THe Lisk blockchain application platform has made a significant impact on the cryptocurrency industry over the past few months.Behind the scenes, the developers continue to work on improving the system and adding new features. Now that the mainchain has been stabilized, the project has reached the first major milestone of its development roadmap.
A Significant Step Forward For The Lisk Project
Along with the stabilization of the Lisk mainchain, the developers also improved the project’s governance model. Delegates are now able to generate and forge blocks and be rewarded for it. This process looks similar to Bitcoin mining and allows for full decentralization of the Lisk ecosystem over time. Up until now, the entire network was governed through a managed system where nodes were only operated by the Lisk team. As of yesterday, 101 different community members operate these nodes, allowing for more decentralization than before.
Both of these changes will advance the Lisk network to the next phase. Establishing a trustless blockchain ecosystem has always been the top priority, yet it took some time to make sure everything was stable enough to do so. Delegates can now control their own nodes without supervision. Additionally, the forging rewards allow LSK holders to keep their income or reinvest it into the network.
Lisk CEO Max Kordek commented on the milestone as follows:
“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. 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.”
More ambitious improvements are on the horizon for the Lisk ecosystem. A Delegate Campaign, Community Fund, and Proposal Contest has all been launched least months. This allows for future growth of the LSK community, and have the community make important decisions regarding the future of this project. Without a proper community, the Lisk network cannot achieve critical mass.
Being open and transparent as possible is the primary goal for the Lisk developers right now. Future features will be unveiled in the coming months, and it is good to see them reach their first major milestone without a hitch. Blockchain technology should always de democratic and decentralized, as that its the only way to ensure proper transparency.
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