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Lisk (LSK): How Is It Shaping Up For The Future And How Secure Is It?
The cryptocurrency market is characterized by a lot of competition considering the many digital currencies that are currently available in the market and the number seems to be growing as more cryptocurrencies jump on board. However, the focus this time is on a particular cryptocurrency that is known as Lisk (LSK) which is currently ranked as the 27th largest digital currency in terms of market cap.
Lisk is a relatively new cryptocurrency that claims to be the first to take a step into sidechains, thus describing itself as very modular. It is currently not very popular and thus it is not well known. However, the fact that it has already secured a space in the top 20 cryptocurrency list.
So what is the team behind this digital coin promising?
Just as the term sidechains suggests, the digital currency is based on modules that are a critical part of its unique design. The altcoin is thus designed on a platform that makes it possible for anyone to create their own decentralized apps based on the system’s ‘designing blocks.’
The value of most currencies or even their potential for growth is influenced by many factors including its utility and programming language among others. In Lisk’s case, it has a lot going for it due to its utilization of sidechains and it is also based on Javascript which happens to be one of the most common programming languages. The fact that many programmers know Javascript means that the cryptocurrency might offer a lot of value as far as applicability is concerned.
Rather than using a public ledger otherwise known as blockchain as a store of transactions, the Lisk network uses modules. Developers and users of the main network can create sidechains which allow the main blockchain to remain unburdened. Transactions also continue to be processed in the same way that they would be processed in the main blockchain.
The use of sidechains is a huge advantage for Lisk, especially of many other cryptocurrencies. This is because sidechains eliminate a major blockchain problem known as bloating. The latter refers to a situation where a blockchain is characterized by many fake transactions, test transactions and bad transactions that fill up the blocks at a rapid pace, thus slowing down the network. The use of sidechains means the Lisk system will remain fast at all times. The Lisk technology has also been created with scalability in mind, unlike Bitcoin.
The Lisk network also aims to be the default standard for standalone blockchain services and applications that are standardized and also based on Javascript. The fact that the digital currency also uses bitcoin technology means it is quite secure and the unique applications of the network make it quite appealing. However, like many other digital currencies, it is difficult to accurately predict the performance of the altcoin in the future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Tiger Pixel via Flickr
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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