Lisk – a Quick Know-How by a Q&A

What is Lisk?

Lisk is a network that uses its Sidechain Developers Kit (SDK) to allow developers to create their own dApps (decentralized apps). The LSK tokens in the Lisk network contribute as its currency. The network’s blockchain is built upon the well-known and the easy to use language, Javascript. Just like Ethereum and NEO, Lisk is a platform that anyone can use to unravel the powers of blockchain.

There are so many dApps working to make other dApps, why have another one?

Bitcoin is built on C++ and Ethereum is built on Solidity. For any developer looking to make a dApp, they would have to go through the trouble of learning a whole new programming language. Lisk is built upon Javascipt. Javascript is quite an easy language to learn and to use; that is probably why it is among the most popular language in the programming hub. By allowing the infrastructure of a blockchain based on Javascript, the founders of Lisk, Max Kordek and Oliver Beddows have created a platform which appeals to and meets the needs of a big pool of programmers out there who know Javascript. Most of the new websites today are constructed on Javascript like Uber etc.

Purpose of Lisk?

In a decentralized workplace, developers are credited wholly for the work they perform. This is unlike working for other companies that have a centralized infrastructure.

Previously, to much of the proportion of the programmers, the benefits of blockchain could not be reaped to a greater extent because it had been written in an uncommon language. By extending blockchain development to Javascript, Lisk became a gateway for the developers to blockchain.

These were the two problems that the founders of Lisk hoped to address by finding Lisk.

How is Lisk different from other dApps developing platforms like Ethereum?

What makes Lisk different from other meta dApps like NEO and Ethereum is not just that it uses Javascript as its core language to develop its blockchain, but also the way in which it works.

Ethereum fundamentally works on smart contracts and that is what they provide the service of too. However, Lisk works on an intriguing system of side chains that link to a main chain. It does so by making use of its Sidechain Development Kit (SDK).

Developers using Lisk can form their independent dApps regardless of using Lisk and its token.

How does Lisk work?

Here are some specifications of the Lisk protocol:

  • Block Time: 10 seconds
  • Round Time: ~17 minutes
  • Supply: 100 million LISK + annual forging rewards (currently 4 LSK per block)
  • Consensus System: Delegated Proof-of-Stake (DPoS)
  • Ticker symbol: LSK
  • Lisk currency symbol: Ⱡ

Users of Lisk use the SDK for building their dApps. It constitutes of four categories:

  1. Consensus Algorithm
  2. Sidechain
  3. Back-end
  4. Front-end

SDK basically offers a set tools by which the developers/users make their dApps.

The major idea behind Lisk is very simple. Every user who wishes to make a dApp does so by making a sidechain. This sidechain is then connected to the main chain of the Lisk network. The main chain is robust in nature and any faults in one sidechain do not affect the performance of another sidechain. This process of one main chain connected to smaller side chains allows Lisk to scale.

The applications made by Lisk are completely independent and can easily be downloaded. They can be made available on Lisk’s decentralized repository.

Lisk also has a consensus algorithm, the Delegated Proof of Stake (DPoS). This is what maintains the agreements on the truth across the network and validates transactions.

According to Lisk: “Delegated proof of stake uses real-time voting combined with a social system of reputation to achieve consensus“, hence using digital democracy to overcome the issues of centralization in the validation of transaction process.

Further technical details of Lisk can be found in the ‘Documentation‘ sector on Lisk’s website.

What is the Lisk Token used for?

The utility token used in the Lisk ecosystem is known as Lisk (LSK).

The LSK token is what the user needs to buy in order to use the services of Lisk. Some of the uses of this token are given below.

  • Sending the token around
  • Registering a delegate
  • Registering a second passphrase
  • Voting for delegates

Further details:

  • Total supply: 124,915,356 LSK
  • Circulating supply: 109,674,090 LSK
  • Market cap: $524,342,935 USD
  • Value ($US): $4.78
  • Rank: 23

ICO analysis

During the ICO, 100,000,000 LSK tokens were given to the participants with the following percentages:

  • ICO participants: 85%
  • Core team: 7.8%
  • Campaigns and bounties: 4%
  • Advisors, partners and third parties: 2%
  • Early supporters: 1%
  • First-day ICO participants: 0.2%

At the time when the ICO finished, Lisk was one of the top 20 most successful crowd-funds worldwide.

The ICO started on the 22nd February 2016 and ended on the 21st March 2016. The exchange rate during its ICO was 0.0001821238671 BTC / LSK, and the initial token price came out to be $0.0747.

The Roadmap

The official roadmap of Lisk can found here.

Among the most notable incidents in Lisk’s journey is its partnership with Microsoft in 2016. This allowed Lisk to provide “Blockchain-as-a-Service” through Azure. Lisk has received remarkable recognition owing to this. Recently Lisk released its Core 1.0 on the mainnet.

Who is working on Lisk?

The team working behind Lisk has a total of 51 members; of which members are working in the categories of development, creative, marketing and operations. Lisk, however, was founded by Max Kordek and Oliver Beddows. Max is now the president and the CEO of the company, while Oliver is the vice president and the CTO.

Qirat Ayaz

Passionate about robots and how the robotics is changing everything around us. Writes about startups in the blockchain space. Contact the editor at editor.startups@blockpublisher.com

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