How Lisk Can Revolutionize How Blockchains are Utilized
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 a power duo of blockchain experts who have 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.
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.
Second, despite its relative simplicity, the new platform also is making improvements on the previous cryptocurrency platforms, including existing issues and concerns related to the speed and efficiency of application development as well as with 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 has started 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, creating 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 and may go a long way to encouraging more developers to participate and generate new blockchain applications.
Revolutionary Changes to Propel Cryptocurrency Closer to Mass Adoption
It will be exciting to watch just what will come next from the Lisk team now that they have been the first to hit such a high crowdfuding rate to invest in their research and development. 2016 is certainly shaping up to deliver some revolutionary changes to the crypotcurrency industry.