Lisk Review: Beginners guide
Lisk (LSK): A create-your-own-blockchain platform
Industry type: Decentralised applications (dApps).
What gives it value?
- It is decentralised, but also able to evolve without hard forking due to a flexible democratic system.
- It is made to be easy to use for developers.
- Developers can create their own custom blockchains that operate independently whilst benefiting from the security of Lisk’s main chain.
- Sidechaining makes the network flexibility, fast, and scalable.
- The Sidechain Development Kit is a collection of tools for developers to program decentralised applications (dApps) on Lisk’s network. The SDK contains 4 tools: Lisk Commander, Lisk Elements, Lisk Core, and Lisk Hub. Each tool has its own function in the programming process.
- Delegated proof of stake protocol (DPOS) gives token holders the right to vote for node delegates that forge the blockchain. The number of delegates is capped at 101 based on votes. A delegate is designated a position within 101 rounds of block forging, where they fill their block with 25 processed transactions, sign the block, and broadcast it to the network. After this block is forged the next delegate will begin building their block. If a delegate is unable to forge their block, another delegate will take their place.
- The broadhash consensus is the function used to agree on the truth of the decentralised blockchain. A broadhash is present in every node and is the fingerprint of the previous 5 blocks that were forged. If 51 of the 100 randomly selected nodes maintain the same broadhash, then the truth is decided through consensus.
- Max Kordek is the co-founder, president, and CEO of Lisk and a manager of German blockchain development studio, Lightcurve. Kordek’s mission is to build an easy to use Sidechain Development Kit for the industry.
- Oliver Beddows is the Vice president and CTO of Lisk. He is also the co-founder and director of Lightcurve and has over 12 years of experience in developing digital technology.
- Iker Alustiza is a resident cryptographer on the Lisk team. Alustiza also works as a cryptographer for Lightcurve and spent years developing software for MATLAB and MathWorks.
- Charles Hoskinson is a co-founder of Ethereum and senior advisor to Lisk. Hoskinson’s company IOHK is also working on the Cardano (ADA) and Ethereum classic (ETC) networks as he is a highly respected programmer and educator.
- Lightcurve, a blockchain strategy consultancy, development studio, and marketing agency is contracted to work on the Lisk network to develop its technologies and expand its community economically.
- Blockchain labs, a UK based cross-campus blockchain education ecosystem, has partnered with Lisk to create a forward-thinking community that will help with the development of blockchain technologies.
- Expand Online, an international marketing service agency has partnered with Lisk to build public awareness of its project. Expand Online’s client list includes Microsoft, eBay, and Adidas.
Lisk Review: The Good
- Developers have flexibility when it comes to creating their own blockchain for their applications.
- The network is scalable and avoids the scaling issues that many other networks are currently facing.
- The testnet is being trialled.
- Its team is more concerned with developing the technology than making content for press releases.
Lisk Review: The Not So Good
- No working product yet, besides the testnet.
- Mainnet launch at an unknown date.
- SDK launch at an unknown date.
In my opinion for this Lisk review, they have gone a different way to most other developing dApp platforms. Instead of focusing on marketing to investors before having a working product, it is instead working silently on technology made easy for developers whose applications will bring utility and true value. Although it is indeed another dApp platform in a market of many, its Sidechain Development Kit is unique enough to make it stand out from the rest, but also, like most other dApp platforms right now it is still in development.
The current Lisk price, market cap and charts.
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: https://lisk.io/products
Ethereum (ETH) – The most popular dApp network.
Ethereum Classic (ETC) – The original dApp platform.
EOS (EOS) – A 2nd generation dApp platform..
Cardano (ADA) – A 3rd generation dApp platform.