A history of Lisk (LSK)

June 21, 2018
Chris Wheal

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/

Evolution

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.”

The origins of Lisk go back to 2014. Credit: Shutterstock

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 also uses Javascript as its’ desired programming language and since most programmers are familiar and comfortable with Javascript this is beneficial from an app building perspective.

Lisk founders Kordek and Beddows wanted to make Blockchain technology more accessible. Bearing in mind that popular apps (for instance Twitter, Uber and Facebook) and the web itself primarily runs on Javascript, then their decision seems logical.

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

Sidechains

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 only 24 when he co-founded Lisk. Credit: 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.”

 

Beddows wanted to make Blockchain technology more accessible. Credit : Lisk

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.

Lisk Timeline

Q1 2016

Max Kordek  and Oliver Beddows propose the idea for Lisk and raise 14,000 BTC in an Initial Coin Offering (ICO).

Q4 2016

The Lisk Foundation is established in Zug, Switzerland, which has become known as Crypto Valley.

2017

Lisk expands to include more than 100 people contributing to the project each day.

Q1 2018

Lisk hosts a relaunch event to unveil its new website, branding, product names and client interface.

2018

Lisk Core 1.0 aims to ramp up network efficiency, scalability and stability.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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