Digital Currency

Lisk (LSK)

Lisk was launched on 24 May, 2016 by Max Kordek and Oliver Beddows. Lisk is a public blockchain platform that provides decentralized blockchain apps (also known as dapps).

Lisk was developed for programmers and developers with the purpose of simplifying the process of building, publishing, distributing and monetising dapps through the use of JavaScript language. JavaScript language was selected due to its accessibility and popularity around the world. Ultimately, reducing the barrier to entry for those wishing to create dapps.

CEO and co-founder of Lisk, Mark Kordek, said, “Lisk is utterly unique… There is no public cryptocurrency platform which allows developers to easily deploy their own blockchain and build a JavaScript blockchain app on it… This will give millions of developers the ability to create their own sidechains, particularly around consumer applications, including games, social networks and the Internet of Things, but the same core functionality can also be used to develop and scale business applications.”

Most notably, Lisk allows for the creation of sidechains that are free from the main chain. The problem the main chain faces is clutter due to many small transactions and even spam, resulting in a slowed network. A sidechain is used to speed up the process and prevent back ups from occurring. 

Lisk allows developers to create their own dapps without sharing a large cut of their profits with centralized platforms such as, Google Play and the Apple App Store. Instead, Lisk is a decentralized app directory, where all applications built on the platform can be found.

Lisk and EOS currently operate using a delegated proof of stake (DPoS) to achieve consensus. In the near future, Ethereum plans to convert from proof of work (PoW) to DPoS. The primary difference between EOS and Lisk is that EOS operates on their main blockchain, while Lisk projects operate on side chains. However, Ethereum remains an established player within the field and Lisk and EOS are aiming at becoming Ethereum’s main competitor. Only time will tell who will come out on top in the end!