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What is Lisk

What is Lisk

Lisk is a platform for creating decentralized applications and is fueled by its own cryptocurrency with the similar name. The platforms is based on Javascript which makes it really easy for developers to use as this is one of the most popular programming languages.

Also, Lisk provides its users with possibility to create their own blockchains (the so-called ‘sidechains’) that will keep all the data of the dapps.

Lisk utilizes Delegated-Proof-of-Stake, which is a very secure and flexible consensus model, chosing 101 delegates to create blocks.

Advantages of using Lisk

Sidechains

Lisk cryptocurrency is the first in the field to offer sidechains which allow developers to create their own branches of blockchain with custom tokens. This solution helps to solve the issue of transactions’ speed, so the payments are processed much faster than with Bitcoin.

User-friendly interface

Most of the platforms fueled by digital coins have very complex interface which frightens off investors. Lisk, on the contrary, is very clean and simple. It’s based on Javascript that is familiar to most of developers.

Designed for app developers

JavaScript and sidechains make the Lisk platform an ideal place for creating applications.

Security

Lisk is much more secure than any traditional ways of payment as it is based on the blockchain technology. The transactions are stored in the distributed ledger which can’t be hacked or altered.

Lisk definitions

Cryptoasset

Simply a name for any asset that has cryptography in its security foundation. Security is provided by the blockchain technology for most of the cryptoassets.

Exchange

An online platform where multiple cryptoassets are represented. Users can exchange these assets between one another.

Node

This is a public ledger where all the transaction history is kept.

Market cap

The formula to calculate the market cap for a cryptoasset is the total value of the coin supply multiplied by the price per coin.

LSK investment strategy

There are many approaches to making money with the help of cryptocurrencies. We are not going to discuss them all in this article, as they are too many and it’s up to you to decide which one to select. This article is not designed to give you a financial advice, this is just a help guide for information purposes.

However, there is one strategy that is much easier and safer than all the others. This strategy is called “buy and hold”. You just buy Lisk and hold it on your wallets until its price rises. Then you send it to an exchange platform, sell it and count your profits. If Lisk can ever replace real money its value will be much higher.

You can use the notifications in the service TradingView. Once Lisk price reaches a specific threshold, you will receive an email.

Where to keep LSK

Lisk team has developed its own desktop Lisk coin wallet that can be found among other products on their official website. By far, this is the best solution to store your funds.

How to transfer LSK securely

When you transfer your crypto funds from your Lisk wallet to somebody else you must be very careful, because there is no third-party to govern the transaction and to give you money back in case you make a mistake.

Never type a wallet address manually

Lisk wallet addresses usually consist of many letters and numbers, which makes it quite easy to make a mistake if you type the address manually. If you send your coins to a wrong address you will never see your money again. That’s why you should always follow the copy-paste procedure.

Look up the transaction fee

When you are about to send your Lisk coins to somebody else you should always check the transaction fee so as to pay a reasonable amount.

Double check the address

Even if you copy-paste the address there still can be a mistake caused by a virus. There are many viruses on the web that are designed to steal your crypto coins. Some of them change the wallet addresses to the ones that belong to hackers. That’s why you should always check the first and the last several items of the address before you send your coins.

Test before sending

It’s a good practice to make a test transaction before sending the whole sum. Just send a small amount to your recipient first and see that everything works fine. After that you can send the rest.