The relaunch happened in Berlin, where the team expressed its other long-term plans for the project. “Rebranding normally involves a change design, but we, while being in that process, determined that we need to change much more,” said Max Kordek (founder and CEO).
What is Lisk?
It debuted in mid-2016 in the blockchain community. It was actually a fork of the Crypt0 blockchain, with a net of 14,000 BTC in an ICO in May. According to CoinMarketCap, Lisk is currently the seventeenth-largest cryptocurrency by its market cap, which ranges around $2.87 billion.
The idea behind rebranding Lisk was to further develop its aim of accessibility. The CEO said that this rebranding especially targets those users, who are less familiar with tools related with cryptocurrency management. However, the support for tech-savvy experts remains intact as well.
Why was the rebranding necessary?
Rebranding often brings excitement in the crypto community. Users believe that rebranding upgrades old cryptocurrencies with more useful features. They become faster, more secure and are integrated with the newer features in the market. Moreover, the changes demanded by users are accounted in the upgrade as well, which on top makes it more attractive.
In fact, they partnered with two design and brand strategy firms – Taikonauten and Rlevance to perfect its features. There were expectations that Lisk with bringing a new user interface for its Web Application. It was predicted that this interface will be the most unique and revolutionary till now. This created quite a hype in the market!
The rebranding of Lisk was actually scheduled to happen last year. But it had to be postponed. After their CEO, Marx Kordek announced the postponement, the internal cryptocurrency went down by 20% in just an hour. This was a result of users’ disappointment with the platform. In fact, some of them vent out their anger on social media platforms. Such a reaction indicated the developers that its users have high expectations from the project.
The New Features
The Lisk Algorithm
Lisk has introduced an algorithm that will create a unique visual representation of each user. It is called the Lisk Algorithm. The unique visual identity is based upon cryptography to protect the account.
New Wallet and The Lisk Nano
Lisk has introduced a new wallet, which is available on the app and can be downloaded from a link on the website. The Lisk Nano is the old wallet of the coin, which was expected to be removed in the rebranding. However, the platform still supports it. It also does not need to synchronise with the blockchain.
Lisk has released a technical documentation and libraries for developers. Since it targets programmers and developers, it has released more features for their advantage. Their Developer Resources will allow an easier connection to be built on the Lisk blockchain.
How to create an account on Lisk Hub?
To create an account on Lisk Hub, a visual identity has to be “generated by a unique circular image that is generated by collecting data from mouse movements.” Then the propriety algorithm combines these graphic elements with each user’s unique wallet. A 12-word passphrase is generated afterwards, which is used to generate the private key.
The Old Features
It has some one-of-a-kind features to revolutionise the blockchain platform. The biggest of them is dApps (blockchain-based decentralised applications), a form of blockchain service. dApps offer scalable and secure tools to developers for development, which are not offered by other blockchains. It has partnered with Microsoft Azure to offer a platform for the testing and managing of dApps.
Because of their immutability and scalability, dApps are widely used in the blockchain community. They are used for a variety of applications – decentralised hosting, immutable storage, etc.
Another feature of Lisk is sidechains. Sidechains ensure that the platform is free of spam transactions, so that no delays are caused (this is one of the problems with Bitcoin and Litecoin). Now with the rebranding, the project has brought even better features.
“Now we’re more about enabling people, about giving access to them, because blockchain technology is such an amazing thing. We basically want to distribute it to the people to make it accessible so that everyone can build on it.” Therefore, the platform is trying to attract new users with accessibility, as well as keeping the old users more satisfied.