Lisk is an open source platform designed to host decentralized applications on the blockchain.
The LSK digital currency is the internal token of Lisk. Built with Java, one of the most popular programming language, Lisk has effectively created the framework for widespread development of dapps on the blockchain by programmers. In essence, it is a software development system that has an added advantage of sidechain workspace for developers.
Popular cryptocurrencies such as Bitcoin and Ethereum sometimes encounter network congestion due to bloats and clogs because there are many transactions going on at the same time. The Lisk design enables large volume activities to be run on its sidechain freeing up the main chain. This ensures that the network is always fast. So the scalability issues encountered in some setups doesn’t arise.
Easy for developers
Max Kordek and Oliver Beddow are the founders who forked Lisk from Crypti in 2016. The LSK token was sold to fund the development of the project. It is meant to create modules which make building of dapps easy for developers, thereby making the technical challenges involved lesser. Businesses can now build their applications without the need to hire coders to build blockchain codes from the scratch. All the programmers need is knowledge of Java and access to the Lisk.
With Lisk, dapps are developed, built, distributed and commercialized far easier than it would have been working with codes from the beginning. It is doing for blockchain technology what wordpress does for website publishing.
How it is Different from Bitcoin
In the real sense, Lisk is a software development platform built on the blockchain. It has an added advantage of a design that enables dapp development on sidechain.
Its internal currency LSK has utility within its ecosystem. Bitcoin was designed as a cryptocurrency that would be universally acceptable just like fiat. It is a stand-alone currency. On a technical level, consensus is reached through proof-of-work (PoW) algorithm with Bitcoin, while Lisk uses delegated proof-of-stake (DPoS).
Where Can You Get Lisk?
In most cases, just like many altcoins, you may not easily buy LSK with fiat. You first need to purchase bitcoins which can easily be converted to LSK in exchanges such as Bittrex, Poloniex, Bitflyer and BitBay.
Where to Store it
The cryptocurrency has an official Lisk Nano Wallet that can be downloaded at https://lisk.io/download. You have to ensure that your passphrase is safe because your token will be stored in the blockchain and not locally.