Lisk ( LSK) is a blockchain application platform, established in early 2016 by Max Kordek and Oliver Beddows. Based on its own Blockchain network and token LSK, Lisk will enable developers to create, distribute and manage decentralized Blockchain applications by deploying their own sidechain linked to the Lisk network, including a custom token. Thanks to the flexibility of sidechains, developers can implement and customize their Blockchain applications entirely.

Lisk ICO

Since November 2017, Lisk has suprassed a market cap of $1,000,000,000, thus joining the rank of other blockchain unicorns.

Lisk Review

Decentralized Applications and Network

Lisk uses the DPoS (Delegated-Proof-of-Stake) algorithm originally created by BitShares. What differentiates it from regular PoS (Proof of Stake) is that only the top 101 delegates (determined by voting weight of voters) are actively forging and securing the network.

Lisk DPoS functions through a series of rounds. Rounds consist of 101 individual blocks. Each of the 101 active delegates is randomly assigned 1 block within the round to forge. A full cycle round takes 17 minutes. If a selected delegate is unable to forge their assigned block, activity from that block moves to the next block in the round.

Block Time

Mining or Forging

Lisk utilizes an inflationary forging rewards system which creates new LSK for every successful block. During year 1, the forging rewards are set at 5 LSK per block. Every 3,000,000 blocks (~1 year) forging rewards are reduced by 1 LSK, ending at 1 LSK per block after 5 years. The forging rewards will then stay at 1 LSK per block indefinitely. The Forging Rewards will be equally distributed through all active (top 101) delegates, same as any network fees.

Dapps

Lisk SDK

Lisk wallets

Lisk Hub

Lisk Nano wallet

Tools

  • Lisk Core enables delegate forging, provides blockchain synchronisation, and includes the complete API for developers. Lisk Core is for advanced technical users looking to build on top of the Lisk Platform, securing the network infrastructure or attain delegate forging access.
  • Lisk Nano enables the user to send and receive transactions on the Lisk network and provides a simple user interface for more advanced features like delegate voting or registering a second passphrase. With Lisk Nano, there is no need for blockchain synchronisation as it connects to official Lisk nodes hosted by the Lisk Foundation. For the use of API calls and other advanced features please use Lisk Core.
  • Lisk JS is a JavaScript library for Lisk — the cryptocurrency and blockchain application platform. It allows developers to create offline transactions and broadcast them onto the network. It also allows developers to interact with the core Lisk API, for retrieval of collections and single records of data located on the Lisk blockchain. Its main benefit is that it does not require a locally installed Lisk node, and instead utilizes the existing peers on the network. It can be used from the client as a browserify compiled module, or on the server as a standard Node.js module.
  • Lisky is a back-end command tool which allows the user to communicate with a remote or local node and carry out Lisk-related functionality using an interactive or non-interactive command line tool.

Comparison with other cryptocurrencies

Differences from Ethereum

  • Lisk uses DPoS, while Ethereum currently uses PoW (they have stated they plan to switch to PoS eventually).
  • Applications language: Lisk uses Javascript, while Ethereum currently uses Solidity.
  • Applications location: Lisk uses sidechains, while Ethereum currently stores it on the main chain.
  • Error handling: In Lisk, if your application has an issue it will be contained to only your chain, but Ethereum requires a hard fork to fix.
  • In Ethereum, applications are run in a virtual machine on the main chain so any error should just result in the waste of transaction fees, but be contained to the VM (as long as there is no bug in the VM).
  • Applications VM: Ethereum applications are run in the Ethereum Virtual Machine (EVM). Lisk does not have a VM, but it is in development.

Differences from Crypti

  • The database has been changed from SQLite to PostgreSQL.
  • Completely open source and the whole development procedure is happening in public on GitHub.
  • BIP39 enforced for all passphrases
  • Development is continuing and active, while Crypti seems to have stopped.

This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.

Originally published at https://cryptonomad.info on July 23, 2019.

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