Lisk, the blockchain application platform, has launched an ambitious series of campaigns that will supercharge the democratic and decentralized nature of their blockchain while providing a foundation for long term sustainability and success.
First, Lisk has made a public call for the nomination of new delegates, elected “officials” who perform essential tasks for the blockchain and who receive forging rewards in exchange for their services. Lisk operates on a Delegated Proof of Stake consensus model, where LSK “stakeholders” vote for delegate candidates. To be elected, delegate candidates should show they are passionate about the Lisk community, support the Lisk ecosystem, display an understanding of the power of blockchain technology, and make a commitment to lowering the barrier of entry for new members while actively identifying beneficial opportunities for Lisk. To further incentivize the nomination of new delegates through the proposal system, for a limited time all registered delegates will be refunded the normal 25 LSK proposal fee.
Simultaneously, Lisk announced a Proposal Contest to the general public. All LSK holders will be able to submit proposals of any kind to the network from now until December 5, 2016. Both new and updated proposals will be considered. After the conclusion of the contest, the creators of three proposals will each receive 5,000 LSK, currently equivalent to $800, and the authors of ten additional proposals will each receive 1000 LSK, or approximately $160. Proposals will be judged by the Lisk Core Development team under a rubric that considers the viability, creativity, thoroughness and clarity of the proposals. Those which offer increased transparency and which promise to more significantly contribute to the Lisk ecosystem will receive additional weight.
Lastly, Lisk established a new Community Fund, a major new program that will help guarantee the long-term viability and foster the overarching development of the Lisk Ecosystem in a decentralized, community-led way. The Lisk Community Fund will be generated from voluntary contributions from LSK owners, who may donate a portion of their cryptocurrency holdings to a fund that will be securely held in escrow until 2019. Lisk Founders Max Kordek and Oliver Beddows are together donating the first 100,000 LSK, approximately $16,000, to the fund.
Lisk CEO Max Kordek said:
“We are excited to announce three major campaigns at once. Lisk is firm in our mission to maintain and grow a decentralized network, and so we look forward to the nomination of new delegate-leaders to foster our community. The cumulative voting power of all Lisk holders decides who will make up the 101 delegates, so it’s purely a community-led decision and that’s the direction we want to take. Sharing the power and incentivizing users is the most effective way to build a blockchain, and that’s why Lisk is on the rise.”
“The new delegate campaign, the incentivized proposal contest, and the creation of a Community Fund are all steps forward for the Lisk ecosystem. Separately, each further progresses our mission to provide the world’s best platform for blockchain applications. Combined, these campaigns will generate excitement and engagement from our community, the greatest asset Lisk could ever have.”
Currently valued at over $16 million, LSK, the cryptocurrency underpinning the platform, sits in 16th place of the most valuable digital currencies.