What Is Lisk Crypto? A Complete Explanation!

Bittime - Lisk (LSK) known for its focus on real-world adoption in emerging markets, the platform is designed to enable developers to create blockchain-based applications that are easy to use, efficient, and connect directly to the Ethereum network.

This article will discuss in full what is Lisk crypto, how it works, and how to claim LSK tokens that are now running on the Layer 2 network. Stay tuned to find out!

What is Lisk (LSK)?

Lisk (LSK) is a Layer 2 network built on top of the Ethereum ecosystem using technologyOptimism Superchain. 

The goal is to expand the use of blockchain in the real world, especially in regions such as Southeast Asia, Latin America, and Africa, which are rapidly growing markets for the use of digital technology.

Lisk is not just a blockchain infrastructure, but also a growth platform for developers (founder platform). 

The project provides funding, mentorship, and technology to enable developers to launch products that solve real-world problems, from digital payments and on-chain identity to gaming infrastructure and NFTs.

Lisk has been around since 2016 and has now evolved into a blockchain network.Layer 2which is safe because it is directly connected to Ethereum, and has very low transaction fees.

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How Lisk (LSK) Works

Lisk uses a mechanism called Delegated Proof of Stake (DPoS), where token holders elect 101 active delegates to validate transactions and create new blocks. This system maintains network security while ensuring transactions remain fast and efficient.

Lisk's main advantage lies inside chain architecture. This means that every application built on Lisk has its own chain that runs independently, but remains connected to the main network.

This approach makes Lisk capable of handling thousands of applications without burdening the main system, making it one of the most efficient solutions at scale.

Additionally, Lisk embraces the concept of interoperability, the ability of different blockchains to communicate and exchange data. This feature allows for the easy transfer of tokens and assets between the Ethereum and Lisk networks via a bridge (bridge) official.

Lisk (LSK) Vision and Mission

Lisk's vision is to be a global growth platform for developers in emerging markets to build local products that scale globally.

Lisk believes the next wave of adoption will come from real-world solutions in countries that need innovation. These include blockchain-based payment systems, digital identity, and financial access.

Lisk's mission is to provide the best ecosystem for Web3 developers with a combination of capital, partnerships, and Ethereum Layer 2 technology.

Through this network, local developers can receive financial support of up to $250,000 as well as access to secure and easy-to-use infrastructure.

Lisk emphasizes the values ​​of transparency, discipline, and true partnership. Its focus isn't on price speculation, but on the real adoption and success of community-built projects.

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About LSK Token

LSK is the main token in the Lisk ecosystem. This token has various functions, including:

• Payment of transaction fees on the Lisk network.

• Voting or election of delegates in the DPoS system.

• Application and sidechain registration new to the Lisk ecosystem.

• Participation in governance projects and community decision making.

The LSK token was initially launched through a public offering (ICO) in 2016 and has since become a vital part of all activity within the Lisk network.

Now, with the migration to an Optimism-based Layer 2 network, LSK can also be used in various Ethereum-connected applications.

LSK Token Tokenomics and Distribution

The total supply of LSK tokens is divided into several categories to support the sustainable growth of the ecosystem:

• Migrated LSK Holders: 36.35%

• KNIFE: 36.25%

• Staking Rewards: 6.00%

• Strategic Investors: 7.50%

• Team: 1.75%

• Treasury: 2.00%

• Liquidity & Market Making: 2.50%

• Airdrops: 3.75%

• Ecosystem Fund & Onchain Foundation: around 3.91%

This distribution demonstrates Lisk's commitment to creating a robust and transparent ecosystem, with the majority of tokens distributed directly to the community and developers.

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How To Claim LSK Token

For existing token holders on the Lisk L1 network, you can now claim the same tokens on the new Lisk L2 network. This process was opened for two years, starting from May 21, 2024. Here are the steps:

1. Open the official Lisk portal and enter the pageClaim Tokens.

2. Connect Lisk L1 wallet yours using the WalletConnect feature.

3. Use the latest version of Lisk Migration Wallet (3.0.3) to sign the migration message.

4. Make sure to have some ETH in your L2 account to pay transaction fees.

5. After all steps are completed, click Submit Claim to complete the claim process.

The migrated LSK tokens will immediately appear in your account on the Lisk L2 network and can be checked via BlockScout using wallet address.

Conclusion

Through innovation and long-term vision,Lisk (LSK)successfully built a strong foundation in the modern blockchain world. As part ofOptimism Superchain, Lisk offers Ethereum security with low fees and high speed.

This project is not just about technology, but also about empowering developers in emerging markets to create real solutions for society.

Then,What is Lisk crypto?The answer is simple, Lisk is a bridge between the global blockchain world and local needs, bringing cutting-edge technology into the hands of developers who want to make a real difference.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

FAQ

What happened to Lisk crypto?

Pada Mei 2024, Liskmigrate fromblockchain layer-1become independentrollup layer-2 Ethereumusing Optimism's OP Stack. This major change aims to leverage Ethereum's security and liquidity while maintaining its extremely low-fee features.

What is Lisk crypto?

Lisk (LSK)is a platformblockchainwhich is designed to maketechnology blockchainmore accessible by developers and end users.

Who is the founder of Lisk?

Lisk was founded byMax Kordek and Oliver Beddowsin Zug, Switzerland, and launched in May 2016 as blockchain layer-1 open source (open-source).

What is the price prediction for Lisk?

Based on a predicted 5% price increase every year, the price of Lisk is expected to reach $0.24 in 2030 and can achieve$0.39 in 2040.