Lisk (LSK) Review: Coin or DApp Development Tool?
Please meet, Lisk is the project name. It is the idea and the technology from which sidechain technology was born. LSK is the cryptocurrency; the coin.
If there is one thing we here at CryptoDetail love it is a useful coin. We all know that crypto tokens are handy little tools. The ERC20 tokens built on the Ethereum wallet gave us a world of unlimited possibilities. And, that world will live forever.
Alike But Different than Ethereum
However, as we have discussed here before, ETH is not the only platform that gives developers the freedom to create. Another such platform is Lisk. Unlike ETH, which was meant to be a coin that acts as the base which many other projects could be built upon; while still maintaining their Ethereum roots; Lisk affords developers the freedom to turn the actual coin into those other projects.
ETH contains a Smart Contract where we can develop the ERC20 (and other) tokens; each forming its own identity, but still an Ethereum based token. Lisk encourages the construction of a "sidechain" through various tools and the alteration of the actual coin itself. It is essentially a coin created to be forked.
As Lisk says (proudly, we might add) a sidechain is your own personal blockchain. If you utilize Lisk's impressive array of tools you can create a DAPP (Decentralized Application) with its own sidechain. Within that sidechain, your DAPP's data is stored. Just as you can do by building an ETH based DAPP through the Ethereum Smart Contract.
The difference is that in order to change the Smart Contract of an Ethereum based DAPP you have to write a new Smart Contract and essentially reinvent and re-release the ERC20 token upon which your ETH DAPP is built. However, the Lisk sidechain can be scaled and changed with each evolution of your DAPP so as to maintain a seamless record of the data without interruption or migration.
Great, It Is a Development Platform; But What About LSK?
To clarify; Lisk is the project name. It is the idea and the technology from which sidechain technology was born.
LSK is the cryptocurrency; the coin. Above all else, LSK is a form of money to be earned, traded, HODLed and spent. At # 20 on the CoinMarketCap Top 100 cryptos list; LSK has a current value of $ 3.33 USD/LSK. And it can be traded on a number of exchanges, giving this coin the liquidity that we here at CryptoDetail love (and demand) in a coin.
*** As of the writing of this article LSK is not currently available on Changelly (hopefully they change that oversight when they read this article). However, although it is "Temporarily Unavailable" on ShapeShift; it is listed and generally open for trades on that exchange.
All in all, we here at CryptoDetail love the Lisk project, the idea behind that project and the possibilities this technology presents. As developers, most of on the staff here are always looking for new ways to expand our potential and our repositories. And Lisk allows us to do all of that with a bang.
We also love the LSK coin. It is inexpensive, utilitarian and liquid (when necessary) which all adds up to a great HODL platform for a rather unique platform. So, this is definitely a coin we recommend.
How Can You Get Started in Lisk?
Well, as we have said, Lisk is an action project. So, the point is not just to grab some coins and HODL (we are waiting, Changelly!)
Although that should be a part of your plan with this project and coin.
And, as an action project, Lisk is best used and enjoyed when you use it to create your own DAPPs. If you are not a developer this might be a bit of a challenge. But, with the tools available Lisk is actually a pretty user-friendly platform to work with to bring your ideas to life...
Want to know more about the specifics?
As with any crypto project you need to start at the core of the site. You can find that here. You can also get to know the team and the ideas behind this amazing project by visiting their blog and a plethora of social media sites: the Lisk Blog, their Twitter, Facebook Page here. Lisk also has a presence on Instagram, YouTube, Lisk. Chat, Steemit, Telegram, BitcoinTalk, LinkedIn, AngelList, and Github. All of this widespread online presence is the sure sign of a solid crypto project.
As such, after reviewing all of this online content and meeting their team, we here at CryptoDetail absolutely recommend HODLing this coin and joining in this project.
But wait, there is more!
We have talked about the soul of the cryptosphere before. That is right we are talking about Reddit. If you really want to know the harsh, cold truth about any crypto project, join in the conversations on Reddit and see what's being said on that platform. You can see the Lisk sub-Reddit here.
As always, regardless of our feeling or recommendation on this, or any, project it is up to you to take the resources here to your own due diligence. Use these links, and any others you can find to learn as much about Lisk and LSK as you can; then make your own well informed decision as to whether this project and coin are right for you.
As for us, we are HODLing a bit of LSK and working on our first Lisk based sidechains and DAPPs now. We will also be around the Lisk community. So, hopefully, we will see you there soon. And, if (after you do your due diligence) you decide to participate in Lisk yourself by building your own DAPP do not forget to let us know about it here so we can have a look, test it out, and maybe review the next big thing as your creation built upon the Lisk sidechain to change the world.
Thanks for joining us for this exploration! Good luck on your own crypto journey!! Happy HODLing!!!