Crypto projects with no future: Elite cartel dominated dApp platform Lisk (LSK)

Lisk is notorious for their broken delegated proof of stake system. The problem in essence:

The delegates from Lisk’s delegated Proof of Stake system are sending a significant portion of the Lisk they generate from new blocks to only a few exchange addresses, demonstrating the fact that the delegates (who are supposed to be independent in order to claim true decentralization) are probably conspiring to work together if they are comfortable enough sending their tokens to the same exchange account.

This version of dPOS isn’t democracy as we’ve become accustomed to though. Traditionally all votes, regardless of who and what position of power they come from, only count as 1 vote. This isn’t the case with dPOS. Your vote counts to the extent of the amount of Lisk you have in your address. So, larger wallets have much more say in the voting process. To further make it different, only those in power (the top 101) can continue to generate more/new voting power. The system greatly rewards those who gain power and cooperate to stay in power.

The team behind the project keeps quoting plans on addressing the consensus issue after the SDK and dynamic fees have been released/addressed. Other than giving an indication that it would be addressed, we haven’t been given any specifics on how it would be addressed. Seeing the project slow development, it probably won’t happen at all – they will let it die a slow and painful death.

But the team itself is weak, no proven track record of any successes, just the contrary.

First there was Crypti which became Lisk and from Lisk came Rise vision. All these “platforms” do the same thing, they all had an ICO and they all are based on the same code. I think it’s pretty clear these were all money-grabs for the ICO creators.

How long does it take to mine bitcoin?

LISK is mostly a rebranded Crypti. This project was unsuccesful (no one used it) and the fact of rebranding and issuing of the new coin is proof of incompetence.

Another factor against Lisk: basic economics.

ETH had first mover advantage by almost 9 months, the network effects are already kicking in for Ethereum and LSK offers nothing that ETH doesn’t already have or can’t develop easily. Lisk is already far behind Ethereum and even EOS or TRX, who stole their thunder boasting pretty much same features as Lisk but with much better marketing. And the question is do we need that much dApp platforms at all? We probably don’t – it will be a winner takes all situation while others might niche down to a more specific use case in order to try and survive.

Add to all of this the fact that the team lacks vision and doesn’t honor any roadmap (there is basically no roadmap), they try to sell fake AMAs and irrelevant, minor technical tweaks on the code as big-deal “upgrades” – the writing on the wall is clear, this is a zombie project that no one uses and will never use.

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Damian Booker
Damian Booker

First thing to know about Damian is - he HATES shitcoins and has declared a war on them! Damian is a bitcoin hodler since early 2013. He used to mine Ethereum back in the day as well. Nowadays he likes to discuss bitcoin and its potential influence on the society organisation and governance. Damian hates fraudulent projects and his mission is to shed light on the maggoty scammers that have invaded the crypto space with their zero-value projects.

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