Lisk is a decentralized blockchain application platform that allows users to build their own specialized blockchain networks. Essentially, developers can use Lisk’s Sidechain Development Kit to build their own blockchains that exist outside the Lisk main network (1). Decentralized applications (DApps) can then be built on top of these blockchains. Because Lisk uses JavaScript, the potential for mass adoption is larger than other cryptocurrencies that require developers to learn a specific language for that currency (2).

PROS

  • Lisk’s Sidechain Development Kit makes it easy for developers to build their own blockchains because the kit is free, open-source, and in JavaScript (1)
  • Scales infinitely due to sidechains and the fact that these blockchains exist off of the Lisk main network (2)
  • Very active development team
  • Recently launched a new user interface
  • Decentralized network
  • Relatively fast transactions (2)
  • Focus on UX to encourage mainstream adoption
  • Steady mobile client (2)
  • Uses Delegated Proof of Stake (DPoS)

CONS

  • Critics say the project has stagnated – it has been two years since the ICO and the most important projects are moving forward but are being kept from public view
  • Critics say that the sidechains will help in the short-term, but if there is mainstream adoption, a larger solution will be needed

Deeper Dive

Lisk allows their users to build their own separate blockchains, which is an alternative to other crypto projects that focus on a single blockchain. This means that Lisk relies heavily on sidechains to keep the Lisk main network running smoothly, without interruption. Through Lisk, you can host ICOs on your own blockchain and potentially build thousands of apps on your own blockchain – all running without interference of other DApps on other blockchains. If there are any issues with specific blockchains in the Lisk ecosystem, those issues will be restricted to that blockchain and will not affect the Lisk main network (1, 3).

Ethereum vs Lisk

Ethereum is probably the most similar blockchain project to Lisk by comparison. Ethereum is a smart contract platform, where you can develop scripts and upload the scripts to the blockchain for everyone to execute (3). Though there are many similarities between the two platforms, one major characteristic separates Lisk from Ethereum. With Lisk, you develop completely separate and specialized blockchains, independent from the Lisk main network, and register your blockchains on the main network. This also means that your blockchain is completely customizable. Everything, from types of transactions to voting rights, can be designed and function however you want (3).

 

Additional Resources:
Website: https://lisk.io/
Roadmap: https://blog.lisk.io/lisk-development-roadmap-5afc4cd0612e
Team: https://lisk.io/team
Documentation: https://lisk.io/documentation
Twitter: https://twitter.com/LiskHQ

Sources:
(1) https://lisk.io/
(2) https://cryptodaily.co.uk/2018/02/why-lisk-could-hit-100-this-year/
(3) https://www.youtube.com/watch?v=G4zc41v1JW

 

If you would like to talk about Lisk, or any other cryptocurrencies, join us on our discord! https://discord.gg/Hr3EUH9

 

Contributed by Donné Torr.