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Lisk is one of the projects that exploded in 2017, to permanently secure its place in the top 30 of the Coinmarketcap. Its promising blockchain offers an alternative to Ethereum to circumvent its scalability problems. But will it manage to keep ita promises before the Ethereum team pulls the rug out from under it? Here is my review of Lisk.
Lisk Crypto Project Overview
Definition
The Lisk blockchain was created in March 2016 by two former Ethereum alumni, Max Kordek and Olivier Beddows. It plans to make the creation of dApps possible using JavaScript language. This first point allows it to distinguish itself from Ethereum, for which learning Solidity is mandatory if you want to program a smart contract.
The particularity of Lisk is to use the architecture of sidechains and a delegated proof of stake consensus which allow it to accelerate its transaction speed and to count on a much better scalability than Ethereum.
Goal
Lisk wants to offer a solution that allows Node.js and JavaScript developers to deploy decentralized applications as easily as possible. The simplicity of its handling is therefore its first selling point.
But Lisk also intends to address the other structural weaknesses of Ethereum, in particular the scalability and consensus of Proof-of-Work, which is slow to move to Proof-of-Stake.
Product
The Lisk blockchain offers a complete solution for developers, with a plug-and-play system to manage the design, development, release and monetization of applications on a single platform. The platform makes it possible to host, store and decentralize the calculation of each application. Each dApp relies on its own consensus mechanism and APIs.
The technology stack allows a strong reactivity, while being able to execute complex queries: HTML5 and CSS3 in front-end (an ultra-basic front-end ), Node JS (sorry for the pro-Angular), SQLite in database.
Lisk's architecture is special. I am not talking about smart contracts Blockchain, but modular blockchain . Lisk is organized with a main blockchain and sidechains revolving around it. Each dApp has its own sidechain, and the load that each sidechain represents does not impact the speed of operations, which are done through the main chain.
Lisk is opposed to Ethereum by responding to its structural flaws, to propose a radically different architecture allowing to consider from the start a scaling, by being able to support a very large number of decentralized applications.
Consensus protocol
Lisk borrows its delegated proof of stake (DPoS) protocol from BitShares. Decisions about blockchain modifications and transaction validation are delegated to nodes, which are called delegates. Lisk has 101 delegates, elected by the community and can be removed for dishonest behavior. They will then be replaced by the standby delegates. In the voting system, 1 Lisk = 1 vote: the more lisks a member has, the more weight their vote has.
A block is validated in 10 seconds. A cycle of 101 blocks lasts approximately 16 minutes.
Currently delegates are forging around 10,000 Lisk / month. A part of these lisks is redistributed as a reward to voters. Everything else goes to the minters . The number of lisks created, however, decreases over the years.
Advantages and disadvantages of Lisk
The advantages of Lisk
- A very easy to use interface allowing developers to deploy their sidechain quickly;
- A scalable and fast blockchain;
- A less centralized democratic consensus algorithm than on a blockchain like Ark or EOS;
- Very interesting rewards for the delegates, which encourages minting and involvement in the project;
- A very developed community with fervent enthusiasts around the project.
The disadvantages of Lisk
- Very big competitors: Ethereum, EOS, Stratis, Cardano ...
- The 101 active delegates are sometimes criticized for doing nothing for the community apart from minting ;
- Lisk's system remains plutocratic, and encourages the enrichment of the rich.
My opinion on Lisk
Lisk has a chance to be on the dApps blockchain podium within the next two years which will allow us to quickly see if the network keeps its promises in terms of transaction speed. Project leaders will then be able to deploy their dApp very quickly and we will have the opportunity to see the success that Lisk has achieved in its first year.
Lisk is undoubtedly a cryptocurrency to follow very closely in the coming months and years.
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