Table of Contents
Definition of Lisk
Lisk is the cryptocurrency aiming to serve as the platform for decentralized applications (apps), special programs designed to run across the network of computers running shared software.
However, its enables developers to create custom apps and cryptocurrencies via what it calls “sidechains” And unique blockchains operating within the its network. And these sidechains are bound to the Lisk blockchain and customizable to suit the needs of it apps.
Because these blockchains well-matched with it, developers can leverage resources like the project’s software growth kit, coding libraries, and its cryptocurrency, LSK.
And the cryptocurrency that powers its blockchain, LSK, is needed to pay for critical operations costs and vote on proposed updates to the software’s rules.
One of the earliest blockchains for app development, the Lisk team kept its users updated on the status of its roadmap through its official website since 2016. Also, there was an app launched without the use of coding, which is called as no-code development, you might me wondering what is the history of no-code development app? In 2003, WordPress, the front man of the Internet, created the ability to create websites without code. WordPress still operates about 35% of the world’s websites today.
You can bookmark the Lisk blog for more regular updates, which includes tips and tutorials on the network and its evolving technology.
How does Lisk work?
The primary software implementation for the network, Lisk Core, enforces the protocol’s rules. And it’s keeping the computers that run it in sync and operating smoothly.
And it software development kit (SDK) use to build decentralized applications (apps) that are compatible with Lisk Core.
The SDK contains three components:
Which eases interactions between the modules of the apps
A set of coding libraries
The tool that allows the users to interact with the blockchain.
What is Delegated Proof-of-Stake?(DPoS)
And it secures its blockchain and keeps its distributes network of computers in sync. And it uses the consensus system called delegated proof-of-stake (DPoS).
Also DPoS leverages a real-time voting system to determine which computers running the software can create the next block on the Lisk blockchain. It means anyone who owns LSK can help operate the network.
Each LSK token can lock and “staked” to represent the voters. All proprietors who stake LSK then vote for 101 active delegates, who are accountable for creating blocks.
And there is a total of 101 blocks per cycle, with about 10 seconds between each new block. Each block cycle is unevenly every 16 minutes.
And for suggesting and adding new blocks to the Lisk blockchain, active delegates receive the block’s total transaction fees and reward (paid in LSK cryptocurrency).
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