This Chief's Open-Source Overviews analyzes the major benefits and advantages of the open-source blockchain, Lisk (LSK), with the goal of helping provide value to the community about this open-source ecosystem built on the blockchain.
Lisk is a decentralized network that allows blockchain applications and solutions to be created on its network through the use of side chains and a delegated proof of stake consensus mechanism.
Currently priced at $27.35, LSK ranks #14 in terms of market capitalization of all cryptocurrencies and tokens.
This guide will explain five major reasons to pick Lisk (LSK) out of all cryptocurrencies & blockchains:
Lisk allows you to build apps on the blockchain with its platform.
This is possible because of the Lisk App SDK which is a framework that uses Javacript programming language to allow users, businesses, and organizations to create their own side chains and build their blockchain apps on top of them.
So instead of spending time and money developing their own blockchain, developers, businesses, and organizations can save money and time by building their blockchain app on its own independent sidechain of the Lisk network.
This a great advantage to the Lisk platform for many users, businesses, and organizations looking for efficient and effective blockchain solutions.
Also with Lisk's blockchain application platform, you can build both the front-end and back-end of your blockchain app. This is an improvement over some platforms where you can only develop the back-end aspect of the app.
This is another benefit Lisk offers developers as many look for ways to make their app downloadable and convenient to use for the end user.
In recap, Lisk is a platform where developers, businesses, and organizations can create their own full-scaled blockchain applications consisting of a consensus algorithm, sidechain, front end, and back end. It's advantages for developers, businesses, and organizations set up the Lisk network for success.
One of the foundations of the Lisk platform is the use of side chains and it serves as a tremendous advantage for the network.
The Lisk network allows users, businesses, and organizations to build their own customizeable independent blockchains and have it be a sidechain of the Lisk blockchain.
These side chains can have different mining algorithms and other custom features than the Lisk main chain. They also can use the LSK cryptocurrency as the token or even create their own token and use it to fuel their sidechain.
This an awesome win-win situation where the side chains get to operate independently in an environment in which they created and still get to harness the power of the Lisk main blockchain without any security risk to the main chain.
If a problem is found in a sidechain, that sidechain can be forked or dealt with to solve the problem leaving the main chain operating with no need to be forked.
Side chain usage also allow the main chain to scale because the side chains are taking care of other responsibilities allowing the main chain to focus on the network and being able to scale.
In recap, users, businesses, and organizations can harness the power of the sidechain capabilities of Lisk to build an independent blockchain that has the functionality it needs without having to create a whole new blockchain chain for themselves. This saves money and time and allows the Lisk network to be secure and flexible.
Delegated Proof of Stake (DPOS) is one of the consensus mechanisms that can power a blockchain and is rapidly becoming the go-to consensus for decentralized solutions.
Just like Bitshares and STEEM, Lisk deploys a DPOS consensus to run the network.
DPOS is known for its faster block speeds and a community based voting system. Both benefits to scaleability and long-term sustainability.
Lisk has both of these benefits as it has 10 second block times and a delegate voting system.
10 second block times serve as an advantage so that users, businesses, and organizations can transact and use blockchain applications efficiently and effectively with the Lisk network.
Lisk uses a delegate voting system where each older of LSK gets a vote and the top 101 voted on delegates are responsible for maintaining nodes and get rewarded for doing so.
A community based approach to handle the network is a great advantage and serves as a staple of long-term sustainability of a network and reiterates the message of decentralization because there are many responsible for the network with thousands waiting on call in case they are needed. If one node goes out, there are hundreds if not thousands of backup nodes ready to go.
Using delegated proof of stake as a consensus mechanism gives the Lisk network many other advantages such as the possibility for a public delegate marketplace which is covered next.
In recap, Lisk uses the delegated proof of stake consensus mechanisms to harness the advantages associated with this consensus such as efficient block speeds, a community based delegate system, and decentralization to ensure the long-term sustainability of the Lisk network.
One of the differentiating differences of Lisk is their public delegate marketplace which connects sidechain delegates to blockchain app developers.
Because each sidechain is an independent blockchain, they need its own nodes to run the blockchain.
If the sidechain decides to use the DPOS consensus mechanism, then the app developer can rent delegates from the marketplace for a fee to secure the nodes.
This a huge advantage for Lisk and will help attract developers to the network because of the efficiency and effectiveness of being able to secure a node for their sidechain.
Also, because some side chains might require functionality with a different consensus such as Bitcoin, the marketplace offers the opportunity for app developers to rent delegates that can handle that 3rd party functionality.
This allows blockchain apps on Lisk to interact with other blockchains efficiently and effectively allowing for more functionality and capabilities for Lisk based solutions.
It also provides another benefit and revenue stream for Lisk delegates and give them another reason to stay with the Lisk network.
In recap, the public delegate marketplace of Lisk is an innovative way to bring together app developers and delegates to take advantage of synergy and help maximize efficiency and effectiveness for all parties involved. This ensures Lisk based blockchain solutions remain at the forefront of blockchain efficiency.
To counter the centralized app stores of Apple and Google, Lisk has a decentralized app directory that everyone has access to.
With Lisk, every blockchain service and app built on the Lisk network is registered with the main chain.
This allows for easy and effective integration of any app or service into the search mechanism of the app directory.
You don't have to jump through hoops and wait long periods of time for your app or service to be searchable in the app directory.
Once you app or service is created it is immediately available for search from the Lisk app directory.
This is another benefit for developers who want to see maximum exposure of their apps and services. With Lisk they are instantly searchable and have a decentralized app directory that provides users, business, and organizations a way to access their apps and/or solutions.
In recap, Lisk offers apps and solutions built on the Lisk platform instant search-ability functionality and integration into their decentralized app directory. This provides developers and their projects with more awareness and exposure and provides an easy way for the end-user to access their app or solution.
So why pick Lisk out of all the cryptocurrencies and blockchains?
It:
- is a blockchain application platform,
- its' side chain capabilities,
- uses a Delegated Proof of Stake consensus mechanism,
- has a public delegate marketplace,
- has an alternative app store.
This concludes Chief's Open-Source Overviews of the the major benefits & advantages of Lisk.
Hope this provides value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the open-source blockchain ecosystem.
Series
Here are links to the other overviews part of this series, Chief's Open-Source Overviews:
- SNT | Open-Source Overviews
- NAS | Open-Source Overviews
- SC | Open-Source Overviews
- NEBL | Open-Source Overviews
- STRAT | Open-Source Overviews
- NEO | Open-Source Overviews
- PPY | Open-Source Overviews
- ARK | Open-Source Overviews
- STEEM | Open-Source Overviews
- Utopian.io | Open-Source Overviews
- Steemit Part #1 | Open-Source Overviews
- Steemit Part #2 | Open-Source Overviews
Sources:
- https://lisk.io/
- https://blog.lisk.io/what-is-lisk-and-what-it-isnt-e7b6b6188211
- https://steemit.com/blockchain/@davidhay/65hzrvlp
- https://lisk.io/learn_more
- https://docs.lisk.io/docs/the-lisk-protocol
- https://coinmarketcap.com/currencies/lisk/
Image Sources:
- Blog headers created by myself
- https://themerkle.com/lisk-price-retakes-23-5-level-with-solid-gains-over-bitcoin/
- https://blog.lisk.io/what-is-lisk-and-what-it-isnt-e7b6b6188211
Namaste
Posted on Utopian.io - Rewarding Open Source Contributors