Network Delegation: LSK holders are empowered to vote periodically to decide upon ‘Mainnet Delegates’. 101 of the election winners are then selected as a form of primary nodes who are granted transaction processing and fee collection rights.
Development Framework: The Lisk App SDK serves as a standardized template and methodology for full-fledged application development. This distinguishes it from other dapp platforms that provide smart contracting capabilities. As opposed to smart contracts, which are a comparatively simple script, decentralized applications are full-fledged programs with users, persistent data, rules, and interfaces.
Decentralized Application Directory: In addition to the decentralized applications developed on the Lisk network themselves, there is also a decentralized application directory that allows for registration and discovery.
What is the Token?
During the initial token sale, 85 million out of a total of 100 million LSK were distributed directly to ICO participants. The remaining 15 million tokens were distributed to the core team, early backers, and to fund bounty programs. In addition to value transfer, a core function of most crypto-tokens, LSK tokens confer network voting rights and are also used in the creation, registration, publication, and utilization of a wide range of user-developed decentralized applications.
The network is secured by 101 democratically elected delegates whose primary responsibility is to confirm and broadcast the validity of transactions by including them in generated blocks. All Lisk accounts on the network are eligible to vote for registered delegates. Accordingly, the network itself is fully managed by its own users and stakeholders. As for the Lisk project in general, the Lisk Foundation was established at the project’s inception to oversee the development of the core protocols. While this foundation and the project’s core developers control the code, holders of LSK and elected delegates ultimately determine which changes are adopted by the live network.