As blockchain technology continues to revolutionize the way we see and use the internet, the industry itself is on a steady rise. The use of blockchain technology in a variety of industries, and its development and intended use in many more, has placed blockchain technology in a strong position to completely change the playing field in the world of technology.
As blockchain technology becomes more popular and its status as the internet 3.0 is becoming solidified, more and more applications are being assimilated and developed in line with the technology. For programmers, the advent of blockchain technology meant the adoption of new programming languages which have been used in the development of blockchain technology. Top of the list of these languages is Solidity which is the most popular language used in the writing of smart contracts on a blockchain. While Solidity carries many similarities with previously existing programming languages, developing dApps using it remains a tough task for many programmers as they have to learn it as a new programming language. Learning a new programming language is not only time consuming but it can also prove to be quite difficult.
Lisk allows developers to build their own side chains which are then linked to Lisk’s main blockchain. This allows developers to customize their own sidechain and develop it to their exact desired specifications. The secure nature of a blockchain will ensure that the user’s data regarding their dApp or other in house projects will be fully secure. Developers will also be able to create their own tokens on their side chain which eradicates the need for members of a particular developer’s community to hold multiple cryptocurrencies. Full control over the development of the dApp and its interface lies in the hands of the owner.
A key characteristic of a blockchain is its democratic nature and Lisk’s system is no different in this regard. Lisk employs DPoS (Delegate Proof of Stake), an algorithm designed to maintain consensus on the network. The system uses real time voting to gain an agreement. This also allows Lisk to comply with the decentralized nature of a blockchain. The system is also inclusive as it allows every token holder to have a say in the voting process. DPoS makes the validation of transactions much more efficient by reducing the time it takes to validate a transaction to just a few seconds. Lisk also offers LIPs (Lisk Improvement Proposals) which allow an open debate and proposal system on how the Lisk system can be improved further. This feeds into the democratic nature of a blockchain and allows all users to have a chance to contribute towards the overall development of the network.