Here’s a brand-new piece of news in the field of cryptocurrency wallets – the Ledger storage wallet system has just revealed a plan to support eight new cryptocurrencies including one called Lisk.
Let’s take a look at this example of a successful altcoin and how it evolved.
Essentially, we can see that Lisk was formed out of the aftermath of Ethereum (ETH) development. In 2016, Charles Hoskinson, former CEO of Ethereum, signed on to become an advisor to the Lisk folks and their plan to make a play on decentralized Internet.
Decentralized applications, pioneered by companies like Tron, are popular and powerful ways to innovate in the cryptocurrency world, and Lisk, much to its benefit, has jumped onto that bandwagon. It’s also had a lot of success coin-raising as in the mass accumulation of 14,000 Bitcoins in the first quarter of 2016.
Lisk has the largest altcoin community and an active pool of developers – however, one of its downsides is pretty high learning curve for less tech savvy people. This sort of play remains the domain of coders and programmers and others with code-level experience.
It’s important to note that for every assess such as Lisk, there are numerous altcoin failures. in a survey of Lisk development at BB, you can see some of the many altcoin names added to list of those in the Davy Jones Locker of the cryptocurrency sector, languishing undersea for the rest of eternity. It’s like the old saying that 75% of small businesses fail within the first year – you take that as a given, and you celebrate the successes that are made.
With that in mind, some analysts are thinking that Lisk has further to fly.
“The LSK coin lost a significant amount of value, and its recovery to the all-time high in 2018 remains a far-fetched thought,” writes Lujan at BB. “However, the altcoin’s consistent performance has seen it fall within the top 25 coins in market cap. …LSK has stood out in the ongoing bearish market to gain 43% in its price within the past week. Some of the crypto enthusiasts have attributed this to a couple factors with its mainnet release as the pioneer.”
Then there are the practical arguments, like this one from Fakhan at CryptoDaily last May, that look at Lisk against the more popular household name BTC.:
“Lisk (LSK) is an attractive investment on all fronts. Legally, the coin has the status of a utility token which means that it will be used by people who want to build their Dapps on the Lisk (LSK) blockchain. This exempts Lisk (LSK) from being termed as a security in future like its rival Ethereum (ETH). Lisk (LSK) also provides a separate sidechain for Dapps to be built independently, so in case of a potential Dapp hack or legal trouble, Lisk (LSK) will have protection and so will the other Dapps that are built on Lisk (LSK).”
Of course, LSK did not end up rallying after those comments – but that doesn’t mean there can’t be future growth. What it means is that traders who took profits on the highs are happy as clams.
In that context, keep an eye on Lisk and the rest of its freshman class as they come into the Ledger domain as alternatives to “vanilla Bitcoin.”