Lisk to Roll Out Block ‘Forging’ Rewards for Delegates by End of 2016

Blockchain application platform Lisk has announced plans to begin issuing block rewards to its delegates. The team said this development marks the achievement of a “critical milestone,” with rewards set to start flowing before the end of 2016.

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A New Lisk Milestone

This milestone comes after a period of growth following the project’s successful crowdsale earlier this year, in which the developers raised around 14,000 bitcoins. At press time, those funds are valued at more than $10 million USD.

According to a press release, the ecosystem has grown considerably since the ICO, with developers from several different disciplines showing interest in the blockchain application platform. Now, with the rollout of block rewards, the team feels optimistic about its future.

“We’re excited to share great news with our community,” said Lisk co-founder and CEO Max Kordek, adding that, based on current calculations, he is certain the first monetized block will be forged before the end of 2016.   

Delegate rewards work similarly to bitcoin mining. For each new block forged on the Lisk blockchain, elected delegates receive 5 LSK tokens.

With the transition to monetized blocks drawing near, the Lisk team has shifted its attention to increasing network stability. As part of this effort, developers have implemented version 0.5.0 to the testnet.

As work on this version progresses, the team told press it plans to focus “on increasing block propagation efficiency and reliability by adding a new ‘Broadhash’ implementation.”

Other updates to the ecosystem include a rewritten P2P transport layer for reduced CPU loads, expanded test coverage, stronger schema validations, and implementations aimed at preventing what the team called “multiple edge-case fork occurrences.”

A Look Into 2017

With these updates, in addition to the rollout of delegate rewards, the Lisk team foresees a great deal of progress in the coming year.

“Looking ahead into early 2017,” Kordek said in the press release, “we expect to have made drastic progression on stabilization of the Lisk sidechains and development of the App SDK.”

“We look forward to sharing much more progress with the community in the coming weeks.

Lisk, founded in early 2016, aims to make blockchain application development more accessible to developers from disciplines outside the blockchain ecosystem. Based on JavaScript, the platform claims to provide a familiar building experienced for those not versed in blockchain-specific coding languages, allowing for more diverse ideas sourced from developers in multiple fields.  

What do you think about Lisk’s progression? Let us know in the comments below.

Images courtesy of Lisk.