Lisk Establishes a New Community Fund to Strengthen Ecosystem

The new community fund is just one part of a tri-pronged push to secure the development of Lisk.
Photo: Finance Magnates

Lisk, the ‘Ethereum Alternative’ blockchain application platform, has launched a series of campaigns to democratize, decentralize and incentivize the development of their network.

First, Lisk has made a public call for the nomination of new ‘delegates’, elected representatives who perform essential tasks for the blockchain and who receive forging rewards in exchange for their services. Lisk operates on a Delegated Proof of Stake consensus model, where LSK ‘stakeholders’ vote for delegate candidates.

Furthermore, Lisk announced a proposal contest to the general public. All LSK holders will be able to submit proposals of any kind to the network from now until December 5, 2016. Proposals will be judged by the Lisk Core Development team under a rubric that considers the viability, creativity, thoroughness and clarity of the proposals.

Max Kordek
Max Kordek

Lastly, Lisk established a new community fund, which they explain is a major program that will help guarantee the long-term viability and foster the overarching development of the Lisk Ecosystem in a decentralized, community-led way. It will be generated from voluntary contributions from LSK owners, who may donate a portion of their cryptocurrency holdings to a fund that will be securely held in escrow until 2019. Lisk founders Max Kordek and Oliver Beddows are together donating the first 100,000 LSK, approximately $16,000.

Lisk CEO Max Kordek said: “We are excited to announce three major campaigns at once. Lisk is firm in our mission to maintain and grow a decentralized network, and so we look forward to the nomination of new delegate-leaders to foster our community. The cumulative voting power of all Lisk holders decides who will make up the 101 delegates, so it’s purely a community-led decision and that’s the direction we want to take. Sharing the power and incentivizing users is the most effective way to build a blockchain, and that’s why Lisk is on the rise.”

“The new delegate campaign, the incentivized proposal contest, and the creation of a Community Fund are all steps forward for the Lisk ecosystem. Separately, each further progresses our mission to provide the world’s best platform for blockchain applications. Combined, these campaigns will generate excitement and engagement from our community, the greatest asset Lisk could ever have,” concluded Kordek.

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