Lisk, the ‘Ethereum Alternative’ blockchain application platform, has stabilized its mainchain and changed its governance model for greater democratization.
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The venture now allows delegates to be rewarded for forging blocks (similar to bitcoin mining) and ensures the ecosystem becomes entirely decentralized for the first time. Prior to this, the network was under a managed system in which the nodes of 101 delegates were controlled by the Lisk team. Now, all of these are operated by 101 different community members.
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The activation of forging rewards means LSK holders can choose to either keep their income or reinvest it back to the Lisk network with the aim of financing proposed community projects. The developers say that incentivizing a growing community with forging rewards encourages competition because users will work harder and faster in securing votes in the hopes of gaining entry into the list of the top 101 delegates.
Lisk CEO Max Kordek said: “This achievement bolsters Lisk in a big way, and parallels most of the very reasons blockchain technology exists; to allow greater financial freedom, to reward network contributors, to heighten the peer to peer experience and to do away with a central point of authority. We’ve created opportunities for the strongest Lisk supporters to enter the top 101, earn LSK forging rewards, and give back to the system through their own proposals. To be a part of a decentralized community is appealing in its own right but building a decentralized system with active delegates is something entirely different.”