- The L1 formerly known as Lisk, which was developed by the Onchain Foundation, will continue under a new, still to be defined, name and be taken forward by the team behind Colecti.
- The Colecti team established a 2-year partnership with the Onchain Foundation, securing both technical and financial support for the L1.
- The L1 will be positioned as an integral part of the global blockchain industry, shifting from isolation to integration. A web3 application platform designed to empower creators, traders and developers of all backgrounds and ambitions.
- Introduction of various modules to the new L1 mainchain e.g. TokenIssuance, NFTCollection, TokenTrading and Governance.
- Metamask Snaps Integration for improved functionality and user experience.
- Changes to POS for efficiency and security.
- A DAO for community involvement.
- February: Announcement of new brand name.
- March: Delivery of finalized tokenomics.
- April: New L1 blockchain launch aligned with Lisk migration.
With this blog post, we aim to give you an overview of the future of the Layer 1 (L1), formerly known as Lisk, which was developed by the Onchain Foundation. This promising platform will now be continued by the Colecti team under a new, still to be defined name.
As an important stakeholder in the Lisk ecosystem, the Colecti team (also known as Moosty team) now has taken up the responsibility to move the L1 forward with the support of the Onchain Foundation, and steer it into a sustainable direction. The team is based in the Netherlands and has extensive experience with blockchain technology, community building and the Lisk SDK.
Hereafter you will find an overview of the new vision of the L1, an elaboration of the product changes, additions and more information about the organization.
The Colecti Team & Organisation
The Colecti team has established a 2-year partnership with the Onchain Foundation to build a solid platform as described above. With the agreement and collaboration with the Onchain Foundation the current expertise and knowledge of the technology will be safeguarded within the future project. With the financial backing, the team will be scaled up to 12 full-time members, encompassing development, marketing, and business expertise. In the next two years, the platform will be developed as envisioned, creating the necessary brand visibility and setting up relevant partnerships. In addition to the internal organization, a DAO will be set up to involve the community in building out the ecosystem.
Max Kordek, President of the Onchain Foundation, is enthusiastic about the partnership.
“I’m very optimistic about the new future of the L1 formerly known as Lisk. I’m confident in the Colecti team’s ability to establish a Web3 native ecosystem for the creators economy. We wish them all the best in their endeavors — as a partner the Onchain Foundation hopes for major success which potentially enables us to support the L1 project also beyond the initial partnership of 2 years”.
Involving core community members in key tasks, particularly development, is crucial. These community members will play pivotal roles, driven by a strong incentive structure.
Specific future developments, along with their associated budget allocation and prioritization, will be initiated and subject to validation by the Community DAO through individual improvement proposals. The responsibilities assigned to the Colecti team, as well as its funding, fall outside the purview of DAO governance. However, it is both possible and anticipated that the DAO may allocate a large number of forthcoming developments to the Colecti team as well. In the future, the DAO will be funded by allocating a percentage of the total block rewards to the DAO treasury.
This organization ensures that the community is well-represented within our structure.
We envision the future of the L1 blockchain platform as a dynamic hub that empowers creators and stimulates innovation. It’s designed to empower creators of all backgrounds and ambitions to build blockchain solutions. Whether you’re an individual artist experimenting with your own tokens or NFT collections or a developer creating full-fledged blockchain applications on your dedicated sidechain, the platform provides the tools you need. We have encapsulated this vision in the following principles:
Flexibility: A modular and customizable platform that encourages experimentation and adaptability.
Technical Scalability: Seamlessly accommodate projects of varying scales, from personal projects all the way up to large ecosystems.
Interoperability and Expansion: Let projects thrive within the L1 ecosystem, but also attract users from outside and bridge to larger blockchain ecosystems.
Community Engagement: Incentivizing active participation, collaboration, and engagement among users and developers.
The Colecti team is now building upon Lisk’s strong foundation, backed by years of development and its vibrant community. While the current L1 holds great potential with its advanced sidechain interoperability, it’s important to recognize challenges arising from an isolated ecosystem and the burden that high security requirements of the PoS algorithm place on sidechains. Our aim is to tackle these technical hurdles and position the L1 as an integral part of the global blockchain network, shifting from isolation to integration.
The New L1 Platform
A web3 application platform designed to empower creators, traders and developers of all backgrounds and ambitions.
To facilitate a straightforward and efficient entry into the blockchain ecosystem, a seamless integration with your Metamask wallet will be delivered.
The L1 will provide an extensive suite of modules that gives its users a world of possibilities:
Mint your own digital tokens, manage their supply, and strategically plan their distribution, including airdrops and sales.
Launch your NFT collections, tailored to embody your unique artistic expression.
Access a trading module for seamless buying, selling, and exchanging of tokens & digital assets.
Set up a Decentralized Autonomous Organization that reflects your values and vision.
Engage in staking to earn rewards and contribute to the network’s security.
Explore the blockchain with ease using our user-friendly explorer.
Layer 1 Building Blocks
To realize the L1 platform as envisioned, several changes are required in the current L1 codebase. In the following sections, you will find an overview of the significant building blocks that will be introduced or modified.
Token Issuance Module
A token issuance module will be introduced on the mainchain, streamlining the creation of a diverse array of tokens, from memetokens to DAO tokens and everything in between. This module aims to make token creation more accessible and versatile, catering to the various needs of the community in the digital token landscape. With just a few simple clicks, users can bring new tokens to life in a matter of minutes. Unlike creating tokens with sidechains, this approach eliminates the need for users to manage their security independently, as the tokens will reside securely on the mainchain. This significantly simplifies and speeds up the token creation process while ensuring robust security.
Token Trading Module
In addition to potential decentralized exchanges developed by the community, the token trading capabilities will be enhanced by introducing a dedicated module on the mainchain. This new feature is built upon the NFT Trading Module, which is already established by Colecti, aiming to streamline the trading process for a variety of tokens. This initiative represents a significant step towards enriching the trading ecosystem and provides more comprehensive trading solutions for the users. The technical and legal research is currently ongoing to ensure that this module operates effectively and adheres to all necessary regulations. However, it’s important to note that the actual realization of this module cannot be confirmed yet at this stage, as it must meet legal feasibility requirements.
NFT Collection Module
This module ensures that NFT metadata is securely stored onchain, facilitating the minting of NFTs within the ecosystem. Users can easily engage in the creation and management of NFT collections. This feature empowers creators and collectors alike, offering a robust foundation for the storage and trade of unique digital assets.
Once the already ongoing research is concluded, efforts will be directed towards implementing a gateway to EVM-based blockchains. This initiative aims to enhance the accessibility and extend the reach of the L1 network.
Metamask Snaps Integration
By incorporating Metamask Snaps into our ecosystem, we leverage the most widely used wallet, providing access to a vast user base. This strategic integration opens the door for easier dApp development within our ecosystem, benefiting both mainchain and sidechains. The result is an improved UX for both users and developers.
As a consequence of this shift, Lisk Desktop & Lisk Mobile are planned for decommissioning. This marks a transition towards a more efficient and streamlined digital asset management system for the L1.
The consensus mechanism (POS) will be updated to enhance network efficiency and security. By reducing the number of validators without dramatic changes in decentralization, faster block times will be achieved, leading to quicker finality in sidechain communications. Additionally, The block rewards will be increased as well, incentivizing both validating and staking. This approach not only encourages greater participation in network validation but also ensures a more secure and robust system for the users.
Furthermore, adjustments to the duration of locking and banning periods are under consideration. Various scenarios are currently being tested to determine the most effective approach. Input from the community is invaluable in this process, and feedback is welcomed to ensure these changes align with users’ needs and expectations.
Please be aware that the information regarding the tokenomics may still undergo further adjustments. The final tokenomics will be officially disclosed in March 2024.
As the L1 is now evolving into this new direction, there is a need to set up a treasury of tokens to secure listing on key exchanges and to provide liquidity for market making. To enable this, the current total supply of ~152M tokens will be increased by 25 million tokens.
This treasury allocation is vital to support multiple aspects of our project’s growth and development. It will enable us to provide liquidity for market making, secure listings on exchanges, fund community bounties, marketing activities and maintain a financial reserve for future initiatives.
More details about the tokenomics will be shared in the coming months, as these details are today still being discussed with the exchanges and the Onchain Foundation.
Onchain Foundation token holdings
The Onchain Foundation will stay in charge of their current token holdings to remain an important stakeholder in the new L1 ecosystem. This strategy will ensure that both parties’ interests are aligned and that long-term support is in their best interest.
The Onchain Foundation’s bounty and adviser wallets will be entirely dedicated to the new L1 ecosystem, for purposes found valuable. The Onchain Foundation commits to not selling these tokens and guarantees their use for community efforts.
The Onchain Foundation’s main wallet, which it bought back from the community in 2016, will be used at their discretion which includes OTC sales and staking. The Onchain Foundation commits to not selling these tokens on the open market.
What to Expect in the Coming Months
As we look ahead, February will be marked by the unveiling of our new brand name. This will be followed in March by the release of finalized and comprehensive tokenomics. The official launch of the L1 blockchain is set to align with the LSK token migration to the L2, now scheduled for April.
Starting today, we’ve taken over L1 support from Lisk. We’ve already begun working on L1 development and plan to speed it up by expanding our team over the next few months. Moving forward, we are committed to delivering quarterly reports, which will offer insights into our ongoing progress and ensure transparency regarding our organizations activities.
A Sustainable Future
With the agreement in place, the future of the L1 is safeguarded for a minimum of two years. This means that one of our top priorities for the coming years is to build a sustainable model for the L1, to make sure we can maintain development on the L1, also after two years. For that, research is underway, drawing from our vibrant community, deepening relationships with the Onchain Foundation and tapping into existing professional networks. Additionally, the Colecti team is actively exploring strategic partnerships to further enrich the ecosystem.
These are exciting times, and we encourage everyone to stay tuned for these significant developments on our timeline. For the latest updates join our community on Discord and get involved in the discussions.