Proof of Stake Protocol (DPoS):
Lisk is involved with a mechanism called as Delegate Proof of Stake (DPoS) consensus mechanism. Although PoW has a strong security protocol and is implemented by Bitcoin also, it has other scalability and environmental trade to these protocols, Lisk adopts this mechanism. Let us discuss this briefly, suppose each member of the network is a token holder and he can vote for 101 delegates. In continuation, one vote means an absolute value of LSK tokens in a particular wallet. Given the above, the number of delegates will be responsible for lisk transactions delegation and block creation.
Compared to Bitcoins, the Lisk blockchain is very fast as it creates a new block after every 10 seconds. Therefore, block creation takes 16 minutes. This validation of the machine increases the scalability of the network and compliments the network side chain architecture. In addition to the above, the delegates earn incentives distributed through LSK tokens.
Mission of Lisk
The mission of LISK is to extend the publicity of blockchain accessibility to the public and its platform is focused on decentralised software development. The LSK tokens are considered to be the mode of value exchange. Therefore SDK has a significant role in Lisk’s software development.
About Lisk SDK
SDK is a toolkit. It works to assist the lisk compatible applications. The kit is distributed in three components:
Commander: when users interact with the blockchain, a command-like tool is to be used which is known as commander.
Elements: to customize the Lisk application, many functions have to apply using a collection of libraries. These libraries are called elements.
Framework: the interaction between modules on the Lisk network is established and maintained by the framework.
Comparison between Lisk & Ethereum:
let us go through the comparison between Liskband Ethereum. Lisk and Ethereum both are supercomputers which are used to do the computational work through these computers. Both are used to create blockchain-based applications. Although Ethereum is being the most famous and versatile ecosystem of its kind yet Lisk is differentiated in some manners which makes it better than Ethereum.
- The scalability factor of the side chain structure for Lisk is greater as compared to Ethereum.
- Lisk virtual system is delegated proof of stake (DPoS) whereas the Ethereum virtual machine is secured with PoW- PoS hybrid.
- The block time availed by Lisk is 10 seconds as compared to Ethereum with 15 seconds block time. Hence Lisk ecosystem is faster than Ethereum.
Conclusion: Therefore, given the above points, Lisk can justify the replacement of Ethereum with a wider scope in certain fields. Hence to buy, sell or trade Lisk, a bit flyer could be chosen in recent times
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!