A history of Lisk (LSK)
Lisk was launched in 2016 and is listed as LSK. This cryptocurrency currently has a market cap of $949.71m – ranking it 26 in a universe of just under 2,000.
You can visit the Lisk web page at https://lisk.io/
The origin of Lisk goes back to 2014 with Crypti, an open-source blockchain app platform which was eventually forked by founders Max Kordek and Oliver Beddows. Although successful on a community level, Crypti needed to develop further, it was forked into Lisk in May 2016.
Valuable recruits were added shortly after this fork. Charles Hoskinson (ex-CEO of Ethereum) and Steven Nerayoff (ex-advisor for Ethereum) were appointed as senior advisors of Lisk, to help guide product development.
Kordek, was keen to flag up the appointments, commenting at the time: “There is no one else in the world like Charles who has the vision to build a successful cryptography project. And Steven has an invaluable entrepreneur insight after founding six companies and being a venture capitalist.”
What LSK offers
Given the vast number of cyptos in the market, what is LSK’s selling point?
In the main, it is the fact that Lisk on launch sold itself as the “first modular cryptocurrency utilising sidechains”.
What this means is that the LSK coin uses ‘modules’ that serve as the basis of its construction. In short, the Lisk system allows anyone to use its ‘designing blocks’ to construct their own decentralised apps .
Lisk is able to differentiate itself from other cryptos. For instance, Ethereum uses Solidity which means developers having to learn a new language and its’ the focus is on smart-contracts. This back-end system needs third parties to function as front-end applications (for instance My Ether Wallet for ERC-20 tokens).
In contrast Lisk uses sidechains and a complete Software Development Kit (SDK), enabling developers to create decentralised apps and an independent blockchain under one system
So, what are sidechains and why are they important? A common problem with blockchains is that they can be artificially enlarged by test or bogus transactions. Often the blocks get full quickly which slows the network down – this is often referred to as a ‘bloated network’.
To solve this problem, Lisk uses sidechains. Sidechains are additions to the main blockchain. Sidechains effectively act as places to put all the high-volume transactions without interfering with the main blockchain. The desired result is a much faster network.
According to its developers, the Lisk mainchain is streamlined in comparison to other crypto-currencies.
Growth and potential
According to an article on Crypto Recorder in May 2018, Lisk has been noted as a pretty stable coin in the market given the fact that LSK didn’t have any major price drops as opposed to other cryptocurrencies in circulation.
The article also points to the announcement that LSK would be added to ABRA, a global wallet, and suggests this could prove significant.
“Lisk being added on ABRA is another important factors for sky-rocketing Lisk while also showcasing its stability on the market. Now that LSK is to become available on ABRA, its visibility will increase consequently which means that there may be more radical rises.”
In terms of volumes over the last six months, the high-point was around the end of March and beginning of April – peaking at around 278.97k which coincided with a price recovery from a low 0f $8.2 in March to a high of $12.6 in April. Historically, LSK’s record high is $32.62.
The faces behind Lisk
Max Kordek was born in 1992 and lives in Aachen, Germany.
The Bitcoin expert was only 24 when he launched Lisk with co-founder Oliver Beddows in 2016.
At the time of launch he said: “Bitcoin is very slow. You have to wait 10 minutes for every transaction. Our own network, with our own cryptocurrency, you have to wait 10 seconds.”
Oliver Beddows was born in 1979 and though initially from the UK now lives and works in Germany. Like Kordek, Beddows worked at Crypti before co-founding Lisk in 2016.
Max Kordek and Oliver Beddows propose the idea for Lisk and raise 14,000 BTC in an Initial Coin Offering (ICO).
The Lisk Foundation is established in Zug, Switzerland, which has become known as Crypto Valley.
Lisk expands to include more than 100 people contributing to the project each day.
Lisk hosts a relaunch event to unveil its new website, branding, product names and client interface.
Lisk Core 1.0 aims to ramp up network efficiency, scalability and stability.