With the recent news that Lisk, a company headquartered in Germany, has already raised over 1200 BTC after just one week into their Initial Coin Offering (ICO) and ended up raising the equivalent of over $6 million, it’s clear that others within the cryptocurrency community see the disruptive potential that this company holds.
The company is headed by two blockchain experts who developed an open source distributed application (dapp) and custom blockchain platform. It promises to serve as a world computer and is already giving Ethereum a run for its money, especially since it now has the support of Microsoft Azure and other major companies.
Revolutionary Changes to Blockchain Applications
Here are some of the reasons why Lisk may be able to revolutionize how blockchains are used and why there has been so much excitement.
First, Lisk’s platform makes it much easier to develop, launch, distribute and monetize the decentralized applications. This is possible because it runs on Javascript. Since Java is so readily available, it makes working with Lisk a completely customizable process. In contrast, Ethereum involves learning specific protocols and language. This will take programmers much longer and may inhibit their ability to create their decentralized applications. HTML 5 and CSS3 can also be used, adding more flexibility and range of use to what Lisk is offering.
In its whitepaper, Lisk lists the innovation factors that set it apart, including eh aforementioned ease of getting started with building right away because of an existing understanding of JavScript. As the white paper noted, the company wanted to “create an entire plug and play system that would allow developers to do everything in one platform”. It is managed by users and Lisk delegates who are paid via a built-in invoice system and in LISK, which is its own cryptocurrency, or BTC. This makes Lisk a one-stop shop for application development – a truly revolutionary and cost-efficient solution.
Improvements from other Blockchain Applications
Second, despite its relative simplicity, the new platform also is making improvements on the previous cryptocurrency platforms. This includes existing issues and concerns related to the speed and efficiency of application development. It also includes the level of security and standardization that is desired. Its dapps run on sidechains, which are separate blockchains that are then encapsulated in the main blockchain for Lisk. The company has noted on its website that this keeps the process “lean, efficient, and fast.”
Third, the company is working with Chain of Things (CoT) Research Lab on determining whether blockchain technology has application for Internet of Things (IoT) and the development of security specific to this area. Since it is open source, anyone can join the development process and further the direction that Lisk is heading in. The company also sees potential for decentralized exchanges, games, social networks and prediction markets.
Lastly, Lisk has somewhat demystified the whole weird world of cryptocurrency. They’ve created an intuitive user experience that is convenient and straightforward to use. By simplifying the overall experience for users, the experience of using it is more comfortable. This encourages more developers to participate and generate new blockchain applications.
Revolutionary Changes to Propel Cryptocurrency Closer to Mass Adoption
It will be exciting to watch what will come next from the Lisk team with high crowdfunding. 2016 is certainly shaping up to deliver some revolutionary changes to the crypotcurrency industry.
