Name: LISK - Build Incredible Decentralized Applications
Price Info - https://www.coinmarketcap/currencies/lisk
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)
Lisk currency symbol: Ⱡ
Lisk is a blockchain application platform that allows developers to create, distribute, and manage decentralized blockchain applications by deploying their own sidechain linked to the Lisk network, custom tokens included. This fixes the problem of lack of developers from all areas in the blockchain space.
As earlier mentioned, Lisk allows developers to build decentralized applications (dApps) on their own “sidechains” of the main Lisk chain. This special feature is designed to increase the security of the network. Each smart contract developed on Lisk has its entire own chain. Bugs that can compromise the side chain would theoretically not be able to effect the main chain. Ethereum experienced a bug similar to the bugs Lisk aims to squash with DOA (Decentralized Autonomous Organization) in 2016.
Lisk’s secret sauce is in its approach to making blockchain accessible to everyone. The LSK team is toiling away on an SDK that will lower the barrier to entry by making dapps buildable in the world’s most common programming language.
Lisk is also tackling the scalability issues by using sidechains. Lisk’s sidechain model provides a way to solve the problem of network congestion under high transaction volume. Lisk is also focusing heavily on the user experience, unlike many existing platforms, as well as offering in-depth documentation and developer support.
Announced in 2016, Lisk has multiple differences then Ethereum. Starting with the foundation of the chain, Lisk uses Delegate Proof of Stake (DPoS) consensus algorithm versus Proof of Work (Ethereum currently uses) and Proof of Stake (Ethereum is transitioning to).
Lisk has been developed and built by a huge team of 24 people. the CEO Max Kordek comes from the previous Crypti team.
The developers and marketing members were also hired by Lightcurve, a blockchain software company based in Berlin, Germany.
Lisk launched their Software Development Kit (SDK) in the last quarter of 2017. This software was believed, will solve the lack of developers in the blockchain space.
By combining the power of the original Lisk network and blockchain with an open-source SDK, developers have the power to create convenient, easy to download digital applications in one package. This app is accessible in a decentralized repository like an app store. LSK tokens would be consumed for using the Lisk network and services. (Similar to ether with Ethereum)
This allows developers to focus exclusively on the utility of their app not recreating a new blockchain and all the management that goes along with that. Examples of specific blockchain services that can be built on the SDK include:
1. Identity as a service – A push button instant single sign-on (SSO) for websites requiring registration
2. Decentralized hosting as a service – Store media in a decentralized, encrypted cloud on the network
3. Smart contract execution as a service – Allows trustless escrow services and eliminates counterparty risk
4. Oracles as a service – A way to get customizable real-time data or the result of real-life events
One good thing about having the SDK and open-source ecosystem around the Mainchain of Lisk is how the whole system benefits from each new DAPP and use case created by developers. Solidity, for example, doesn’t have a library in Lisk but a developer could code Ethereum Virtual Machine (EVM) smart contracts within their own sidechain or as a blockchain service. The whole network would then be able to use that library.
Once completed the entire Lisk network would now benefit from this new efficiency and offering. As more and more developers jump on board, this will create a powerful network effect and rapid creation of needed apps and services. This bodes well for Lisk by creating more value and utility for developers and users.
One example use case for Lisk would be to build a decentralized social media platform on its blockchain, and spend tokens stored in the sidechain to buy certain features, like mini-games, camera filters, etc.
Lisk’s play for the future is slow, methodical, and carefully thought out, down to the infinitesimal details. Lisk’s flagship SDK is coming and once it arrives, it should spark a lot of developer interest. Lisk is also pushing newbie user adoption and awareness through the introduction of the Lisk Academy, an arm of Lisk dedicated to educating the masses.
Lisk sometimes gets called the “Apple of blockchains” but the LSK token still remains less buzzed about than many others.
Lisk successfully completed its rebranding with its Relaunch Event on February 20, 2018. The project also announced The Pioneer’s Vault, an incentive program to invest in promising Lisk sidechain projects.
Over March 2018, Lisk released desktop and web app Lisk Hub, launched the Lisk Academy, introduced Lisk Template, ramped up marketing eﬀorts, and improved customer support.
Some of the projects now building on include:
1. Rencoin, an educational incentive platform for children. REN is a proof-of-work coin mined through educational eﬀort.
2. Sapiens, a decentralized academic and reputation platform. It’s a blockchain-based protocol for a complete decentralized academic and certification system with an integrated courses marketplace.
3. MADANA, a platform for data analysis. It uses blockchain technology allowing participants to get in on the data market with their own data and simultaneously protecting their privacy.
These projects chose Lisk for its speed, scalability, and developer tools.
2018 will be another great year for Lisk as it continues to improve the platform and more projects start building with Lisk.
Loom Network (LOOM)
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