Before Lisk (LSK) went live on May 24, 2016, it was the second most successful cryptocurrency crowdfunding venture of all time. It raised $5.8 million before its initial coin offering.
Why so popular? Well, just like Ethereum , Lisk has developed its own blockchain platform — one that offers a few key advantages for users and developers:
i. Sidechains Clear a Path: With currencies like Bitcoin , the blockchain can get overloaded with transactions. Think of it like a single lane during rush-hour traffic. This causes the network to slow down. Lisk’s platform was designed using “sidechains,” which can be used for separate transactions without clogging up the main pathway. Think of it like building an express lane on a busy highway.
iii. Democracy in Action: All blockchain transactions are validated by a computerized problem-solving process. And entries can only be confirmed by a consensus of cryptocurrency miners who are first to authenticate the money transfer. Well, Lisk incorporates a specific type of consensus algorithm called “delegated proof of stake.” This essentially means that a specific number of delegates (selected by the Lisk community of miners) are tasked with validating each block in the chain. By consolidating the miners to an elected few — rather than thousands of miners racing to verify transactions — this can be even more efficient than Ethereum .
Now, sidechains provide Lisk the biggest advantage over other cryptocurrencies. Especially when you consider the market for smart devices connected to the internet of things ( IoT ).
The ability to create decentralized applications for any device makes Lisk ideal for developers working on programs for our connected gadgets.
As we continue to work toward a world of interconnectivity — when all of our devices are communicating with each other — we’ll soon be able to make purchases from just about any product.
That raises valid security concerns. And that’s where blockchain comes in.
Blockchain’s ability to securely verify transactions may help establish much-needed security protocols in IoT devices. Which is likely why Lisk recently joined Ethereum as a strategic partner for the Chain of Things — a research lab focusing on strengthening IoT security.
Something else that may help give Lisk an edge going forward are the company’s latest talent acquisitions.
Lisk scooped up two past Ethereum insiders as senior advisers — Charles Hoskinson ( Ethereum ex-CEO) and Steven Nerayoff (ex-adviser for Ethereum ).
They will certainly help propel product development. Let’s get on board before it’s too late.
CALL TO ACTION: Buy Lisk (LSK) up to $1.25.
Given this cryptocurrency’s unique feature set, I am expecting 900% gains in the next 18 months.
Stay ahead of the masses,
Founder, Crypto Wealth Coach
Owner, Modern Wealth Management
Founder, Trading Resource Artificial Intelligence Network (T.R.A.I.N.)