summary: Lisk is a blockchain application platform with an SDK providing developers with a set of tools.
content: LSK is the native token that fuels the Lisk platform and it operates as a Utility Token it is used to pay for transaction fees on the Lisk blockchain. Overview The Lisk platform was launched in May 2016, it is an Open-source and blockchain-based platform with a goal to make blockchain technology more accessible for developers to build Decentralized application (DApp). It does this by utilizing side chain technology. The Lisk network became officially active on the 24th of May, 2016 with the formation of the first block on the Lisk blockchain which is also called the genesis block, having 100 million LSK. The genesis LSK tokens are the original application of the Lisk protocol and were primarily issued to Initial Coin Offering (ICO) participants and stakeholders by the project team. !laptop_black.png Lisk aims to address the problem encountered by developers when creating applications using blockchain. Developers put so much effort into their work but are usually under the mercy of centralized entities such as Google Play and Apple’s App Store, which get the largest share of revenue. Lisk aims to make amends to this by creating a structured decentralized platform that will give allowance for developers to deservedly earn from their work. Also, instead of making use of a proprietary coding language, uses JavaScript, the most well-known, so as to accelerate development to make it easier for developers to join the platform. External Security Audit In a bid to offer customers top notch security an external security audit was recently carried out by Least Authority of Lisk SDK 5.0.0, and the forthcoming Lisk Core 3.0.0. The audit covered the entirety of work completed as part of the Network Longevity phase of the Lisk protocol roadmap. The security audit was efficaciously completed without any main issues being identified, making way for Lisk Core 3.0.0 to be eventually released on the mainnet safely and securely. Team Lisk is spear headed by a vivacious team leader Max Kordek who also is the Chief Executive Officer and a co-founder of the great establishment and Oliver Beddows. Kordek has been a devoted follower of blockchain, and through many experiential years he has been able to gather a lot of insights on blockchain technology for years before the start-up of Lisk. He also enjoys science fiction greatly. Beddows who co-founded the Lisk platform operates simultaneously as the Vice President and Chief Technology Officer. With more than 12 years of development experience under his belt, he believes blockchain is a powerful technology that can transform the world for the better. The team comprises of about 50 team members who work on blockchain development, marketing, community management, business development and various operations to strengthen the Lisk platform. The Lightcurve team is based in Zug, Switzerland also having a branch in Berlin, Germany and is solely on the retainer of the Lisk Foundation. Lisk Operation The Lisk is a platform that gives allowance for developers to create Decentralized application (DApp) some examples are the Ethereum or NEO. However, Lisk differentiates itself from other similar platforms in various ways. The Ethereum (ETH) platform utilizes Solidity which is a language unique to it, thus makes it mandatory for all developers who will be making use of the platform to learn a new language. It is also worthy to note that the platform is majorly devoted to smart contracts. This in-built code causes third parties to have to operate as front-end applications. Lisk makes use of Sidechain technology and a Software development kit (SDK) to authorize developers to produce high-quality Decentralized Applications. Lisk’s SDK Core Compartments Consensus Algorithm – this is Deputized Proof of Stake (DPoS) Sidechain – this allows the developers to make independent blockchains that are connected to the main chain Back-end – is an entirely customizable code that gives allowance for developers to create Decentralized applications freely Front-end – has a friendly User interface (UI) where people generally can interact with the chains Integrating the capacity of the main chain with open-source blockchain development kits, developers have the means and path to create exhilarating, appropriate, and reachable digital applications. These apps can then be made available as a package in a decentralized app source. The LSK token is used to fuel transactions and services on the Lisk blockchain. Sidechains Sidechains are autonomous blockchains which are connected to the main blockchain without affecting in anyway its performance. This opens the ground for such interoperability that gives allowance for users to perform previously incredible tasks such as transferring tokens directly between chains. On the other hand, sidechain technology aids the work of developers as it allows them to customize things like Consensus Algorithms, testnets, and asset tracking. Several side chains have integrated just one blockchain an example is Bitcoin while some others are developed for private blockchains. Lisk has an idea to combine these in a bid to create the best solution which is maintaining security with side-chain flexibility. Developers can make their own blockchain which will operate as a sidechain, while Lisk sustains the mainchain which is protected by 101 delegates. With such arrangement put in place the going down of a side chain would not affect both the network and the main chain. Governace of Lisk Blockchain The Lisk network is structured in such a manner that it is both decentralized and trustless. This validates the fact that no single individual is in direct control. The network is jointly secured by 101 democratically elected delegates whose primary responsibility is to confirm and broadcast the validity of transactions by including them in forged blocks. All Lisk accounts on the network are entitled to vote for delegates registered on Lisk’s blockchain network. Lisk utilizes Delegated-Proof-of-Stake (DPoS) consensus algorithm. Delegated Proof of Stake Lisk utilizes a delegated proof of stake which operates in the following manner.Any user can become a delegate simply by registering an account on the network. Account holders can easily collect votes from any other LSK holder. 1 LSK token is equivalent to 1 vote, and holders are allowed to vote with their current LSK holdings. The 101 delegates with having the are given access to add new blocks on a blockchain and in doing this they also secure the network. These delegates are described as being in an “active” mode while the others are on “standby.” Also, the order of the active and the standby delegates is continually changing. "In my opinion, delegated proof of stake (DPoS) is the only scalable, secure and proven consensus algorithm on the market today. Regular proof of stake (PoS) or proof of work (PoW) consensus algorithms are not scalable enough in my view, and what the Ethereum Foundation is working on for Ethereum 2.0, i.a. the sharding mechanism, is not real-world proven today. We need something proven and scalable and secure, which is delegated proof of stake. In summary, at Lisk, we are not here to bring the most cutting-edge technology to the industry. We're here to make blockchain technology accessible, to bring it to the people. That's the most important thing for us, and delegated proof of stake checks all the right boxes in attracting validators." Max Kordek said when asked about the DpoS in an interview Initializing a Lisk account A Lisk account comprises of a private key and a Public key . The private key is a derivative from the passphrase generated at the initial creation of the account. The public key is generated from the private key which in turn is used to create a Lisk address connected with your Lisk account. All Lisk address are computed as a hash of the public key and can be viewed as its abbreviation. With this is place there is the possibility of several public keys yielding the same address and this occurrence is known as "address collision". When there is a collision attack it means that a user with a different private key sends funds from an existing Lisk address. This attack only occurs with Lisk accounts that were not initialized. The initialization of an account which involves sending at least one outgoing transaction, which indicates that the correct public key is then recorded on the blockchain. This action establishes account security simultaneously making it collision-free, as the network is able to detect non-matching public keys. The platform thereby recommends the that holders of Lisks account take proper steps to initialize their accounrts ,by following the outlined steps; Making a deposit of a small amount of LSK tokens in Lisk account. Initializing your account by making an outgoing transaction. Until after initialization users are advised not to carry out transactions requiring higher amount of LSK tokens. For users who already have a Lisk account ,they can easily sign in with their generated passphrase or a hardware wallet, before sending a transaction, which might be voting for delegates, registering a delegate, balance transfer to yourself or even to another user. After any one of these types of transactions has been carried out successfully, the account will then be initialized. Applications created on Lisk Some of the applications created on Lisk are outlined in the table below: | Application Name | Application Developer | About Application | | ---------------- | --------------------- | ----------------- | | Lisk Bike | Lisk Center Utrecht | A decentralized bicycle sharing marketplace | | Lisk Supply Chai