Lisk plans to launch a modular cryptocurrency which it says would satisfy the growing involvement to employ the blockchain as a decentralized database for dissimilar utilise-cases outside of FinTech May 24.

According to its co-founder and CEO, Max Kordek, the platform volition allow JavaScript developers to follow it by offering them necessary tools to deploy a blockchain application in its own sidechain on the Lisk network. They won't have to acquire circuitous languages of individual blockchains.

Modular cryptocurrency

If successful with its launch, it would exist the starting time of its kind. As a modular cryptocurrency, it means that "due to our decentralized application platform, you tin implement new features very quickly and easily with decentralized applications," explains Kordek, via a conversation with Cointelegraph. "Like a decentralized storage module, decentralized voting, usernames, identities, trust system, messaging, social networks, sharing economies."

It volition also serve as a solution to scalability which is a problem in the Bitcoin community. Due to the fact that the blockchain is limited in how much data it tin concur, proposals for increasing the cake size accept been the topic of heated contend.

Why sidechains are of import

Lisk'due south cryptocurrency is to use sidechains to infinitely extend the scalability of a digital asset ecosystem without impacting the speed or functioning of the cadre blockchain.

Sidechains are an independent cryptographic ledger which attach to the principal blockchain, but does not bear upon the speed or security of the main chain. Co-ordinate to Daniel Vassilev of getLISK.com, sidechains are important because they reduce the 'bloat' on the main chain "allowing the main chain to continue beingness fast and efficient and just those who are interested in the Dapp are responsible for maintaining it and not everyone. Thus keeping the entire platform lean."

Max Kordek, CEO & co-founder of Lisk

Mainchain to stay lean

Kordek says they "allow united states to exist extremely scalable. We can support thousands and thousands of decentralized applications because every decentralized awarding runs in its own sidechain. With the sidechains, our mainchain stays extremely lean and efficient considering information technology doesn't get polluted with all the dapp data."

Kordek adds:

"Additionally, with the current Ethereum craze we as well run into that blockchain-based applications are the side by side big thing. Lisk is the only platform which supports the most widespread programming language - JavaScript. So we tin directly get into existing programming communities and prove Lisk."

Stephen DeMeulenaere, the co-founder of Money Academy in an email to Cointelegraph writes:

"The Bitcoin community volition do good from Lisk's platform by seeing a practical example of how sidechains piece of work in action and what the benefits may be for Bitcoin'due south blockchain, and how easily it can be built in Javascript.
I practise believe the release of Lisk's platform is in line with a trend in the manufacture, which is to take interoperable blockchains. While Lisk's sidechains merely work on their platform at nowadays, they are building the future where blockchains will be able to communicate with each other."

Funding

Lisk'southward four-week crowdsale ended on March 21, 2022 raising more 14,000 Bitcoins and fourscore one thousand thousand crypti (80 percent of the existing market) to corporeality to $5.75 meg. An increase in Bitcoin valuation currently makes it worth $half-dozen.5 million.