A snap overview of Lisk
A simple summary for everyday people
Lisk is a blockchain application platform that enables developers to create, distribute and manage decentralized blockchain applications by deploying their own sidechain linked to the Lisk mainchain. Basically, the approach of Lisk is to solve the scalability problems that many cryptocurrencies experience and give more flexibility to developers. Lisk offers a Software Development Kit (SDK) which will enable millions of developers around the world to create their own decentralized applications (dapps) on the Lisk network.
The philosophy of Lisk is that developers would prefer an easier and more flexible platform to create dapps, rather than go all the way to learn a new programming language. Also, that developers would prefer not to be stuck on a network that can be affected by the misfortune of other dapps on the network.
Lisk was established by Max Kordek and Oliver Beddows. The project is a fork of Crypti. Crypti started in 2014 as an open-source blockchain app platform and was forked into Lisk in May 2016 to allow the platform to attain the vision of the founders for it.
It began with an Initial Coin Offering (ICO) to raise development funds. The ICO took place between 22nd February and 21st March 2016. The total fund raised was over 14,052 bitcoin.
On May 24, 2016, Lisk mainnet went live and it became available for trading on major exchanges. The total supply of Lisk in circulation is over 106 million and forging operations (which creates more Lisk coin) is still ongoing.
Lisk uses the DPoS (Delegated-Proof-of-Stake) algorithm first used in the development of the cryptoexchange platform Bitshares. DPoS is different from the regular PoS because only the top 101 delegates (in case of Lisk) are actively forging and securing the network. The top delegates are users with the highest votes (which also means, highest number of Lisks individually owned). Each LSK carries one vote.
Lisk utilizes sidechains for all dapps that will be developed on the platform. This means that the network will not be slowed down or interrupted (theoretically). This is because high volume transactions on the sidechain will not affect the mainchain. (Sidechains are independent blockchains that link to the mainchain without affecting the performance and speed of the mainchain).
Status in development:
Still in the testing phase. The Software Development Kit (SDK) is yet to be released. However, the Lisk token is the 24th largest cryptocurrency (as of writing) with over 106 million tokens in circulation.
Estimated time of full launch is yet unknown. However, many in the Lisk community are expecting SDK before the end of the year.
Many expect the platform to be a big deal when it launches, making it sensible to buy and hodl. However, the outcome can be severely short of the expectation, so invest at your own risk.