What is Lisk?
Creating decentralized apps on the sides allowed Lisks main chain to remain scalable. Each dapp makes most decisions by themselves without involving the main chain. This means if a problem occurs in a side chain, the main chain remains intact. Governance and decision making on this platform is similar to that of Bitshares. Consensus is attained through delegated proof of stake. The community has 101 delegates who maintain the network and get rewarded for ensuring normal functioning. Lisk operates through delegated proof of work algorythm. This method is quite effective in weeding out issues crippling Bitcoin currently. For instance, there is no extreme consumption of electricity or miner centralization problem. The system is also designed to nullify whales who are just “hodling” their coins and use them to make the market prices dance to their tunes. As for the delegates, any idling member can be voted out, and fresh brains voted in.
Pros of Lisk
Independently operating side chains – allowing side chains to run on their own gives developers and companies an opportunity to customize the apps to their exact requirements. Failure in any of the side chains doesn’t affect the main chain.
Open source network – this means you can take a look at what other developers are working on and use the borrowed insight to improve your own dapp.
High volume transaction and faster processing – the beauty of Lisk is that side chains run independently leaving the main chain active to pursue other functions. This results in high volume transactions being carried out in a short time span.
Cons of Lisk
Less adoption – at the moment of this writing, the only well-known company that has partnered with Lisk is Microsoft Azure.
Less vibrant marketing efforts – bigger cryptocurrencies are making a lot of noise on social media sites like Slack, Twitter, and Telegram. Lisk as well needs to up their game by creating some buzz that will eventually expand its community.
Where to buy Lisk
Anyone interested in Lisk can buy it from Poloniex, Bloombit, YoBit, Bit and Bitrex using Ethereum, Bitcoin and other cryptocurrencies. It’s usually presented under LSK ticker.