Lisk, the “Ethereum Alternative” blockchain application platform, has announced plans to issue block rewards to Lisk delegates before the end of 2016. For every block “forged”, a process similar to Bitcoin mining, every elected delegate will be awarded 5 LSK.
In preparation for the roll out of the 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.
Founded in early 2016, Lisk completed an Initial Coin Offering (ICO) in May and attracted approximately 14,000 BTC, now worth approximately $10 million. Among its distinctive features, unlike Bitcoin, Lisk utilizes 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.
“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,” said Max Kordek, CEO and Co-Founder of Lisk.
Lisk will now begin the development of Lisk 0.6.0 to be completed over the coming month, according to the developers. The forthcoming 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.
“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,” added Kordek.