Lisk is the new smart contract and dapp creation platform… but don’t we already have Ethereum for that? Much like Dash and Litecoin, who have conquered their place in the markets by bringing about evolution in the form of new and improved payment systems, Lisk is also gaining territory in the cryptocurrency world by improving the Smart Contract and Dapp creation system first introduced by Ethereum.
Lisk, much like Ethereum, uses a Turing-complete programming language to allow the creation of Smart Contracts and Decentralized applications, the main difference between the two, however, is the ease of access for Developers. Lisk backend and frontend languages are the ones most used by developers all across the globe:
Another major difference between Lisk and Ethereum is the ability to create Side Chains. A Side Chain works just like a normal Blockchain, but it’s meant to be used for one purpose only, meaning that each Application can have its own Blockchain. Why does this matter?! Well, have you ever tried to download the Ethereum blockchain? Trust us, it’s big! With the deployment of individual blockchains, or sidechains for each application, the developer can ensure that the users or clients don’t have to download the entire Lisk main Blockchain to use his dapp, but only the Side Chain used for the specific application. This is a double-edged sword, though, since the decentralized applications will be cut off from each other, thus limiting the level of interaction between dapps in the LVM (Lisk Virtual Machine).
These Sidechains will be maintained by a group of pre-selected master nodes, elected by the app’s owner, that act as miners in a Proof of Work consensus, processing and confirming information on the Sidechain and being rewarded for doing so. This system is called DPoS (Delegated Proof of Stake), in a DPoS system users lend or delegate their holdings to the main master node, allowing users that can’t run a node to profit still from their Lisk balance.
Some may see Lisk (and other new cryptocurrencies) as just an attempt to copy a popular cryptocurrency and make money off them, but like Vitalik Buterin (Ethereum Creator) once stated, multiple cryptocurrencies for multiple purposes make for a decentralized crypto environment. Lisk serves its purpose and brought something new to the table, making it one of the prime candidate to share the Crypto space with giants like Bitcoin, Ethereum or Ripple for many years to come.
Lisk on Coincheck
This is why we have decided that Lisk is a cryptocurrency that should be widely available, as so Coincheck has decided to add Lisk to the list of select cryptocurrencies currently available on the platform (BTC, ETH, DAO). Users will be able to buy easily and sell Lisk for Bitcoin, thus introducing Lisk to the Japanese market, to ensure the cryptocurrency can be widely accessed without the need to jump through hoops.