Lisk Delegates to Prepare for Forging Rewards

Lisk, the blockchain application platform, announced today plans to issue block rewards to Lisk delegates, a critical milestone that will be reached before the end of 2016. In welcome news for community members contributing to the network, development of the Lisk protocol has sufficiently advanced and stabilized, allowing for forging rewards to be awarded to […]

Lisk, the blockchain application platform, announced today plans to issue block rewards to Lisk delegates, a critical milestone that will be reached before the end of 2016. In welcome news for community members contributing to the network, development of the Lisk protocol has sufficiently advanced and stabilized, allowing for forging rewards to be awarded to delegates for the first time. For every block forged, a process similar to Bitcoin mining, every elected delegate will be awarded 5 LSK.

Developers and partners from around the world are joining the Lisk project, a platform that uniquely allows for the deployment, distribution, and monetization of custom blockchain applications each running within their own sidechains. No other platform provides a full-stack blockchain solution for JavaScript, the most widespread programming language. Among its distinctive features, unlike Bitcoin, Lisk utilizes a Delegated Proof of Stake consensus algorithm which requires 101 elected delegates to protect the mainchain. These delegates are remunerated for their service to the network with forging rewards, along with transaction fees.

Founded in early 2016, Lisk completed an Initial Coin Offering in May and attracted approximately 14,000 BTC, now worth approximately $10 million USD. At the time, Lisk’s ICO became the second most successful cryptocurrency crowdfund to date, and it remains among the top 25 largest crowdfunds in history. Subsequently, the Lisk core team has aggressively pursued development of its platform, hiring and recruiting programmers, engineers, and other contributors from around the world.

“We’re excited to share great news with our community. Upon reaching block 1451520, the platform will automatically initiate the issuance of block rewards, whereby 5 LSK will be sent directly to each elected delegate for every block they forge. We can now announce that this block will be reached before the end of 2016,” said Max Kordek, CEO and Co-Founder of Lisk.

In preparation for the roll out of the rewards, Lisk released version 0.5.0 to the testnet with improved stabilization. The development team focused on increasing block propagation efficiency and reliability by adding a new “Broadhash” implementation.

In addition, the team rewrote the peer to peer transport layer, massively reducing CPU usage under high loads; expanded test coverage with further refactoring of legacy code; strengthened schema validations for better data integrity; and implemented various mitigations against multiple edge-case fork occurrences.

Lisk will now begin the development of Lisk 0.6.0 to be completed over the coming month. The forthcoming version brings a complete rewrite of all database logic, allowing for faster block processing and atomicity. It will also add further intelligence to the unconfirmed transaction memory pool, which is designed to open the way for larger block sizes.

Currently valued at over $19 million, LSK, the cryptocurrency underpinning the platform, sits in 15th place of the most valuable digital currencies.

“Looking ahead into early 2017, we expect to have made drastic progression on stabilization of the Lisk sidechains and the development of the App SDK – a unique feature to our blockchain application platform. We look forward to sharing much more progress with the community in the coming weeks,” added Kordek.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<