Lisk, an open source blockchain application and sidechain platform, has announced the stabilization of its mainchain, bringing greater decentralization to the ecosystem and allowing delegates to forge (generate) blocks and be rewarded for it.
Prior to the event, the network was under a managed system in which the nodes of 101 delegates were operated and controlled by the Lisk team. The delegates are now operated by 101 different community members, allowing for a truly decentralized and trustless blockchain by allowing delegates to control their own nodes without supervision or government by the Lisk team.
“This achievement bolsters Lisk in a big way, and parallels most of the very reasons blockchain technology exists; to allow greater financial freedom, to reward network contributors, to heighten the peer-to-peer experience and to do away with a central point of authority,” said Max Kordek, CEO of Lisk. “We’ve created opportunities for the strongest Lisk supporters to enter the top 101, earn LSK forging rewards, and give back to the system through their own proposals. To be a part of a decentralized community is appealing in its own right, but building a decentralized system with active delegates is something entirely different.”
The activation of forging rewards means LSK holders can now choose to either keep their income or reinvest it back to the List network with the aim of financing proposed community projects.
LSK, the cryptocurrency underpinning the platform, is currently valued at over US$14 million, sitting in the 19th place of the most valuable cryptocurrencies, according to Coinmarketcap.
Lisk development roadmap
The mainchain stabilization is the first and most crucial step in the Inception phase of Lisk’s development roadmap.
The next two milestones in the Inception phase will be merging Lisk-CLI into the Lisk App SDK and the stabilization of the Lisk App SDK, which will allow developers to start working on blockchain applications.
The Inception phase will be followed by four other phases aimed at further building the infrastructure with a focus on security, optimization and scalability, adding advanced application features, smart contract support, among other things.
The idea is that every decentralized app runs on its own sidechain, separated from the main blockchain. This should help solve some of the scalability issues that many cryptocurrencies are facing.
The network operates using a highly efficient Delegated-Proof-of-Stake (DPoS) consensus model that is secured by 101 democratically elected delegates.
In May, Lisk conducted an Initial Coin Offering which raised 14,000 BTC or the equivalent to US$5.8 million at the time.