Lisk, the blockchain application platform, has announced plans to issue block rewards to Lisk delegates, a milestone that is planned to be reached before the end of 2016. The team has informed the community members contributing to the network that development of the Lisk protocol has advanced and stabilized sufficiently to allow for forging rewards to be awarded to delegates for the first time. For every block forged, a process similar to mining bitcoin, every elected delegate will be awarded 5 LSK.
The platform, which allows for the deployment, distribution, and monetization of custom blockchain applications each running within their own sidechains, provides a full-stack blockchain solution for popular programming language JavaScript. One of the features of Lisk includes is a Delegated Proof of Stake consensus algorithm, which requires 101 elected delegates to protect the mainchain. These delegates are remunerated for their service to the network with forging rewards, along with transaction fees.
Founded earlier this year, Lisk completed an Initial Coin Offering in May and attracted approximately 14,000 BTC, now worth approximately $10 million USD. Subsequently, the Lisk core team has pursued development of its platform by hiring and recruiting programmers, engineers, and other contributors from around the world.
Max Kordek, CEO and Co-Founder of Lisk, said: “We’re excited to share great news with our community. Upon reaching block 1451520, the platform will automatically initiate the issuance of block rewards, whereby 5 LSK will be sent directly to each elected delegate for every block they forge. We can now announce that this block will be reached before the end of 2016,”
In preparation for the roll out of rewards, Lisk released version 0.5.0 to the testnet with improved stabilization. The development team focused on increasing block propagation efficiency and reliability by adding a new ‘Broadhash’ implementation. In addition, the team rewrote the peer to peer transport layer, substantially reducing CPU usage under high loads; expanded test coverage with further refactoring of legacy code; strengthened schema validations for better data integrity; and implemented various mitigations against multiple edge-case fork occurrences.
Lisk will now begin the development of Lisk 0.6.0 which should be completed over the coming month. The newest version will bring a complete rewrite of all database logic, allowing for faster block processing and atomicity. It will also add further intelligence to the unconfirmed transaction memory pool, which is designed to open the way for larger block sizes.
Speaking on this development, Kordek added: “Looking ahead into early 2017, we expect to have made drastic progression on stabilization of the Lisk sidechains and the development of the App SDK – a unique feature to our blockchain application platform. We look forward to sharing much more progress with the community in the coming weeks,”
