Hello fellow Steemians!
Lisk is a German project founded in early 2016. Located in Berlin, the Lisk Foundation is registered in Switzerland. The project started with the Crypti split off. Lisk later split the Ark project. The Ark, however, is not a direct competitor of Lisk, as it targets a slightly different problem.
Lisk builds a platform to enable developers to build their own decentralized applications with their own tokens and smart contracts. The application will run on its own adjustable blockchain (the sidechain of the main Lisk blockchain).
Problem solving
Lisk will be written in JavaScript and this language will also be used by DApps developers. JavaScript is a popular and most used scripting language, it is suitable for writing modern applications running on the web and mobile phones. This language can be used not only to create a front-end user section but also to a back-end server part.
Lisk will have these basic components:
- decentralized application hosting
- decentralized storage for applications
- decentralized nodes running applications
- Sidechains for each application
- Lisk and Bitcoin API
- Developer Tools (Lisk Command Line and Lap DApp SDK)
Each DApps will run in its sidechain, which will be connected to the main Lisk blockchain. The user can not only set up his own sidechain, but can also add his own functionality. There will be the option to run your own master node that will only serve the sidechain. So the owner of DApp can influence the performance of his blockchain. However, to run the master node, the owner of the DApps needs a confirmation from the main Lisk chain, which will supervise the sidechain.
How does it work?
Lisk uses the Delegated Proof of Stake (DPOS) consensus protocol from BitShares. Users can choose delegates who are responsible for creating and validating a new block. Of all the candidates, 101 delegates are selected to receive the most votes from the users. Each user has 101 votes to divide between delegates. The weight of the voice corresponds to the number of Leds that the user owns. Every 101 blocks will evaluate users' votes and decide on the new composition of delegates. Upon selection, each delegate can create one block in the 101 block cycle. The new block is created every 10 seconds. The whole cycle takes about 16 minutes. The delegate receives a reward for the block. The new block is irrevocably added to the blockchain after 6 to 10 confirmations.
Use
The advantage of Lisk is that essentially any web site that knows JavaScript today can write a decentralized application. So you do not have to learn anything new and can only concentrate on creating an application. The application can be run immediately in the Liska ecosystem and can use Storage Lisk and Verification Nodes. Each application runs in its sidechain and can be displayed in the list of all Liska built decentralized applications.
Lisk allows you to register a username for the given wallet address. People can use better-memorable names when sending a transaction instead of a wallet address.
Lisk works with contacts just like Twitter. The user can have a contact list to send transactions with. Combined with the first functionality, it's very easy to pick up your friend's contacts and send him some tokens.
Economic model
LISK is a classical utility token serving as a charge for the use of Blockchain Lisk.
Delegates verify all transactions and store the valid ones in the block. All transactions include charges for using Lisk. The fee is important not only as a reward for delegates, but also as a measure against spam in the network. The standard transaction fee is 0.1 LISK. Some fees are quite high. For example, 100 LISKS for user or delegate registration. 500 LISKs for registering a decentralized application. 5 LISKS for each member in the multi-signature wallet.
The total number of LISK's is just over 120 million.
Roadmap
I did not find the roadmap on the official site, which will always surprise me. But I discovered it in the following link: https://www.reddit.com/r/Lisk/comments/7fe4ux/lisk_development_roadmap/ from which it follows that the first Lisk applications we will ever see in Q2 / Q3 2018. Other things like sidechains later in Q4.
I've also discovered a community update that tells what the team was working on and what to do next.
White paper
White paper is located on GitHub. It's well written but probably technical enough for a regular reader. Rather, it resembled the technical documentation rather than a classic white paper with a description of the problem, the solution, the risks, etc. The level of detail is not very high. It is rather a high level description of individual parts and functionalities.
Conclusion
I recommend that you consider investing in Lisk, but it is long-term. Lisk is likely to be used this year, not later than the beginning of 2019. This is the time when the investor should look and possibly consider the next step.
!!! I'm not a financial adviser, and this post serves as a good coin review. Before investing, do your own research. Do not invest in the blind, based on "someone said" !!!
Paulinho