Lisk (LSK)

Lisk

Consensus mechanism	PoS

Basics

• Started in / Announced on: 30-1-2016
• Based in: Zug and Berlin
• Mainnet release: 24-5-2016
• Ethereum L2 mainnet release: 12-11-2024
• Smart Contracts
• Build around the side chain technology.

History

• The Lisk blockchain will become an Ethereum Layer 2 via Optimism and Gelato (1-2024). Went live on 12-11-2024.
• From this article (4-3-2018):

"Lisk evolved out of the now defunct Crypti blockchain project. On January 30, 2016 community manager Max Kordek and developer Oliver Beddows announced that they were leaving the project to create Lisk from a fork of the Crypti code. The new, fully open source, project would feature several improvements to the network, applications, ecosystem, and project management that would make Lisk more viable and sustainable.

On May 24th 2016, just five months after the project announcement, the Lisk mainnet was launched, enabling investors to acquire and trade the native LSK token on exchanges. Kordek and Beddows then created the Zug based, non-profit Lisk Foundation to manage those funds, and the Berlin based for-profit Lightcurve to provide software and community development services to the foundation. On February 20, 2018 Lisk held a Relaunch Event to announce the completion of software development milestones, launch the Lisk Academy for blockchain education, and showcase a new product suite, website, logo, and brand identity for Lisk."

Token

Launch

• From this article (4-3-2018):

"A few weeks after the initial announcement, Lisk conducted a four week long ICO that raised over 14,000 Bitcoin plus about 1000 Crypti. Crypti was accepted to provide “an escape route to a fresh project for the whole Crypti community.”

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• The Lisk blockchain will become an Ethereum Layer 2 via Optimism and Gelato (1-2024).
• Not Mineable, DPoS system which has grown into 2 cartels, Elite & GDT. To completely understand the scale of these cartels a look at their size is enough. “Elite” provides 54 of all 101 (2017) delegates at the time of the snapshot (6-2018) and “GDT” 32 delegates (when checked again in 12-2019, still had 32). This means that 85% of the entire block production has been taken over by two cartels. The only bright spots are the Lisk ecosystem funds in which “Elite” pays 5% and “GDT” 10% of their earnings. This money is used to further developments all around the Lisk network.  

• From this article (4-3-2018):

"It is a blockchain application platform in which smart contract execution is an optional add-on service. The Lisk blockchain does not store application code, as is normally done with smart contract platforms, but supports a primitive (but extensible) set of predefined transaction types. Lisk implements a modified version of the Bitshares Delegated Proof of Stake (DPoS) consensus algorithm.

Delegates share a portion of their earnings with stakeholders who vote for them. At the beginning of a round — a period in which 101 blocks are produced — the 101 delegates with the most stake voted for them are each allocated one 10 second slot in which to produce a block. The selection of delegates and allocation of slots is predetermined by the consensus rules using votes recorded on the blockchain."

Governance

• Follows a vision similar to CORE.

• From this article (4-3-2018):

"The Lisk Elite, a delegate pool that requires stakeholders to vote for all (currently 54) of its members in order to receive any rewards, has effectively created a perpetual delegate majority that is accumulating stake (and thus voting power) faster than the rest of the community combined, making it increasingly more difficult to vote out the cartel. Max Kordek has stated that the Lisk Foundation is concerned about the dominance of cartels and is forming a new Science Team to address this issue with protocol changes."

Treasury

• The only bright spots are the Lisk ecosystem funds in which “Elite” pays 5% and “GDT” 10% of their earnings. This money is used to further developments all around the Lisk network.  

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Pros and Cons

Cons

• Good at marketing, bad at delivering.

• From this article (4-3-2018):

"It’s important to note that the currently proposed implementation for Lisk’s smart contract execution service is to use Ethereum. This implementation would expose all applications using that service to the same vulnerabilities that currently plague Ethereum. So it could be the case that a single vulnerability spells game over for Ethereum as well as all Lisk applications using the Ethereum-based smart contracts service."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

• Founder came from NXT

• Kordek, Max; CEO & founder
• Beddows, Oliver; one of the founders, the only 1 of the top 10 accounts who actually votes in the system
• Thoorens, Francois-Xavier, was the core developer until 8-2016, then left towards ARK
• Nerayoff, Steven; Founding advisor

Partners

• Partnered with Microsoft

(:

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