Ethereum vs. Lisk – Everything you should know – BTC threads

Of& nbspSwati Kishore

Many years after the start of the world's first cryptocurrency in 2009, Bitcoin, the digital currency eventually got the masses to adopt. It was evident in the price hikes of Bitcoin in 2017. The niche Blockchain community has always known that the potential of Blockchain technology at the base of Bitcoin is far reaching. The need to make the concept of Blockchain applicable to other use cases has created the need for decentralized platforms such as Lisk and Ethereum.

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Since the release of Ethereum in 2015, numerous other platforms for decentralized applications have also been introduced on the market. Lisk is one of them. Currently, in terms of market capitalization, LSK is the 33rd largest digital currency in cryptographic markets. Ethereum is much later in the race being the third largest digital currency. Many people have started wondering if Ethereum is becoming more popular than Bitcoin. Ethereum and Lisk both aim to solve the same problem, but have different approaches to it.

Understanding of the Lisk and Ethereum platforms

Lisk can be described as a Blockchain-based application platform that facilitates the development, management and distribution of decentralized applications. It is made by developers through the implementation of their sidechain linked to the makhain Lisk.

Lisk aims to provide a solution to the scalability problems faced by most cryptocurrencies today and the platform offers more flexibility to Blockchain developers. The Software Development Kit (SDK) offered by Lisk can be used by developers to easily develop their owns on the Lisk network. To ensure that the development of the first is easy, Lisk implements the well-known JavaScript language.

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Ethereum is a Blockchain application platform that facilitates the development of Smart Contracts. A Smart Contract can be defined as a script that can automatically perform tasks when a certain number of conditions are reached. To understand the Smart Contracts in depth, read the cases of use of Ethereum Smart Contracts.

Being the first ever platform for everyone, Ethereum has grown to become the best choice for developing new tokens using the ERC-20 token standard. Ethereum is built on the philosophy that the development of decentralized applications has more use cases than cryptocurrencies.

Lisk vs. Ethereum: the differences

For starters, Ethereum and Lisk differ in their model of consent. While Ethereum works with the Proof of Work consent algorithm, Lisk, on the other hand, works with the Proof of Stake model. Lisk's blocking time is faster than the Ethereum block time of 5 seconds.

Lisk has an advantage thanks to the ability to program in well known JavaScript. The developers of Ethereum, on the other hand, must learn the Solidity-oriented programming language.

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The concept of sidechain on Lisk ensures that congestion on a dapp does not negatively affect the Lisk network. Moreover, in Lisk, the developer determines the costs for the use of the same, while in Ethereum it is determined by the miners.

One significant advantage that Ethereum has on the Lisk network is that Blockchain of Ethereum is already functional. To date, more than 1,500 of them work on the Ethereum network. The Blockchain of Lisk, on the other hand, is under development.

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Swati Kishore

Swati has a strong interest in emerging technologies and loves to write them. He loves trance and is also interested in the philosophy of life.