What is Lisk?
A fork of the Crypti project, Lisk (LSK) is a blockchain platform that allows developers to create their own decentralized blockchain applications on top of what are known as: sidechains. Lisk sidechains allow developers to create applications with their very own blockchain technology backing them up. Lisk utilises its own blockchain technology, with sidechain applications being able to operate along side the mainchain.
Lisk uses the consensus algorithm: Delegated Proof-of-Stake (DPoS). This allows for any LSK holder to vote for mainchain delegates who are responsible for securing the network. There is a maximum of 101 active mainchain delegates at any given time. Other delegates are either on standby to becoming a mainchain delegate, or are busy securing Lisk sidechains. All delegates are rewarded in LSK for helping to maintain the Lisk network.
- Consensus Algorithm
- Back end
- Front end
The consensus algorithm for a blockchain application is by default DPoS, with the sidechain being the database from which the application operates from. The back end consists of the computational logic required for the blockchain application to run, and the front end, the application interface that the user interacts with.
In-order to save data on to a sidechain, and for a blockchain application to run smoothly, a token of value is required in the form of a LSK token, or a custom token unique to a sidechain. This has the benefit of preventing spam transactions on both the Lisk mainchain, as well as the sidechains. Sidechains are also able to connect with the mainchain by using the LSK token.
The provision of blockchain services is a powerful feature of the Lisk platform that adds further functionality to blockchain applications. Blockchain services are a type of blockchain application that only have a single use. Developers can use these services within their application. Examples of blockchain services include:
- Storage of user information as a service
- Execution of smart contracts as a service
Blockchain application developers can use a blockchain service for storing user information without having to necessarily build such a function into their application. Blockchain developer are able to incorporate these services into their applications because these services would be connected to the mainchain, therefore allowing access for the sidechains.