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Smartphones and the apps that went with them became popular because a large number of developers came together to program new things. The team behind the Lisk Coin now wants to transfer this effect to blockchain technology. According to this, it should be possible to program decentralized apps - so-called Dapps - in Java and then deploy them within the Lisk network.
Java is one of the most popular programming languages worldwide, so that such a step could potentially attract a large developer community. The prerequisite, however, is that the Lisk blockchain also achieves a certain relevance. This is by no means certain. But the very successful ICO seems to prove at least a certain interest of the investors.
One mainchain and many sidechains
The special thing about the idea behind Lisk is the fact that all Dapps should exist on their own sidechain. Siedechains themselves are not a new development. Basically these are swappings from a larger blockchain. Certain parts and functions are therefore integrated into a new block chain, in which new blocks are first generated independently.
Only at a later point in time will the respective account books be synchronized again. The advantage of such a measure is that the main chain does not become too complex. In addition, any number of new functions can be integrated into the respective sidechain. In the case of the Lisk Coin there is another aspect in the foreground: Malicious code in one of the Dapps would not damage the main blockchain.
With Bitcoin, users provide computing power and thus create new blocks. In return, they are rewarded with new coins - what is known as mining. The makers behind the Lisk Coin consider this approach wasteful. In fact, Bitcoin mining now consumes more energy than all of Denmark's inhabitants put together.
In the case of Lisk Coin, the new blocks are therefore generated by 101 delegates, thus confirming the transactions. However, these chosen ones are not simply determined by the development team, but should be chosen by the owners of the Lisk tokens. This approach is also called "Delegated Proof of Stake". So far, however, there is not enough experience to be able to assess whether it is really secure.
The team behind the Lisk Coin
The new crypto currency was founded by Max Kordek. He studies electrical engineering at the RWTH Aachen University in real life, but is also a well-known name in the crypto scene. He also worked for Litecoin, NXT and Crypti. However, he then threw himself over the makers of Crypti and founded his own project instead.
The same applies to his colleague Oliver Beddow, who is now CTO of Lisk. Right from the start, the two of them also attached great importance to a legally sound approach. Axel Hellinger is therefore a highly respected lawyer who is active as a legal advisor. The creators behind the Lisk Coin therefore do not seem to be seeking confrontation with state institutions, but attach importance to moving within a legally correct framework.
The Lisk Coin experienced a successful ICO
How much confidence investors have in the idea and the Lisk team was demonstrated during the "Initial Coin Offering" of the new crypto currency. In total, more than 5,000 Bitcoins could be earned - which at that time corresponded to a value of around two million euros.
At that time it was one of the most successful pre-sales of tokens worldwide. For the developers of the project, the income brings a big advantage: they can now concentrate fully on their product because the financing is secured for several years. But this is also necessary. The creators repeatedly emphasize that this is a long-term project. It will probably be a few years before all the functions are available.