Lisk (Short-Review)

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If you aren’t familiar with Lisk, then I’ll get you hip to it right now. This is a coin that’s probably going to have some solid staying power in cryptoland for the foreseeable future. This isn’t a fringe project.

Here’s the docs on their site where you can analyze all the diff docs associated with the coin — https://docs.lisk.io/docs/welcome

If you’re wondering what Lisk, is — here it is in their own words from that same site:

“Lisk is a Blockchain application platform, established in early 2016. Based on its own Blockchain network and token LSK, Lisk will enable developers to create, distribute and manage decentralized Blockchain applications by deploying their own sidechain linked to the Lisk network, including a custom token. Thanks to the flexibility of sidechains, developers can implement and customize their Blockchain applications entirely.”

They also said:

“Nowadays, we have Apple’s App Store and Google’s Play Store. Both centralized solutions owned by corporations for centralized applications. The Lisk Foundation believes in a decentralised future. In order to achieve this, Lisk strives to make blockchain technology accessible for everybody by building a blockchain application platform likewise for users and developers.

On May 24th 2016 the Lisk blockchain network went live with its own cryptocurrency called LSK. From that date, the Lisk Foundation is working hard together with its contractors towards the release of their Software Development Kit (SDK). The SDK is a framework written in JavaScript to deploy your own blockchain network next to the main Lisk network. Decentralised applications can be built on top of your own blockchain.

Possibilities are endless, like developing platform independent social networks, messengers, games and so on. All on your own blockchain network including corresponding token, fully decentralised, and all this without the hassle of complicated consensus algorithms or peer-to-peer networking protocols.”

Long story short — they’re basically trying to be the crypto-version of the App Store. That’s a solid ass idea in my opinion.

Given all the apps and developers cropping up and the way this space is expanding, this seems like a needed thing. Dev team is VERY active, coin is relatively new, the site is clean (https://lisk.io/learn_more) and they got their own wallet, which is a major key

So, to summarize that up so you don’t have to read forever — it works on a similar principle to Ethereum.

We explained the pros/cons of delegated proof of stake the other day. To summarize that up for you guys real quick — this is basically a public ‘pick the leader’ system. Free blockchain still, not consortium. There’s incentive for the delegate to behave properly if there are enough other delegates to monitor them and ensure that they play honestly. However, if delegates were ever able to collude (unlikely with enough of them), they could compromise the blockchain fairly easily.

Threat to this system: Conglomerate building

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