DPoS improves on PoW by providing a more democratic, energy-efficient system which not only helps the environment, but fosters a community of dedicated forgers who need to continually prove their stake in the business in order to secure votes – says Max Kordek, CEO and Co-Founder of Lisk, in Bithub.pl’s #SundayInterview.
Very straightforward question for starters: what’s the difference between Lisk and Ethereum as programming platforms?
Unlike Bitcoin Lisk is based on proof of stake. How is PoS better than PoW?
MK: The chosen consensus system for the Lisk network is actually Delegated Proof-of-Stake (DPoS), which is different from pure PoS. This blockchain architecture means that anyone can register as a delegate (aka network forger) on the Lisk network by choosing a username for their account. This delegate account can collect votes from any LSK token holder. The top 101 voted delegates are eligible to create new blocks on the Lisk blockchain and include transactions into their block. By doing so they get rewards in LSK. Each delegate is encouraged to behave honestly, if they try to create false blocks or transactions their block will not be included into the blockchain and they will lose their rewards.
Every other delegate account outside the top 101 is on standby. The voting process happens in real time and the order of the delegates, active and standby, is always subject to change. DPoS improves on PoW by providing a more democratic, energy-efficient system which not only helps the environment, but fosters a community of dedicated forgers who need to continually prove their stake in the business in order to secure votes.
What is the basic idea driving your project: creating tools for programming, influencing shift in the economy, providing a credible cryptocurrency for daily transactions?
MK: The aim of Lisk is to provide accessible, high-quality tools, as well as appropriate education in order to enable anyone’s blockchain vision to become reality. We don’t have a particular vertical we want to disrupt. While use cases for Lisk applications span global industries including, healthcare, Internet of Things and real estate, we’re also envisioning improving many not-for-profit causes such as human rights, environmental protection and a fairer financial system. We are excited to see many more applications coming from our community members and how they will change the world as we know it.
What are the biggest or most interesting, in your opinion, applications that so far have been built on Lisk?
MK: While Lisk has a fully functioning network and an active community of hundreds of thousands, we are currently in the process of building our SDK, which will be released in 2018. Thereafter, we will be focusing on supporting the disruption of a variety of industries and charitable causes mentioned above.
What are the advantages for a company to use generally available blockchain platform instead of developing one on its own?
MK: Given the decentralized nature of our blockchain, even when an application is built on the Lisk network, dApp creators have full control over its creation and development, as well as any profits that may arise from its existence. Potential blockchain app developers and commissions also benefit from being part of a fully established network with many nodes, crypto-secure system and professional support. Furthermore, creators can enjoy being part of a dedicated Lisk community which provides the necessary education and support in order helping anyone realise their disruptive vision – whatever the stage of their project development.
Interview by Przemyslaw Cwik