonymity on the internet has been termed a myth by so many people in the past. However, with Lisk, and blockchain technology, in particular, this has come to pass. When using Lisk, you can make your transactions completely anonymous, free from the risk of unmasking.
Whatever you are doing on the network, whether you are trading in the exchanges or sending and receiving money, all this is anonymous, and your details cannot be discovered. The principle of anonymity on Lisk has also been praised by traders because buyers are now able to avoid chargebacks.
With anonymity comes the freedom to go about your life and business online without worrying about third-party seizure. In traditional environments like the legacy banking system, the whiff of a lawsuit usually has your bank presenting all the records they hold in your name. Besides, someone always knows how much money you have in your account, which makes you a target for swindling, and other types of scams that are run efficiently in the normal banking systems. When you join Lisk, no one will ever know the amount of funds that you have on the network or even your account details.
When you join Ethereum, for example, you have to learn Solidity, the language recommended for use in the Ethereum network. For some people, this might be too much work. You might be at that point in your life as a developer where you do not want to learn a new language, but want to keep getting better at the ones you are comfortable with.
There is a lot more to investing in cryptocurrency than just buying and hoarding, waiting for the right time to sell and make a kill. When you join Lisk, you are free to build your own blockchain within the network. In fact, you can also create tokens specific to your blockchain. This is ideal for entities and companies that want to maintain their brand, or individuals who are creative and want to build the next big thing.
The traditional banking system has a lot of restrictions. There are a lot of things that you cannot be able to do at your convenience. Take sending and receiving money, for example. You cannot do that once the banks have closed business for the day. You cannot perform transactions at night, during the holidays or on weekends.
However, when you join Lisk, these are things you no longer have to worry about. You are in complete control. The only thing you need is the public address for whomever you are doing business with, sufficient LSK and you can go ahead and send funds irrespective of the calendar date or time of the day.
Developers on Lisk can create sidechains for their products. Sidechains are independent blockchains, but they are linked to the main chain in a unique way. The nature of sidechains is that should they be compromised they cannot interfere with the performance of speed of the main chain. Therefore, any problem with a sidechain becomes an isolated case. This is one way of making all the apps that run on Lisk independent and decentralized.
There are very strong aspects of Lisk that can carry it through into the future. It is properly funded and has a committed team of developers. Lisk also takes care of the utility aspect because it provides an avenue through which other blockchain applications can be built. Therefore, the LSK token serves multiple uses, including the transfer of value into and out of the blockchain, running an ICO and managing delegates.
How can Lisk be categorized?
Lisk is an app development platform that serves the same role that Apple’s App Store and Google Play Store do. It is a blockchain platform where developers can create and distribute apps to the masses. One of the biggest differences between Lisk and the likes of Google and Apple is that while they have complete control over their app stores, Lisk is decentralized, distributed and runs in multiple computers all over the world, on the public blockchain.
What’s Lisk’s vision on Security?
To protect the Lisk ecosystem, this blockchain uses cryptographic hashing and elliptic curve cryptography. In this network, you will have a key pair, which contains a public and private key. Private keys are a string of alphanumerical digits only known to the owner. Public keys, on the other hand, are derived from private keys and are often used for validation, to prove the ownership of the private keys, without accessing the private keys. Cryptographically secure key pairs are generated through elliptic curve cryptography.
The second paraphrase is an additional security layer that is used to bolster the security of the Lisk blockchain. Users can register a second paraphrase that is associated with their account. Upon doing this, any other transaction must be signed through the second paraphrase before it can be validated. The same process is used to generate the second key pair and the initial key pair.
The use of multisignature accounts is another way to enhance security, which has been used by a lot of blockchain platforms. This is an account where different keys are needed to validate and authorize transactions. It is a feature that can be enabled by any user on their accounts. To do this, you have to issue a special transaction that specifies a group of a number of keys (n) and the minimum number of signatures (m) that must be provided for transactions to be authorized.
Having done this, any transaction that emanates from your account must be signed by at least m out of n of the keys specified before it can be authorized and processed.
In terms of security, Lisk is one of the most secure blockchain platforms you will come across. To protect user wallets, Lisk created their own unique wallet, Lisk Nano. They also use delegated proof of stake algorithm.
Examples of Lisk use cases/applications
Tech giants Microsoft have partnered with Lisk in a bid to bring the Microsoft development platform, Azure into the fold. This means that Microsoft developers are now able to harness the best of two worlds in one place.
This is a tool that was designed to enable users to visualize and present information on the blockchain. Through Lisk Explorer, users are able to access present and historical information, allowing the clients the best view so far, of the data they have been using.
Explorer has components like Delegate Monitor and Network Monitor that show users the current status of the entire Lisk ecosystem. This is useful in gathering information about unique transactions or blocks in the network, and general information about the status of the network and its delegates.
This is the heart of the Lisk economy. It is a network where users can transfer their tokens between accounts. This is also where they register as delegates, register decentralized apps and vote for other delegates.
Testnet is a replica of Mainnet. However, it is used as a testing laboratory where upgrades are put on trial before they are pushed to Mainnet. It is a testing module for fixes and new versions of Lisk Core.
This is a solution that allows users to manage their Lisk ID, send and access the tokens, and vote for Lisk delegates. It is a combination of a blockchain explorer and a wallet. There are plans in the future, to include a decentralized exchange in Lisk Hub. Other than that, users will also be able to launch their ICOs, and register sidechains through Lisk Hub.