Lisk LSK to Monero XMR Exchange

Crypto Pair Details: LSK to XMR

Lisk LSK

Lisk is a blockchain application platform, founded by Max Kordek and Oliver Beddows in early 2016. Based on its own blockchain network and token LSK, Lisk will enable developers to build blockchain applications and deploy their own sidechain linked to the Lisk network, including a custom token. Thanks to the scalability and flexibility of sidechains, developers can implement and customize their blockchain applications entirely. Lisk aims to make blockchain technology more accessible with a SDK written in JavaScript, special focus on user experience, developer support, in-depth documentations and the Lisk Academy. The Lisk network is operated using a highly efficient Delegated Proof of Stake (DPoS) consensus model, which is secured by democratically elected delegates. Lisk, headquartered in Zug, Switzerland, raised over 14,000 Bitcoins in funding during its ICO (Initial Coin Offering), making it valued at over $4 billion at its peak. Lisk is an open source blockchain platform which is powered by Lisk (LSK) Tokens that allows developers code decentralized applications (dApps) in JavaScript programming language. With Lisk, developers can build applications on their sidechain linked to the Lisk Network, and also with their custom token. In that sense, Lisk is similar with the Ethereum blockchain. However, the Lisk platform hasn’t been built to create smart contracts, but to develop diverse apps and functionalities using the LISK AppSDK framework. It is a modular cryptocurrency as this coin involves ‘modules’ that serve as the basis of its design and construction. The overall design is its trump card - the Lisk system allows anyone to use its ‘designing blocks’ to construct their own decentralised apps. It utilises 'sidechains'. Besides, many former members of Ethereum core members joined Lisk. On June 8 2016, Lisk CEO Max Kordek announced the addition of Charles Hoskinson (ex-CEO of Ethereum) and Steven Nerayoff (ex-advisor for Ethereum) as Senior Advisors of Lisk, to facilitate Product Development.

Monero XMR

What is Monero? Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable. Origins of Monero In July of 2012, Bytecoin, the first real life implementation of CryptoNote, was launched. While Bytecoin had promise, people noticed that 80% of the coins were already published. So, it was decided that the bytecoin blockchain will be forked and the new coins in the new chain will be called Bitmonero, which is was then renamed Monero, meaning “coin” in Esperanto language. In this new blockchain, a block will be mined and added every two minutes. Why Monero? #1: Unlinkability - Your identity is completely private You have complete control over your transactions. You are responsible for your money. Because your identity is private no one will be able to see what you are spending your money on. When you send funds to someone’s public address, what happens is that you actually send the funds to a randomly created brand new one-time destination address. This means that the public record does not contain any mention that funds were received to the recipient’s public address. In Monero, your public address will never appear in the public record of transactions. Instead, a 'stealth address' is recorded in a way that only you, the recipient, can recognize the incoming funds. #2: Fungibility Fungibility is interchangeability between one asset and another asset of the same type. Suppose you borrowed $50 from your friend, you can even return the money in the form of 1 $50 bill or 5 $10 bill, It is still fine. This shows that the dollar has fungible properties. However, if you were to borrow someone’s car for the weekend and come back and give them some other car in return, then that person will probably punch on the face. Cars, in this example, are a nonfungible asset. What is CryptoNote? CryptoNote is the application layer protocol that fuels various decentralized currencies. While it is similar to the application layer which runs bitcoin in many aspects, there a lot of areas where the two differ from each other. CryptoNote features an entirely new code base and is not a fork of Bitcoin. More info about CryptoNote can be found at their website. CryptoNote uses Ring Signatures to conceal sender identities via mixing and it also has unlinkable transactions that is achieved using 1-time keys for each individual payments. Ring signatures enable ‘transaction mixing’ to occur. Transaction mixing means that when funds are sent, the sender randomly chooses several other users’ funds to also appear in the transaction as a possible source of the funds being sent. The cryptographical nature of the ring signature means that no one can tell which of the funds were really the source of the transaction – not even the person that gave the funds to the sender in the first place. A system of ‘key images’ associated with each ring signature ensures that although no one can tell the true source of the funds, it can be easily detected if the sender attempts to anonymously send their funds twice.

SOURCE: COINGECKO

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