Lisk (LSK)

Lisk (LSK)

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September 13, 2018 by matthewrobinson
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What is Lisk? Lisk is a blockchain application platform that uses an SDK (sidechain development kit), written in Java Script, to make blockchain technology more accessible to developers. Java Script is the most commonly used programming language in the world. Problem Lisk is trying to address the lack of tooling and frameworks that prevent blockchain
lisk

What is Lisk?

Lisk is a blockchain application platform that uses an SDK (sidechain development kit), written in Java Script, to make blockchain technology more accessible to developers. Java Script is the most commonly used programming language in the world.

Problem

Lisk is trying to address the lack of tooling and frameworks that prevent blockchain from being widely adopted. The lack of development tools available limits decentralized application development.

Lisk Solution

Lisk solves this problem by providing developers with a set of tools that enables them to launch their own blockchain applications. The applications are developed on their own individual blockchains (sidechains). Sidechains are connected to the Lisk blockchain, but can be customized to the developer’s needs. In fact, each application can have their own custom token. Each sidechain is responsible for its own security and consensus mechanism.

Why use Lisk?

Lisk makes makes it very easy to conduct your own ICO. In addition, Lisk plans on having a decentralized exchange where you can exchange your tokens for other Lisk tokens. Being part of the Lisk ecosystem enables you to leverage other people’s nodes and to connect with them through the community. The more people that connect to the Lisk, the more developer tools and connectivity will be available within the ecosystem.

How does it work?

Let’s take a look at how a developer could actually use some of Lisk’s tools to create a blockchain based application.

Step 1:

The first thing a developer can do is generate their own whitelabel sidechain. Lisk commander will help to create a cryptographically secure genesis block or bundle vital side chain components. These components include Lisk cores essentials, such as an efficient peer to peer web socket transport layer or a standardized account ledger system.

Step 2:

Next, a developer can use Lisk Elements, a collection of many useful libraries, such as consensus algorithms, pre-defined transaction types and the API. After creating a sidechain, developers can customize their chain by integrating their own token. Integrating a token and adding functionalities through new transaction types can be done effortlessly in Lisk Commander. In addition, developers can exchange existing components with their creations and add unique logic to the sidechain.

Step 3:

After creating their own customized sidechain, developers can create a beautiful user interface using libraries like React and a full stack of developer tools.

Step 4:

The last thing to do is test it the network. Lisk Commander provides developers with a full test suite for all of the Lisk lines of code. Developers can use a test net and make the application public when they are finished.

Consensus Mechanism:

Lisk uses a Delegated Proof of Stake consensus mechanism. The number of delegates is fixed at 101. Each stakeholder can vote for up to 101 delegates and the weight of the vote depends on the amount of Lisk the stakeholder posseses. Any stakeholder can vote for a delegate using a vote transaction.

Team:

Lisk was started by Oliver Beddows and Max Kordek. They were originally members of the Crypti team. In fact, Lisk is a fork of Crypti. Oliver and Max left Crypti because they were frustrated that the project did not have enough direction. They realized that even if the goal is to have a decentralized project in the beginning there needs to be strong leadership. Lisk has 51 employees and different departments such as development, marketing, creative and operations. You can check out the team here. https://lisk.io/team

Update:

The Lisk SDK is not available yet, so at this point Lisk is still a vision. However, recently Lisk Core 1.0 was released to mainnet. You can learn about that development here.

Summary

BlockWolf believes that Lisk has a great deal of potential. Lisk has a strong team and a great vision. Lisk is still a very speculative investment because they have not finished the product. However, if Lisk can achieve its vision it may play a very important role in the blockchain ecosystem. The popularity of Java Script could be a big factor in the popularity of Lisk.