Lisk And The Booming Frontier Of Blockchain Applications

By Michael Scott

Blockchain technology, the much talked about innovation that undergirds bitcoin and other forms of cryptocurrency, is poised to have a big impact on the world of digital applications as we know it.

At the epicenter of this trend is a German-based company called Lisk that has emerged as a pivotal player in this rapidly growing space.

Launched in May 2016, this decentralized blockchain application platform enables users to build applications in JavaScript. Ideally suited for developers and future users of blockchain applications, Lisk endeavors to create a simplified development process with the goal of reducing current barriers into entry in this realm.

Co-founders Max Kordek and Oliver Beddows are the main fuel behind Lisk, having prepared the code base, designed the website and created the strategic aims of the company.

The Lisk Foundation oversees and manages the entire Lisk project. The foundation has three board members, Vice President Beddows as the technical expert, Guido Schmitz-Krummacher, who oversees the legal and organizational department, and Kordek, the president of the foundation and its business lead.

The Lisk Foundation’s main philosophy is transparency. The aim is to ensure the overall success of Lisk as an open-source and nonprofit project by translating blockchain technology for the everyday user and eliminating current obstacles and barriers to entry. The company’s main strategy is to partner with the best third-party service providers available worldwide.

Lisk functions in a two-pronged manner, as both a network and a cryptocurrency called “LSK.”

Lisk’s most prominent feature is its infrastructural makeup. This includes an application that allows any JavaScript developer worldwide to set up a customized blockchain known as a sidechain — with a decentralized application on top. This has facilitated the development of key applications, with key elements of privacy, security and capability included.

Kordek described sidechains as “independent new blockchains that run parallel to the main parent blockchain. Just like sticking a Post-it Note on a book, it adds new information without changing the original text.”

Kordek went on to note that Lisk provides a universal framework, replete with decentralized applications that can be used across the world.

“Each of these applications will be scalable and independent, thanks to sidechains, and will belong to a network that can evolve over time with more services and, in turn, more complex and innovative applications being developed,” he said.

In tackling this new frontier of blockchain applications, Kordek said that he personally draws inspiration from people like the fun-loving entrepreneur and risk-taker Richard Branson, the visionary Elon Musk and tech pioneers like Bill Gates and Steve Jobs.

“Those personality traits are qualities that Oliver and I believe are the foundation of any successful business,” he said. “We believe in our project and the vision of Lisk, and we have taken inspiration from these industry leaders to build an environment for this project and our growing team to flourish and thrive.”

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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