Lisk Crypto currency meaning by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about what is Lisk Cryptocurrency.
What Is Lisk Cryptocurrency?
Lisk is a public blockchain platform that provides decentralized blockchain apps. It was forked from Crypti by Max Kordek and Oliver Beddows in early 2016.
Lisk is on the path to be the first (successful) of its kind as a modular cryptocurrency. The idea behind Lisk is that every Blockchain App is on its own sidechain, separate from the main blockchain. The benefits from this would be solving scalability issues that many cryptocurrencies are facing, such as bitcoin and ethereum, while also allowing for far greater customizations to particular sidechains which could not be done on other platforms. The possibility that sidechains create is vast and can allow for a project coded from scratch to have its own security algorithm separate from what may be securing the Lisk mainchain.
Differences from Ethereum
Lisk and Ethereum both try to provide a platform for a similar idea: Decentralized Applications (Lisk calls them Blockchain Applications)
- Applications location: Lisk uses sidechains, while Ethereum currently stores it on the main chain.
- Error handling: In Lisk, if your application has an issue it will be contained to only your chain, but require a hard fork to fix. In Ethereum, applications are run in a virtual machine on the main chain so any error should just result in the waste of transaction fees, but be contained to the VM (as long as there is no bug in the VM).
- Lisk uses DPoS, while Ethereum currently uses PoW (they have stated they plan to switch to PoS eventually).
- Applications VM: Ethereum applications are run in the Ethereum Virtual Machine (EVM). Lisk does not have a VM, but it is in development.
Differences from Crypti
Lisk commonly compared to Crypti, because it is a fork of it. However, they have various differences:
- The database has been changed from SQLite to PostgreSQL.
- Completely open source and the whole development procedure is happening in public on GitHub.
- BIP39 enforced for all passphrases
- Development is continuing and active, while Crypti seems to have stopped.
What Is Lisk Cryptocurrency Conclusion
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