Lisk is a decentralized network such as Bitcoin, Nxt, or BitShares. It doesn’t utilize Proof of Work like Bitcoin, or Proof of Stake like Nxt. Lisk uses a simplified implementation of BitShares’ original consensus algorithm called Delegated Proof of Stake. That means every LSK holder can vote for mainchain delegates which are securing the network. There are only a maximum of 101 active mainchain delegates which always got the most votes on the whole network, and only they can earn block generation rewards, that means there is a financial incentive to become an active delegate. Every other delegate is on standby awaiting to become elected, or alternatively, securing a Lisk sidechain.
|Token Raised||6,500,000 USD|
|Token Price||5.14745 USD|
|Restricted countries||No restrictions|
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|Website||Click Here For Visit ICO Homepage|
Lisk uses Delegated Proof of Stake (DPoS) as its consensus protocol.
Delegates generate all of the blocks within the system and are elected by the stakeholders, in this case all entities holding LSK tokens. The number of delegates is fixed at 101. Each stakeholder can vote for up to 101 delegates, and the weight of the vote depends on the amount of LSK the stakeholder possesses. Any stakeholder can vote for a delegate using a vote transaction.
Consensus is a key aspect of any blockchain system. It serves a vital purpose in a system where there are countless nodes and all nodes need to agree on the integrity of the data that is being recorded on a blockchain.
A delegate is a type of account that has registered using a delegate registration transaction as described in transactions. These accounts have a key role in the Lisk ecosystem as they generate blocks and validate transactions. Any account can become a delegate, but only the 101 accounts with the most votes weighted by stake are allowed to generate blocks.
A delegate round is exactly 101 blocks in length, identical to the total number of forging delegates. During each round, every delegate has one fixed time slot to forge a block. The time slot indicating the position of the delegate in the block generation process is assigned at the beginning of each round. If an elected delegate cannot forge during a round, another elected delegate will forge their block instead. In order to forge a block, the node associated with the delegate inserts up to 25 transactions into the block, signs it and broadcasts that block to the network. Once the block has reached the network, the next delegate will begin to forge in the next assigned slot.
Lisk uses elliptic curve cryptography and cryptographic hashing in order to secure all aspects of the system. The system uses EdDSA as it provides a robust and fast mechanism for hashing and providing security.
A key pair consists of a private key and a public key. A private key is a string of numbers and letters only known to the owner of the key. The public key is derived from the private key and can be used to validate that the private key belongs to the owner without providing access to their private key. Elliptic curve cryptography is used to generate cryptographically secure key pairs.
Every transaction, regardless of the type, must be signed by the sender prior to being accepted by the network. The process of signing the transaction is identical for every transaction. First, a data block representing the transaction must be generated. Each data block contains a specific set of standardized information. Additional information contained in the data block will differ depending on the type of the transaction.
A blockchain is composed of blocks. Each block is composed of a header and a list of transactions. When a delegate is assigned a slot in a delegate round, and has their node running, that delegate generates the next block and confirms up to 25 transactions from the transaction pool. These confirmed transactions will be added to the payload of the block and subsequently signed by the delegate.
Lisk Elements includes:
- A set of Lisk-related constants.
- Relevant cryptographic functions.
- Mnemonic passphrase helpers.
- Functions for creating, signing and verifying transactions.
- An API client for interacting with nodes on the Lisk network.
Merging Lisk-CLI into the Lisk App SDK
The Lisk-CLI tool in its current form will cease to exist. They will rewrite the application, and merge its functionalities directly into the Lisk App SDK, providing a self-contained development package, and reducing their development effort from two repositories to one. The planned merge and rewrite of Lisk-CLI, will make blockchain application development easier to manage, and also lower the barrier to entry for new developers.
Max Kordek – CEO AND FOUNDER
Oliver Beddows – CTO & FOUNDER
Isabella Dell – SYSTEM ARCHITECT
Ricardo Ferro – TOOLS DEVELOPER
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