- CEO of Lisk (LSK), Max Kordek says all blockchain consensus algorithms have their strengths and weaknesses
- Kordek claims the recent block reward reduction is in the best interest of the platform and its users
- The newly introduced Lisk Improvement Proposal (LIPS) will address a lot of issues plaguing the network, Kordek declared
With the crypto winter showing no signs of going away anytime soon and the price of bitcoin and other crypto-assets keep making new lows with each passing day, the CEO of the Lisk (LSK) Â distributed ledger technology (DLT) project whose native altcoin LSK currently ranks 35th on the market, has made it clear in an interview with Finance Magnates on December 13, 2018, that the project is here to stay. Â
The Lisk Advantage
In a recent interview with Finance Magnates, Max Kordek, the CEO and co-founder of Lisk (LSK) seized the opportunity to counter critics while also shedding more light on the achievements and planned activities of the project.
Created in 2016 by Kordek in collaboration with Oliver Beddows, using JavaScript and TypeScript, Lisk is based on the Delegated Proof-of-Stake (DPoS) consensus algorithm which is more energy efficient than Bitcoin’s Proof-of-work (PoW).
Explaining the reason behind his choice of programming language, the CEO of the project reportedly stated that he felt the need to make it easier for developers to create highly functional blockchain solution without necessarily learning to code afresh with programming languages like Solidity and Turing, which most of them may be unfamiliar with.
“One of the first challenges I observed in the DLT world was how difficult it was for coders to venture into the space due to the technical sophistication of blockchain.”
Kordek claims that Lisk makes it possible for developers to seamlessly build blockchain applications “on top of customized sidechains in JavaScript and TypeScript.”
A Work in Progress
Although the Lisk project has held its own since its birth two years ago, it’s worth noting that the project has also faced some stormy waters.
In October 2018, one of the Lisk top developers called 4fryn, wrote an article highlighting the problems facing the project, including its unbalanced voting system, dynamic fees and more.
In response to that, Kordek made it clear that there is actually no consensus algorithm that is 100 percent perfect, as all the consensus protocols currently in existence are a work in progress.
“These issues will be addressed through the newly introduced Lisk Improvement Proposals (LIPs). We care about these challenges so much that we created a whole new phase of our development Roadmap dedicated to further tweaking our consensus algorithm, the voting system as well as incentivization of standby delegates,” he said.
At press time the price of Lisk (LSK) sits at $1.38, with a market capitalization of $155.99 million and a 24-hour trading volume of $4 million. Â
