What is Lisk and how to exchange LSK at the best rates
Lisk

Lisk

 LSK

Today, we will look at the Lisk (LSK) crypto project and discuss the project’s key features and products. We will also be explaining how you can exchange Lisk (LSK) at the best rates and with the lowest fees. Once you find the right place to exchange your cryptocurrencies, you will see that exchanging Lisk coin by comparing exchange rates is the best way to go.

Lisk Exchange Rate

LSK by TradingView

What is Lisk?

Lisk is a blockchain-based, decentralised computational platform for decentralized applications and special programs designed to run across a network of computers running shared software. Max Kordek and Oliver Beddows founded the project in May 2016.

Lisk originated as a fork of Crypti, a JavaScript-based platform that was also started by the founders of Lisk. The main aim behind the Lisk crypto project is to broaden and ease the accessibility of development and usage of blockchain technology. LSK coin is the native currency or the utility token of the Lisk project, which can be used to pay for transaction fees on the Lisk blockchain.

Lisk Blockchain Application Platform

Lisk is a blockchain application platform that is based on its own blockchain network and cryptocurrency (LSK). Lisk uses the Javasript and Typescript languages for the purposes of writing programs which are both very popular in general web development. This makes the use of the platform easier.

It is worth noting that Lisk allows developers to create blockchain applications along with custom tokens (cryptocurrencies) through “sidechains”. These are unique blockchains that operate within the Lisk ecosystem and are bound to the Lisk blockchain. As these blockchains are compatible with Lisk, developers can leverage resources such as coding libraries, the native LSK coin of the Lisk platform and the project’s software development kit.

Because of the flexibility and scalability sidechains, developers are able to customize and implement their blockchain applications to a great extent. The sidechains can be customized with different transaction types and parameters so that they can fit the blockchain application’s use case.

LSK Crypto

LSK crypto, or LSK coin like we mentioned earlier, is the cryptocurrency that powers the Lisk blockchain. LSK crypto is required to pay for performing important actions and operations on the Lisk platform. It can be used to pay transaction fees, the cost for registering and updating a blockchain-based application or sending and receiving crypto.

However, LSK coin doesn’t only power blockchain applications, it also allows users to participate in the governance of the Lisk platform as the LSK coin holders can vote on proposed updates to the software’s rules.

Moreover, developers who choose to build a Lisk sidechain can also enable the use of LSK coin or LSK crypto within their blockchain apps, facilitating the movement of crypto coins between their blockchain and Lisk Core.

LSK crypto can be minted and the reward given to users who created new blocks is 1 LSK token in the beginning. The amount of LSK tokens minted by the network will now stay without further reductions as it used to be.

Users continue to make use of blockchain platforms that facilitate the creation and development of decentralized applications, and investors are also looking to add LSK to their portfolios.

Lisk Key features

While Lisk is mainly a platform for developing and deploying blockchain applications that are hosted on globally distributed computer networks, the platform offers a number of special features that can help users create, publish, distribute and monetise their blockchain applications. Simply put, Lisk is self-sustaining and offers features like blockchain-based storage, smart contracts and so much more.

Open-source. Lisk allows users from all around the world to easily develop products and blockchain applications on the platform.

Flexibility and customization options. users can easily develop custom blockchain applications compatible with the Lisk protocol without having to learn new languages as everything will be written in JavaScript and TypeScript.

Scalable and energy-efficient. DPoS (delegated proof-of-stake) helps keep the platform and blockchain secure while also keeping the globally distributed network of computers in sync.

Tokenomics and use. Each block cycle takes around 16 minutes with a block time of 10 seconds. This is much faster than what other blockchain platforms offer. Also, the supply of LSK is amazingly as high as 100 million and Lisk will continue to increase it every year as they reward tokens for forging. LSK coin holders can lock or stake their tokens to represent votes and earn incentives.

Lisk Products

Ever since its launch, Lisk has come up with a number of impressive products.

Lisk Core

Lisk Core represents the performance of the Lisk platform and also allows operators who are looking to participate in the decentralized Lisk protocol to have access to the means to set and run a node.

Lisk SDK

Software development kit which offers a reliable and user-friendly possibility to develop different kinds of blockchain applications that are compatible with the Lisk protocol. The Lisk SDK uses the most famous language of JavaScript, and offers a high level of flexibility to the developers who are looking to create custom blockchain applications.

Lisk Desktop

The ‘go to’ wallet for the Lisk ecosystem features capabilities like exploring, governing, monitoring, and interacting with the Lisk protocol on desktop devices. This includes a blockchain wallet that facilitates sending and receiving LSK coins.

Lisk Mobile

A cross-platform user interface facilitating interactions with the Lisk protocol on mobile phones. Similar to Lisk Desktop, Lisk Mobile offers a number of features including the blockchain wallet for sending and receiving LSK coins.

LIPs (Lisk Improvement Proposals)

A transparent proposal system that allows open discussion on how the Lisk protocol should develop.

Lisk vs Ethereum

Ethereum, just like Lisk, is a distributed computational platform that allows users to develop decentralized blockchain apps. While Ethereum is the most well-known ecosystem of its kind, Lisk has certain distinctions which can prove to be more attractive for certain uses.

  • Lisk has a sidechain architecture for improved scalability. On the other hand, Ethereum does not.
  • While Lisk is compatible with common programming languages like JavaScript and TypeScript, Ethereum has a platform-specific programming language, called Solidity.
  • Lisk implements a Delegated Proof-of-Stake (DPoS) consensus algorithm, while Ethereum is secured using a Proof-of-Work (PoW) – Proof-of-Stake (PoS) hybrid.
  • Lisk with its 10-second blocktime, compared to Ethereum’s 15 seconds, is the faster one out of the two protocols.

Taking into account these comparisons, it is clear that Lisk is a potent alternative to Ethereum, with a wider scope in certain regards.

Lisk roadmap

It has been a long journey for Lisk, filled with ups and downs. With all the challenges Lisk had to face, the platform bloomed and marched forward with more confidence every time. It is worth noting that Lisk decided to partner up with Microsoft Azure in 2016, which helped them gain industrial recognition.

Moreover, Lisk also had to undergo an official relaunch for which they hired professional designers along with brand strategy in order to make sure that the comeback was on point. We have already seen some of the amazing features and impressive products that Lisk has introduced, which made people appreciate the Lisk platform even more.

As a growing protocol for blockchain-based applications, Lisk keeps the users up-to-date on the status of its roadmap through the official Lisk website. For more regular updates, you could subscribe to the Lisk blog which includes tutorials and tips on the network and how it will continue to evolve.

How to exchange Lisk on Swapzone?

Fortunately, the process of making a Lisk coin exchange on Swapzone is very straightforward and easy. You can follow the below-mentioned steps to make a Lisk coin exchange on Swapzone.

  • Step 1. Go to the official Swapzone website.
  • Step 2. On the homepage, you will see the “select pair” tab.
  • Step 3. In the “send” section, input the kind of coin that you wish to exchange for LISK. In this case, it should be ETH. Enter the amount as well.
  • Step 4. In the “get up to” section, choose LISK as the crypto that you want to receive. Therefore, the selected pair tab will have LISK ETH as the exchange pair.
  • Step 5. Swapzone will then provide you with a list of exchange rate offers from several exchange partners. There is an option to filter out the results. Take your time and go through the different offers.
  • Step 6. Once you’ve narrowed it down to an offer that you want, select it and click “exchange”. A new window will pop up requesting you to provide a few more additional details such as your wallet address and email address (optional).
  • Step 7. Once you are done, simply click “proceed to exchange” to continue onto the next step.
  • Step 8. This will trigger the transaction process to begin. Be a little patient as the process runs in the background.
  • Step 9. The exchange partner will process your transaction and you will receive LISK tokens in your wallet address. Simply take a moment to rate the exchange partner and rate the experience.

Why Swapzone?

You can find many instant crypto exchange services online, however, Swapzone is here to make things easy for you. Exchanging cryptocurrencies requires users to tap into account numerous factors like LSK price, transaction fees, speed, ratings and KYC policies. While the process might seem daunting, Swapzone can help you through it.

Swapzone provides users with all the information they need in order to perform an exchange transaction. Moreover, Swapzone does not take custody of the crypto assets nor does it require registration, making the process reliable and fast.

Swapzone can sort the exchange offers by best rates, by the highest transaction speeds and by best ratings. Making it easy for you to choose from over 20 instant exchange services that Swapzone has partnered up with. Swapzone is a one-stop solution for finding the best exchange deals while ensuring transparency, convenience and a user-friendly interface.

Popular pairs to convert Lisk

Frequently asked questions

What is the Lisk exchange rate?

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An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

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Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

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Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store Lisk?

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To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

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There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

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Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

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