- Coincheck the Cryptocurrency exchange announced that they would offer a staking service for Lisk on January the 9th.
- Lisk is a blockchain application platform that was developed by Max Kordek and Oliver Beddows.
- Lisk itself does not have a smart contract, but that can be installed on the Lisk sidechain.
Coincheck the Cryptocurrency exchange announced that they would offer a staking service for Lisk on January the 9th. The world’s first crypto exchange is now going to adopt the staking service adopted by Lisk. A new value called income gain will be provided when holding a Lisk in crypto investment, in which the assets will increase.
This doesn’t only eliminate the shortage of blockchain developers as individuals and companies, but also keeps development costs low and allows the maximum resources to be utilized by the developers.
Lisk itself does not have a smart contract, but that can be installed on the Lisk sidechain. The Lisk sidechains are very flexible and give a ton of options to the application developers.
Bitcoin runs a race for the right to approve a block using the computing power of many mining machines, which need a lot of power to run so as to bring any significant results, right to the first solver of the problem of finding hashes that meet certain conditions. Bitcoin has used an algorithm called Proof of Work.
Whereas, Lisk uses DPoS (Delegated Proof of Stake). The main difference is that there is a voting system to outsource the work to third parties, rather than letting the currency holders themselves become the block approvers. This system helps in easing out the race that Bitcoin has been structured upon.
There is a voting system in which voting is performed on behalf of currency holders only on the delegates, which maintain networks.
These elected people are called delegates, and in the case of Lisk, only the top 101 voters are called active delegates. Only the active delegates will be able to generate blocks to approve the transactions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.