Lisk is one of the numerous available blockchain application platforms which was created in early 2016, it is designed to allow developers to create their own decentralized apps – similar in function to Ethereum or NEO.
It relies on its very own network of the blockchain along with a designated token, known as LSK. The developers behind Lisk hope that it allows other developers to create as well as distribute and manage blockchain applications of a decentralized nature. To do so, these developers will deploy their sidechains that are linked to the network of Lisk and its custom token. Because sidechains are flexible, developers have complete customization of their own blockchain applications with Lisk.
When Max Kordek and Oliver Beddows took a look at the blockchain industry following multiple years within it, they realized that developer adoption was lacking. They took this as a sign that blockchain technology wasn’t accessible enough. They then worked to develop Lisk as a way to simplify and accelerate the development of the blockchain framework.
Lisk codebase was actually forked from another project named Crypti, which the two developers were part of for 18 months which was eventually closed down:
However, for the ultimate goal the available financial reserves were simply not enough to develop the idea to its fullest extent, even though it was managed extremely carefully. Oliver and I saw the potential and decided to take over, giving Crypti holders an exit opportunity.
How Does Lisk Stand Out?
The vast majority of other solutions you will find are either based on a single blockchain or designed to be used with private blockchains. Instead of going with an all or nothing approach between these two strategies, Lisk takes the positives of each.
Lisk’s mainchain provides security and stability. At the same time, the sidechains allow for unlimited flexibility. As such, Lisk gives developers a place to create a blockchain network that is under their full control. They are also able to create this network in the form of a sidechain without having to put in the effort and time of forming a blockchain network completely from scratch; Lisk fills that role.
Getting Started With Lisk
To start using Lisk to its full capabilities, begins by creating an account, downloading the Lisk Wallet, and then launching the application. Following this, you receive your LSK tokens, which you can buy on many cryptocurrency exchanges and are further explained below. Tokens are essential for every action completed on the Lisk network, so this step cannot be skipped.
At this point, you can customize the advanced features on your account however you would like, including the option to add a second passphrase for added security. This is when you will be ready to explore the tools in the Lisk Blockchain Explorer. This explorer is constantly expanding and at the moment lets you view such things as all the delegates and statistics, the latest transactions, the richest accounts, the Lisk markets, and the network status. After this, those with more skills are welcome to use them to further Lisk, including deploying applications.
The applications built on Lisk will be decentralized, putting them in stark contrast to those found on Google’s Play Store and Apple’s App Store. Each of those is a centralized solution that a company owns to create centralized applications. By contrast, applications built on Lisk are decentralized and use blockchain technology that everyone can access.
How Can Lisk Be Used?
Once the Software Development Kit is launched, the possibilities for using Lisk for development are limitless. It will be possible to develop social networks, games, messengers, and other applications that are independent of platforms. Best of all, there will be no hassles like following peer-to-peer networking protocols or developing consensus algorithms. Because the individual blockchains will be built off the main Lisk blockchain, these challenges are already taken care of while still maintaining decentralization.
ICO Details and LSK Tokens
Lisk’s ICO took place in February and March of 2016, during which time 100 million LSK tokens were distributed. Eighty-five percent of these tokens went to ICO participants, with 7.8 percent going to the core team. The campaigns and bounties received 4 percent, while the advisors, partners, and third parties got 2 percent. Finally, early supporters received 1 percent, and the remaining 0.2 percent went to first-day ICO participants.
If you missed the ICO, you can buy and sell LSK tokens on the majority of the major exchanges, including Jubi, Poloniex, Bittrex, and YoBit. You can exchange them for bitcoins and other cryptocurrencies. The only FIAT currencies that you can currently exchange LSK tokens with are the Japanese Yen and Chinese Yuan, although the developers hope to expand the options in the future.
Delegated Proof of Stake (DPOS)
The same as Ark, Lisk uses a Delegated Proof of Stake (DPOS) system for consensus which works as follows :
Anyone can register a delegate account on the Lisk network by simply choosing a username for their account. Now this delegate account can collect votes from any LSK holder. Easily spoken 1 LSK equals 1 vote and every LSK holder can only vote with the total amount in his account. The 101 delegates with the most votes in the whole network become active and start securing the network by adding new blocks. Every other delegate account outside the top 101 is on standby. The voting process is dynamic and the order of the delegates, active and standby, can change.
This means, you choose a delegate to vote for who then share their LSK rewards with the pool of people who voted for them, thus increasing your LSK supply just for holding the currency.
About The Team
Oliver is a full stack developer with over 15 years experience in building mission critical enterprise applications. He co-founded Lisk with the view to inspire and enable developers to build the decentralised applications of their dreams, with an unparalleled degree of simplicity and ease. He is a husband, father, open-source advocate, blockchain enthusiast, and works tirelessly to build a better future for Lisk everyday.
Because of Lisk’s focus on decentralization, the Lisk Foundation works with contractors from around the world. Many are located in New York; Berlin; and Zug, Switzerland. The core team working on Lisk (via Lightcurve GmbH) are based in Berlin.
Once it is up and running, Lisk can be a valuable tool for developers in search of decentralized platforms. This software should save developers time, allowing them to focus on perfecting their application instead of being bogged down by details of the main blockchain.
Like Ark, this is a good Cryptocurrency to hold as you are rewarded by the delegate system for holding the tokens in your wallet ( the more people who hold and stake their tokens, the less supply for sale). Lisk is just over a year old and the LSK tokens currently cost around $4.70 ( as of 15th September 2017 ) with an ATH of just under $8 so now would seem to be a good time to buy and hold until the platform matures and there are real-world uses of in action.