Lisk Achieves its First Milestone of Mainchain Stabilization in its Inception Phase
Lisk, the blockchain application platform, announced that its mainchain has been stabilized and its governance model improved, marking the first significant milestone in Lisk’s roadmap towards widespread adoption. The achievement allows delegates to generate/forge blocks and be rewarded for it, a process similar to bitcoin mining, and ensures the Lisk ecosystem becomes entirely decentralized for […]
Lisk, the blockchain application platform, announced that its mainchain has been stabilized and its governance model improved, marking the first significant milestone in Lisk’s roadmap towards widespread adoption. The achievement allows delegates to generate/forge blocks and be rewarded for it, a process similar to bitcoin mining, and ensures the Lisk ecosystem becomes entirely decentralized for the first time. Prior to this, the network was under a managed system in which the nodes of 101 delegates were operated and controlled by the Lisk team. Now, all delegates are operated by 101 different community members. Under this decentralized democracy, Lisk furthers its case for being the world’s leading provider of blockchain applications.
The stabilization of the mainchain brings massive advancements within the Lisk ecosystem. Firstly, Lisk is now a truly decentralized and trustless blockchain, allowing delegates to control their own nodes without supervision or governance by the Lisk team. Secondly, the activation of forging rewards means LSK holders can choose to either keep their income or reinvest it back to the Lisk network with the aim of financing proposed community projects. Incentivizing a growing community with forging rewards encourages a friendly amount of competition because users will work harder and faster in securing votes in the hopes of gaining entry into the list of the top 101 delegates.
Lisk CEO Max Kordek said, “This achievement bolsters Lisk in a big way, and parallels most of the very reasons blockchain technology exists; to allow greater financial freedom, to reward network contributors, to heighten the peer to peer experience and to do away with a central point of authority. We’ve created opportunities for the strongest Lisk supporters to enter the top 101, earn LSK forging rewards, and give back to the system through their own proposals. To be a part of a decentralized community is appealing in its own right but building a decentralized system with active delegates is something entirely different.”
Lisk’s latest development follows an ambitious series of improvements launched last month including a Delegate Campaign, Proposal Contest and Community Fund. These three events paved the way for the Lisk community to grow their already successful network by empowering Lisk holders to make community led decisions.
“The Lisk community is essential to our growth and their support will be the only way to achieve our goals in the next few years. By giving them a platform to have a voice, the community can administer and deploy the tools they need for sidechain development by their own initiative. We are thankful that our community showcases demonstrated passion, support and understanding of the blockchain technology and all of its benefits,” Kordek added.
The mainchain stabilization is the first and most crucial step in the “Inception” phase of Lisk’s roadmap; the next two include merging the Lisk-CLI into the Lisk App SDK and the stabilization of the Lisk App SDK. “Resilience,” the second phase, consists of six implementations: rebranding, lisk daemon, lisk app SDK modularization, basic application features, mobile clients and code rewrite. Following this is the “Expansion” phase that will provide a foundation for technologies to develop blockchains with advanced features, finalizing the platform. This phase will include advanced application features, smart contract support and third party technology support. The fourth phase, “Ascent,” will focus on trustless blockchain applications by proof of stake and security, optimization, scalability and consensus changes. Lastly, the final phase in the Lisk roadmap is “Eternity” and its core element will primarily be governance.
Kordek said, “We want to be as open and transparent as possible and unveiling our future commitments was a special moment for us. We believe the resulting outcome of our efforts will supercharge the democratic and decentralized nature of our blockchain while providing a foundation for long term sustainability and success,” Kordek concluded.
In May, Lisk conducted an Initial Coin Offering worth over 14000 BTC, which is now the equivalent to $10 million USD. This ICO made history by becoming the third most successful cryptocurrency crowdfund to date, the largest in Germany, and one of the top 25 crowdfunds ever.
Currently valued at over $14 million, LSK, the cryptocurrency underpinning the platform, sits in 19th place of the most valuable digital currencies. Additional details on Lisk’s new campaigns can be found on the Lisk Blog.