In the beginning we will tell you where we stand at the moment. That means we will talk a bit about:
- Network stability
- Current team
From there on we progress to the work we are doing at this moment. Our current work consists of:
- Launch Date
- All necessary tasks until launch
Finally, we will talk a bit about future development. What you can expect of Lisk in the future.
- A few sentences about our long term roadmap
- Apps in development
- Development plan
- Core apps
After that is done, we will transition to a traditional AMA. So you can ask all kind of questions to us.
Where we stand
As you know we pushed out many versions in the last few weeks within the 0.2.x branch. Many of you had problems with the fork 3 issue. With every version we released the issue got smaller. With 0.2.3 we are finally at a state at which we can launch Lisk. Before the launch we will release another Lisk client with the number 0.2.4 in order to finalise the client for launch.
We want to thank everyone who participated during the tests and if you have any specific question about it, feel free to ask us in the AMA part later in the meeting.
This is an extremely important part of a cryptocurrency. It needs to run 24/7. With the latest update we finally got to a point at which we can say that our network is stable enough to be released. It’s not perfect yet, but we did *a lot* during the past month alone. So you can expect *major* advancements in the coming months as well. Later on I will tell you a few things about our development plan, the network stability will be an important first part of it.
The next update 0.2.4 will contribute a lot more to network stability. It will be the final version we release at launch as 0.3.0.
Network Stability -> Stress testing
In terms of network stability I also want to point out that we successfully stress tested the network. We included a lot of transactions into the blocks, which are currently artificially limited to 25 transactions per block. The network survived. So after we enhanced and optimised our code more, we can also increase the maximum transaction limit.
Network Stability -> Transactions per block
This is important in order to be more secure from attacks. The more transactions a block can contain, the more expensive an attack becomes. In terms of transaction load of the network with 25tx/block, we are already at a point at which we could support a lot more users than there are right now.
As you know we recently hired @fixcrypt and @isabella. They are a huge help for us and are contributing greatly. We are very happy that we took this step before launch. Now that the launch is coming closer every minute, I want to make clear that we will begin to scout new developers shortly after launch.
For that purpose we created an extra page on our website: https://lisk.io/careers
Okay, this is our current status on development progress, network stability, testing, and hiring. We have added a lot to Lisk since we began our journey early January. We have come a long way, but this is just the beginning.
Thanks to our extremely active community there are issues raised on GitHub every day. Please note an issue is not a fatal bug, but often just an enhancement or a glitch. These issues which often were quite important, and the problems with the “fork 3” error we had in the past weeks forced us to neglect the pre-launch roadmap a little bit.
I assure you that we didn’t forget it. We will finish it up as soon as possible after launch. We did a lot more than stated on the pre-launch roadmap. As the changelogs are showing.
For example a feature which was not mentioned in the pre-launch roadmap is the complete back end switch to a new database engine. This allows us to scale past our previous limitations. If you want you can ask a few questions about the switch later.
As you know, we will finally launch on May 24th! We are EXTREMELY happy about it. We are excited to see Lisk running in the wild, evolving into the next big thing in the technology world.
This date is final, we are putting all our efforts into that date. However, please note that this is still software development. While the day is 100% secure, we can’t announce a specific time yet. We may be able to do it closer to launch (e.g. 23rd), but I can’t give you one at this moment.
We are aware that a launch time is necessary. We will try our best to give you one. We just can’t announce it today. We try our best to announce it on 23rd.
All necessary tasks until launch
- We need to compile a list with all public keys, Lisk addresses and the LSK amount they receive. This will be the foundation of the genesis block.
- Then we need to generate the genesis block in which every ICO exchange is listed in with the public key and the LSK amount they receive. This genesis block will be released shortly before launch, probably on 23rd. So that everyone can check if they are included correctly.
Please note that all non-validated accounts will be summarised in one single account. This way we can be 100% sure that everyone had his passphrase at least at one point of time (because he validated it). It’s necessary so we can’t be at fault at this point and people will lawyer up against us.
- Our development team also needs to finalise the work on the final client Lisk v0.2.4. There are no major changes (in terms of core code) anymore, this way we can stay 100% sure that everything will work at launch.
- Once we have the final v0.2.4/v0.3.0 client, Oliver will have to provide all the different binaries and docker version for it. We will have to add them to our download page on Lisk.io, do a cross-reading of all resources we have. (FAQ, Website, BTT Thread etc.) This way we will have a uniform web presence with up-to-date information.
- We will also release several blog posts up to launch. The most important one for you being the guide on how to use the Lisk passphrase to access your LSK.
Many people asked for such a guide and we planned it all along. So stay tuned, it should appear at the latest by Monday on our blog.
Additionally, there is a lot more to do. A lot of small things which adds up to a huge work amount. We don’t need to go into detail here. Above’s are probably the main points of interest for you.
The last point of the current work agenda point is marketing. We are moving mountains to let everyone be aware of Lisk at launch.
With over 1600 users in the chat alone, and about the same unique visitors on our website today. I think we are succeeding.
We bought ads on CoinTelegraph and today I will buy some on CoinMarketCap as well. A dear Lisk supporter also bought advertisements on Reddit, I don’t know who it is. However I want to thank him for that.
We are working together with Transform.PR to get major media coverage. We have worked on a simple, but effective strategy for launch and post-launch.
- Mainstream outlets for credibility. (I had several interviews with *big*, industry standard news outlets.)
- Cryptocurrency outlets for publicity and momentum. (Also here I had several interviews with news outlets.) This industry is moving faster. So a lot will come next week here. We have very known friends, who will help us in that regard.
- Tech/Dev/IoT outlets will be taken care off after launch. They will bring blockchain apps and usability to Lisk.
This is just an effort to keep Lisk in the media. Transform.PR will bring us the big news, while BitcoinPRBuzz will bring us constant smaller news.
I talked a lot with Oliver about our vision and where we want to go. We have a pretty clear vision in our head, which is not yet formulated on paper. We will release a vision paper a few weeks after launch.
One big feature in our head is that the network will also provide the necessary infrastructure for the blockchain applications. That means we probably will have some kind of a “Delegate Marketplace” in which every delegate can insert his node information and his price. And then the app developers can rent the delegate nodes on the market, to secure their sidechain and applicaiton. This way we can have thousands of delegates on the network, which will have a task. Due to the renting, they can earn money and a constant need of LSK is needed.
More about that and other important features in the vision paper in a few weeks.
Apps in development
I know of a few community members who are developing blockchain applications right now. I read and heard about online shops, decentralized trust platforms, games, gambling apps, and more. I don’t want to announce anything for these users. It will probably also take some time after launch. I just want to let you know that there is app development going on. It will just take a few weeks or maybe even months to get to a point, at which our network has a handful of great applications with real use-cases.
The development of blockchain apps isn’t hard, but it’s something entirely new. That’s why it takes some time to mature.
We will release the Lisk core client as a beta version at launch, and the Lisk app platform as an alpha version. The Lisk core client can be seen as stable at this point of time, however we didn’t have much time to fix some issues occurring on the sidechains. These will be fixed and taken care off. But the Lisk app platform will remain a prototyping platform for apps until we get into a beta version for the Lisk app platform.
It won’t be dramatically long. So don’t worry. We just want to make some necessary changes to the sidechains, which will allow us to be more flexible in the future.
One thing is to make it more modular, so that the consensus algorithm can be swapped out. E.g. if someone wants normal PoS or PoW, he can get it. Or if he wants to have a 1min block time, he should only change 1 parameter. For this we need to change some things.
You can expect that during the first 3 months after release we will put the biggest focus on security, scalability, and optimisation of the whole Lisk ecosystem.
Obviously we will also finish up the pre-launch items and work on other things, but as written above we want to get the perfect foundation to build on in the coming years.
After that we will start to work on new features, core apps, and so on. More details later.
Once we feel the sidechains are stable enough to build very reliable applications with, we will work on the core apps.
Quick explanation: Core apps are features built on top of Lisk with our App SDK. They can be created pretty fast, without wasting costly space on our main blockchain.
Core Apps in our focus at this moment are: Messaging, identity (username, name, email, and more), a karma system, and an app rating/commenting system.
Lisk Community Q&A
Question by Phoenix1969: What will our fee structure be for launch? dapp registration, delegate registration, etc?
Max: We had the following numbers until now:
Delegate registration: 50
Dapp registration: 100
But! We feel that this may be too high now again, because of the huge success. Therefore we will reduce these numbers once again for launch. Maybe by half.
Question by fanyanjun: Which exchange can buy？
Question by arnaud1: Is there some news about OKcoin, or poloniex?
Max: I can’t make any statements regarding exchanges. Unfortunately, today you won’t get any information about that. Please wait for launch and the exchanges announcements.
Question by bangomatic: on the technical side, one thing I see as critical is having a trusted and verified DB snapshot available and updated on a daily basis. Is this in the works?
Max: Yes, we are working on that. One reason 0.2.0 / 0.2.1 forked was the corrupt database snapshots. @isabella is working on a solution how we can prevent it. So yes, work-in-progress. *For launch we heavily suggest to sync from 0 all the time. It will be very fast in the beginning anyway.
Question by xrn: after start we will have PoS stage ? we must have only online wallets for in and coins on it ?
Max: We will start with 101 genesis delegates and then the community can upvote their’s and they will slowly replace ours. First week no delegate rewards.
Question by haggis: will it be possible to create apps (i.e. messaging) which are 100% free to use without the need to purchase any kind of lisk and/or tokens?
Max: Yes, this is possible. However the app dev needs to take care of that. (By setting the fee to 0, or implement another system) Be cautious of spam!
Question by LSK: I know right now DAO is a super trendy topic, but is there a DAO in Lisk’s future?
Max: In the future there will be something like a DAO very likely.
Question by BlueStone: Any updates on IPFS?
Max: I will speak with IPFS in June in Berlin. Before that we will take a look at their white paper. After the meeting we can declare if it is in an usable state or not.
Question by vega: Will it be a “live” launch or you will do genesis, and announce when network is up and running?
Max: We will do the genesis, forge the first blocks. Check if everything is working correctly. Then announce it once it’s stable. Maybe an hour after the first block created.
Question by someonsomeone: Will you announce bounties for developers? I think that setting $1m aside for bounties would be a huge incentive for hundreds if not thousands of devs to flock to Lisk
Max: Yes, we will announce bounties for developers. In the beginning these bounties will mainly consists of important features for the sidechains. E.g. a PoS/PoW consensus algorithm, integrating the EVM into it to execute Solidity smart contracts, or allow Bitcoin transactions within a sidechain. After some time we will then go to more “main stream” bounties, like “Create such an app and get XXXXX LSK”.
Question by jcmartinez: For when a desktop wallet? It will be possible?
Max: At launch there will be a desktop version for technical users. I hope we can quickly launch an 1-click full client then. Maybe a few weeks after launch. Non-technical users can use https://login.lisk.io to access their LSK at launch.
Question by redsn0w: I think you knew that first ‘week’ only genesis delegates will sustain the network, right?
Joel: genesis delegates can be swapped at any time depending on vote weight
Question by redsn0w: So … 1 week of genesis delegates isn’t obligatory, right?
Max: No it isn’t. We can offer a maximum of 15% to them. I think this won’t be enough to keep them long in the top 101.
Joel: It will depend on who votes for the active delegation, the team has no control over voting weight once the genesi block is distributed.
Question by hua.li: How many weight of the genesis delegates will have?
Max: See above your question.
Question by someonsomeone: Do you guys plan on hiring more devs?
Max: Yep, see our careers page. ( https://lisk.io/careers)
Question by lux-1: What do you expect, when can we catch ETH ? In what period of time ?
Max: ETH has an enormous momentum going on for now. On the one hand it’s good for us, because we are being pulled up by them as well. On the other hand it becomes harder to catch up to them.
I think once we took care of a few code related things, e.g. the delegate marketplace, we will have a much more refined version for normal users. So the potential will definitely be there in like 1 year.
Question by liskfaucets: Will you release an overview of the budget? How much goes to developers/bounties/marketing/etc?
Max: Starting with the launch, we will release monthly transparency reports. They will include how much we paid for the different sections like marketing development and so on.
Max: Ok, I misunderstood the question. We may give a very rough estimation for every area. Maybe in the vision paper.
Question by lux-1: What do you expect, what will be the price on launch day?
Max: I don’t talk about the price.
Question by hmachado: The plan is for Lisk to find and recruit new developers for the Team? It seems that hiring a SoftwareHouse would be a faster and more reliable way of doing it. Is this beeing considered?
I had some interviews with software houses. It doesn’t make sense for us. We want people who burn for Lisk, who love Lisk. Lisk should become a family. We don’t want to simply hire some 3rd party devs. Additionally, it’s a lot more expensive.
Question by lux-1: Will you get to the poloniex soon?
Max: Due to my NDAs I can’t talk about exchanges.
Question by redsn0w: Could it be possible? Blockchain app to trade (buy and sell lisk) directly on Lisk.
Max: An internal exchange as a blockchain application would be very cool. At least BTC<->LSK. I think someone will definitely do it in the future. For this every sidechain node would have a Bitcoin client (SPV) installed, I don’t see a reason against that.
Question by jasmine: Will there also be a part time position for open position “Designer — Full Time”?
Max: Yes and no. We just named it full-time. But it’s actually not that much work at the moment. However the requirements for our designer are extremely high, I’m quite pedantic if it comes to design.
Question by liskfaucets: There will be a security standard for all delegate mainnet nodes (ddos protection, ssl,..)?
Max: Sorry for the late answer. So it’s impossible to declare such a standard in a decentralized environment (if we are not talking about protocol standards). We can’t do anything in that regard, it’s not really possible to check from the outside if the nodes are following known security practices.
Question by hua.li: Where will the genesis delegates rewards go to?
Max: In the first week there are no rewards, besides the normal network fees. All network fees collected by them will go into a special fund. Either to the bounty fund, or we will create a new one for it.
Question by fagnersteve: Could make meetings on youtube?
Max: I decided against video/audio meetings, because this way everyone can simply read the transcript again in like 10 minutes, without the need to watch 2h long hangouts.
Question by aris.alexis: Increased transactions should need more delegates for scaling correct? How does the team think about tackling this? Otherwise I am missing something in the way the network works
Oliver: The recent change of db engine has improved scalability as far as individual nodes are concerned. Every node has to process the same blocks, at the same rate. So improving efficiency in the client itself is our first priority.
Question by BlueStone: Is Lisk able to support a DAO like ETH DAO? How long before we see an official Lisk DAO?
Max: Yes, it’s possible. Maybe not at this point of time, but we will definitely come there in a few months. The DAO itself is nothing extraordinary complicated.
Question by ozzy: Where do you see the Lisk project in 5 years from now?
Max: In the pocket of a lot of people. In 5 years everything is extremely polished. We will have stand alone sidechains nodes, we will have mobile clients, probably hundreds of blockchain apps, thousands / hundred thousands of users. Over 1bn market cap. I can see a lot of things. Maybe even a partnership with one of the big centralized app stores. One thing I know for sure is, in 5 years we will still have operational funds left. I will take care of that.
Question by hmachado: Are you guys running a stress test? Or did you on the last hour or so?
Max: We didn’t. Someone from the community did one in the worst possible timing.
Max: Okay guys! Thank you very much for your attending our first official Lisk community meeting! I hope you will be with us when we have our next one.