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.
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.
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.
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
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.