Blockchain project completes its biggest protocol change ever

A blockchain project says that it has successfully completed one of the biggest protocol changes in its history.

Lisk says the migration from Mainnet v2 to Mainnet v3 heralds the start of a whole new era for its network — eliminating weaknesses related to fees and its consensus algorithm. Simultaneously, it perfectly sets the stage for an upcoming interoperability release.

The blockchain’s users can now benefit from an “extremely secure” account address system that comes equipped with built-in error detection for typos. Addresses are also now longer, and it is hoped that this will reduce the likelihood of address collisions. Lisk has stressed that private keys, public keys and 12-word mnemonic passphrases have been unaffected by the transition.

One of the biggest downsides associated with blockchain technology relates to the fact that, if the user makes a mistake, their funds can be lost forever. However, Lisk’s infrastructure means that a user can mistype up to four characters in an address — and it’ll be guaranteed that the application will detect the error.

Making things cheaper

Lisk says that the improvements delivered through Mainnet v3 don’t end here. The project’s executives claim that the new upgrade means transactions are up to 98.64% cheaper than they were before. Whereas the minimum fee used to be set at 0.1 LSK, it has now been reduced to 0.00136 LSK. Overall, it’s hoped that this will deliver far greater levels of competition.

The platform’s delegated-proof-of-stake consensus algorithm has also been given an overhaul – delivering a fairer network, new validators and no more cartels. This ensures that decentralization is achieved in a fair way.

Another principle delivered through Mainnet v3 relates to total immutability, delivering the assurance that a transaction will never be reversed.

All of this has been coupled with levels of scalability that haven’t been seen on the Lisk blockchain before. The project says that Mainnet v3 can comfortably handle more than one million transactions per day — five times more than before. This improvement helps guarantee that the platform is futureproof, and can cope with any spikes in demand that lie ahead as blockchains become more commonly accepted.

Marking the milestone

The arrival of Mainnet v3 culminated many months of work for the Lisk team — and understandably, the project wanted to celebrate.

A Lisk Mainnet Party took place on Aug. 21 to do exactly this, and it was live streamed on YouTube and Crowdcast alike. The broadcast took place from Lisk Center Berlin, and provided a fun yet informative update on the improvements that have been made.

Lisk’s CEO and co-founder Max Kordek kicked things off by delivering an in-depth presentation about the migration process. All of this also gave the community an opportunity to interact with the network’s research, development and marketing teams.

Once the migration block height was reached, a panel came together to reflect on the project’s major achievements — complete with some behind-the-scenes stories that offered an irresistible insight into what it’s been like to be involved.

All of this means that Lisk has now successfully completed the Emerald phase of its roadmap, paving the way for the Sapphire phase to commence.

Now, the focus turns to introducing the interoperability solution that Lisk first introduced during a conference earlier this year.

The project added: “We are eternally grateful to have such an active and supportive community, and look forward to continuing to provide support as the community expands and grows further.”