Monsit Jangariyawong /123RF
 

What is Lisk?

  • 29 August 2017
  • Dylan Dedi

We’ve all heard this word: blockchain. But… sidechain? Is it a blockchain’s sidekick? More like blockchain’s “road less taken”. Lisk is a blockchain platform with its own currency, LSK. Lisk acts in the same ways as Bitcoin but offers sidechain functionality (we’ll get into that later). Its blockchain can work to make wonderful apps, which is what Lisk is mainly targeting at. Readability in Javascript helps make DApps a possibility with this blockchain. It also has a pretty nifty logo. Let's look at ten reasons why we want Lisk.

1. Sidechain

Image result for lisk

Lisk stands out with its sidechain. Blockchains get flack from critics for getting “bloated” with test, fake, or very small transactions. This causes the blocks in the blockchain to fill up too fast, causing the network to slow down. The sidechain can act as an independent blockchain that can work at lightning speeds. Users who need to place high volume transactions on the blockchain can do so on a sidechain, which would make their transactions go faster as well as help the flow of the main blockchain stay steady.

2. Blockchain based Apps in Javascript

The language in which you can write apps in the Lisk is Javascript. Unlike Ethereum, which uses its own language (Solidity), many programmers already know about Javascript and could easily adapt to writing apps on Lisk. Lisk also plans to transition into Typescript, for all those programmers out there who are worried that Java is too loose of a language to write DApps on. Typescript is a superset language of Javascript.

3. Team

Lisk has a pretty solid team backing the project, as well as country ambassadors listed on their website. The country ambassador team is interesting because it gives great incentive to spread the world of Lisk internationally. There are currently members from China, Romania, Russia, France, USA, and Italy. The two founders are 24-year-old Max Kordek (Germany) and 37-year-old Oliver Beddows (UK) who were both working for the Crypti Foundation as developers.

Source: lisk.io

4. Nonprofit

General purpose protocols in Lisk will be nonprofit, while applications built on top of it can be for profit. This is the same concept with the internet’s TCP/IP (which is nonprofit) to website (normally for profit) relationship.

5. Decentralization

The Lisk network has no one leader, but rather 101 delegates who can democratically vote for changes within the Lisk network. All of Lisk’s projects can be viewed open sourced on Git Hub. Lisk is trustworthy but it “trustless.” There is no need to trust anyone in a decentralized workplace because there are no leaders in a decentralized community.

6. Crypti Fork

There were some rumors going around that Lisk is a fork from Ethereum; in reality, Lisk is a fork from the Crypti Project. This was a project that the two founders were on, where the goal was to create a new blockchain protocol. They succeeded in creating a protocol, but it wasn’t quite finished. Max and Oliver took this opportunity to create a fork off of the Crypti blockchain and create Lisk, a new and more developed blockchain.

7. Lisk believes there is room for everyone

Image result for lisk logo

Some may think that this blockchain is trying to directly compete with Bitcoin or Ethereum; the founders think otherwise. They believe that blockchain will become so widely used in the world, that there will be plenty of room for all upcoming blockchain platforms, and certain platforms will be used for certain things. For example, social blogging could be easier to create on Ethereum, where anonymous transactions could be more useful on Zcash. Decentralized storage could work better on Filecoin, etc, etc. Lisk isn’t looking to compete; it’s looking to expand the user base of blockchain protocols.

8. Lisk is Delegated Proof of Stake

Lisk doesn’t provide conventional mining (Proof of Work), it follows another algorithm which rewards only elected delegates. LSK holders vote for delegates and these delegates receive rewards for each block generation. There is a maximum of 101 delegates, and people can get on a standby list if they want to become one.

9. Sidechains are customizable

Sidechains can take on characteristics of their own. For example, one could integrate Ethereum’s EVM module and create a sidechain which can execute smart contracts. Those using the Lisk sidechain wouldn’t need to depend on Ethereum to write their contracts anymore. A sidechain can even create its own Proof of Work algorithm, which could offer this sidechain’s specific token as a reward for mining this sidechain’s blocks. Lisk is Delegated Proof of Stake, but its sidechains can be made into anything else.

10. The first true modular cryptocurrency

Sidechains can almost be seen as virtual containers. Even though your computer runs Windows, your virtual container can completely simulate Linux. These sidechains can do just this, but with different blockchains. You can develop something similar to Neo, to Bitcoin, or any other blockchain algorithm you desire. This is extremely innovative and can allow for a much larger sense of possibilities for what a blockchain service can do.  

About Dylan Dedi

Comments

COMMUNITY