Lisk Risk

Lisk

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Lisk is a public blockchain platform that provides decentralized blockchain apps. It was forked from Crypti by Max Kordek and Oliver Beddows in early 2016.[1][2]
Lisk
Lisk
Lisk
Developer(s)Max Kordek, Oliver Beddows
Initial release24 May 2016; 19 months ago
Stable release
0.9.7 / 22 August 2017; 4 months ago
Development statusActive
Written inNode.js
Operating systemClients available for Linux,Docker. Lite (Nano) client for all systems available.
LicenseMIT
Websitehttps://lisk.io

HistoryEdit

Lisk started as a fork of Crypti beginning with an ICO (Initial Coin Offering) to decide the initial distribution and raise development funds. The ICO raised 14,000 BTC and, at the time, was the second most successful cryptocurrency crowdfund (later that month,WAVES and The DAO would surpass it).[3][4]On May 24, 2016, the mainnet for Lisk went live and it became available for trading on major exchanges.[5] Quickly after trading started, Lisk briefly became the second most popular cryptocurrency traded against Bitcoin.[6][7]

Blockchain ApplicationsEdit

Lisk is on the path to be the first (successful) of its kind as a modular cryptocurrency.[8][9]The idea behind Lisk is that every Blockchain App is on its own sidechain, separate from the main blockchain. The benefits from this would be solving scalability issues that many cryptocurrencies are facing, such as bitcoin and ethereum, while also allowing for far greater customizations to particular sidechains which could not be done on other platforms. The possibility that sidechains create is vast and can allow for a project coded from scratch to have its own security algorithm separate from what may be securing the Lisk mainchain.

Programming LanguagesEdit

The Lisk infrastructure is written using NodeJS/JavaScript on the backend and CSS3/HTML5/JavaScript for the frontend.[10]

DPoS DesignEdit

Lisk uses the DPoS (Delegated-Proof-of-Stake) algorithm originally created by BitShares.[11] What differentiates it from regular PoS (Proof of Stake) is that only the top 101 delegates (determined by voting weight of voters) are actively forging and securing the network.
Lisk DPoS functions through a series of rounds. Rounds consist of 101 individual blocks. Each of the 101 active delegates are randomly assigned 1 block within the round to forge. A full cycle round takes 17 minutes. If a selected delegate is unable to forge their assigned block, activity from that block moves to the next block in the round.[12]

Block TimeEdit

The Lisk network forges blocks in 10s intervals. In the event that a delegate fails to properly forge their assigned block, the transactions move to the next block in the round, causing the block to be extended by 10s. Each subsequent missed block results in a 10s delay for transaction processing and confirmations.

ForgingEdit

Lisk utilizes an inflationary forging rewards system which creates new LSK for every successful block. During year 1, the forging rewards are set at 5 LSK per block. Every 3,000,000 blocks (~1 year) forging rewards are reduced by 1 LSK, ending at 1 LSK per block after 5 years. The forging rewards will then stay at 1 LSK per block indefinitely.[12]The Forging Rewards will be equally distributed through all active (top 101) delegates, same as any network fees.

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