Lisk is a promising app building blockchain that is positioning itself as one of the most exciting blockchain projects to date. It has many advantages over other such projects, and it is poised to create an environment in which developers can let their imagination fly. It has the unique advantage of letting its users program any kind of blockchain app – Lisk prefers to use this term instead of the much more common dapp or decentralized app – on a side chain.
In the meantime, Lisk is competing with Ethereum. Both blockchain projects have similar goals: they both exist to let users program their own apps on their blockchain. The main difference, aside from programing language, cryptocurrency and other technical characteristics, is the fact that Ethereum is a public blockchain while Lisk is a private one.
Just as Ethereum, Lisk pre mined some of its cryptocurrency – LSK. This new cryptocurrency that serves as a medium of exchange on this blockchain, was pre-mined in order to finance the project with an ICO – initial coin offering. LSK coin mining is particularly interesting, since it depends on a combination of methods. The method is called proof of delegates. It combines elements form the proof of work (PoW), proof of stake (PoS) and delegated proof of stake (DPoS).
The delegate method works a lot like a representative democracy: delegates are chosen, and users can vote for them. Voting involves the transfer of a fraction of a Lisk coin, and delegates will be ranked according to the amount of votes they get. Then they will be divided: the first 101 delegates will be active, the rest will be inactive. This situation is fluid and can change. Delegates have the responsibility of securing the network. They are also responsible for mining, or adding blocks to the blockchain.
Lisk will launch its blockchain project on Tuesday May 24th, 2016. Hopefully the launch will attract many users and block chain app developers. Our staff will be following the development of the launch, as well as the Lisk coin value, for our readers.
To learn more about this exciting new blockchain project, click here