Lisk is a blockchain application platform, founded by Max Kordek and Oliver Beddows in May 2016. Based on its own blockchain network and cryptocurrency (LSK), Lisk enables developers to build blockchain applications and deploy their own sidechain linked to the Lisk mainchain, including a custom token.
Thanks to the scalability and flexibility of sidechains, developers will be able to implement and customize their blockchain applications to a large degree. The sidechains will be customizable with different parameters and transaction types in order to optimally fit the blockchain application’s use case.
The Lisk network is operated using an efficiency-focused Delegated Proof of Stake (DPoS) consensus model, which is secured by democratically elected delegates.
Lisk, headquartered in Zug, Switzerland, raised over 14,000 Bitcoins in funding during its token sale.
1) Lisk Framework, which is the main component that contains essential blockchain modules,
2) Lisk Elements, which is a set of libraries that are useful in blockchain development,
3) Lisk Commander, which is a Command Line Interface tool, allowing the users to interact with their blockchain.
Lisk Core, on the other hand, can be seen as the main blockchain application built with the Lisk SDK.
Lisk uses a Delegated Proof of Stake (DPoS) algorithm to reach consensus. It is based on the BitShares DPoS consensus and has been observed in several other cryptocurrencies such as EOS, Tron and Steem. Every LSK token holder can vote for up to 101 delegates, where the weight of the vote is given by the account balance. The 101 delegates with the largest overall weight are called active delegates. These active delegates propose news blocks that are added to the Lisk blockchain and validated by every node in the network. Any account can become a delegate, but only the 101 accounts with the most votes weighted by stake are allowed to generate blocks. A delegated party is rewarded for securing the network with LSK tokens starting with 5 LSK up until block number 1,451,520 and then reduces by 1 for every 3 million validated blocks.