What is Lisk?
Some believe that Blockchain technology is not easily accessible for the majority of software developers. Max Kordek and Oliver Beddows are some of those people. They founded the Lisk network with the key goals in mind of enabling this accessibility through unique features as well as through the fact that a large part of our current internet is built in one particular programming language.
Concretely, Lisk is a fork of a 2014 app called Crypti, which apparently was not strong enough to reach the goals of the Lisk founders. As of now, its network does appear to be quite strong, in practice.
Several source report that the time it takes for one Lisk block to be finished is a mere 10 seconds. With Bitcoin blocks averaging 10 minutes and Ethereum blocks averaging between 5 and 30 seconds, it does appear from this technical specification that Lisk could one day outpace some of the leading cryptocurrencies.
Even so, this is only the beginning of analyzing a cryptocurrency or a crypto network’s potential. Lisk isn’t actually trying to compete with traditional cryptocurrencies like Bitcoin and Litecoin. According to current reports, they’re looking to be a platform.
This means it could be argued that they’re aiming to be the future Ethereum. Upon a further analysis of their technical specifications, however, it becomes clear that Lisk wants to be more of a complete solution for software developers than Ethereum is.
Lisk offers an easy to use, full solution for software developers so that they can create Decentralized apps and proprietary blockchains in one place.
In doing all of this, the success of the Lisk network depends on the functionality of Sidechains. In case you’re not already aware of what sidechains are, they’re simply a fancy term for the ability to create customized Blockchains that connect to one central Blockchain, but do not have to function in exactly the same way.
Furthermore, when sidechains are possible, the number of them that can be connected to a mainchain is unlimited and therefore, the number of coins that can be exchanged throughout these chains is also unlimited.
Finally, the Lisk network runs on a specialized consensus algorithm to maintain the operability and security of the mainchain. In that Lisk reports that this algorithm is delegated proof of stake, one cannot help be reminded of the Cardano network and its goal of enabling stake-based voting on all developments.
Minimum stake on the Lisk network is 200 Lisk coins and this does not even guarantee any sort of delegate or even Masternode-like role. Judging by recent reports, Lisk has also been seeing an influx of staking pools, which can lead to a certain level of network centralization. On top of this, it needs to continue to maintain high transaction speeds and sidechain usability in the face of rapid scaling.
Despite these heavy roadblocks, Lisk could succeed based on its uniqueness in the face of its competition. It actually has one more interesting feature, which is a Dapp directory that users can search through. Think “iTunes Store” for crypto.
They had a partnership with Microsoft but reportedly, it failed due to possible possible concerns about the network’s operability as well as the fact that the network was quite young at the time.
In the end, it may be said that a lot of a crypto network’s value comes from its coins being traded in the right places. Lisk is already being traded on Binance and several other crypto exchanges, so it seems evident that this network does have a bright feature. If it can keep up with the demands of rapid scaling and gain more valuable partnerships that yield new products or features, then it will be interesting to see how this future unfolds.