What​ is​ ​Lisk?

What is Lisk?

Lisk is a platform that allows for blockchain developers to develop and distribute JavaScript-based apps that are decentralized by using a fully featured ecosystem that is easy to use. Blockchain developers can create, publish, implement, and monetize apps within a custom built system that uses a combination of custom blockchains, smart contracts, cloud storage, and computing nodes, all through Lisk. For the backend, Lisk uses Node.js. For the frontend, Lisk uses HTML5 and CSS3. Lisk works asynchronously and can quickly process all of the proper functions such as network transactions on the blockchain. Lisk uses SQLite for complex queries.

The core goal of the Lisk developers is to create a plug and play system that allows developers to do a combination of design, creation, implementation, and monetization, all through a single platform. Blockchain developers can easily and quickly deploy their JavaScript apps to Lisk Hosting & Storage Nodes, and will be able to list their apps on the Lisk decentralized app (dApp) store. Users will trust Lisk because of the integrity and security of the Lisk sidechain consensus functionality, which will provide users with extra security.

To top it all off, all of these cloud functions are run by the users and Lisk delegates who are paid through a built in invoice system (or by the network itself in the case of delegates) and paid in LISK (Lisk’s own cryptocurrency) or BTC.

The​ ​Cryptocurrency

Lisk uses the Delegated Proof of Stake (DPoS) consensus mechanism. This method of consensus was originally created by the BitShares team.

DPoS is based on delegates creating blocks, and the delegates are trusted accounts. The users elect certain accounts be “Active Delegates”. The top 101 delegates with the most votes will create the Lisk blocks. Other delegates that are not considered Active Delegates are considered to be “Standby Delegates”, and have the ability to move up to the top 101 list by receiving votes from other Lisk users. All Lisk users have 101 votes available to elect their favorite delegates into the top 101 list. The weight of each of the 101 votes is directly proportional to the amount of Lisk the respective user has in the wallet the votes are cast from. This total amount is shown on the delegate list as an “Approval”, and is listed as a percentage of the 100 million LISK available that is voted for that delegate.

Timeline

  • March 21st, 2016: Lisk ICO ends and raises 14,009 BTC and 80,742,575 XCR
  • May 24, 2016: Mainnet for Lisk becomes live
  • May 23, 2017: Lisk market cap surpasses $100 million