- Lisk introduces a cross-chain update mechanism to facilitate inter-blockchain communication.
- The update is part of the network’s ongoing Sapphire phase as planned in its roadmap.
The project was started in 2017 by Max Kordek and Oliver Beddows. Lisk’s president, Max Kordek, is also the co-founder and director of Lightcurve, where he is in charge of strategy and business. Oliver Beddows is the director of Lightcurve and the vice president of Lisk. Both are experts in decentralized apps, Bitcoin and blockchain consulting, startup consulting, UI/UX design, and community management.
What to know about the inter-blockchain communication mechanism
The blockchain application Lisk has introduced a cross-chain update mechanism into its network. The Lisk interoperability (information exchange) proposal introduces cross-chain update transactions to facilitate inter-blockchain communication using the Lisk ecosystem. The announcement was made today on Twitter through the Lisk official account.
On the Lisk network, information transferred across chains is carried via cross-chain update transactions. The receiving chain receives information about the transmitting chain’s progress by publishing a cross-chain update. The transaction may also contain cross-chain communications, acting as an envelope for messages from one chain to the next.
Through the LIP, the information exchange update has the potential to address blockchain scalability issues. Instead of putting apps and their associated instructions into a single blockchain, they can be deployed into independent blockchains that interact with each other through an interoperability protocol.
“Introduce cross-chain update mechanism“ LIP was merged on Github. 💡
🗒️ This LIP introduces cross-chain update transactions which are used to post certified information and cross-chain messages in Lisk ecosystem chains.https://t.co/a98BJORKFu pic.twitter.com/AMZVd79VDC
— Lisk (@LiskHQ) October 19, 2021
The latest update is part of the network’s ongoing Sapphire phase as planned in its roadmap. Lisk currently runs on the Lisk Network as well as the Etherium blockchain. The implementation is still ongoing and will help facilitate inter-blockchain communication while providing users with more opportunities to build and deploy applications across platforms once completed.
Why Lisk is unique and current trading volume
Lisk’s current price is $3.38, with a 24-hour trading volume of $10,113,622. It is currently ranked #149 on CoinMarketCap, with a total market cap of $435,859,977 US dollars. With a total of 128,900,445 LSK coins in circulation, there is no information on the maximum supply.
While Lisk is a decentralized network like BitShares, Nxt, and Bitcoin, it doesn’t use proof-of-work like Bitcoin. Instead, it uses a simplified version of BitShares’ original consensus method known as delegated proof-of-stake.
Every LSK holder can vote for mainchain delegates who protect the network. One hundred one active mainchain delegates consistently get the most votes and may win block creation rewards. All other delegates are waiting to be chosen or to acquire a Lisk sidechain. Besides a blockchain, Lisk is both a coin (LSK) and a software development kit (LSK SDK).