Lisk Community Forging starts very soon

[vlom]

I hope that this will work. And now it is time to chose the right delegates. I still only know one delegate i will vote for.

[1714925048]

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[1714925048]

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[1714925048]

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[JL901_NL]

Maybe a stupid question, but what if there are no more blocks left?

[digaran]

I hope that this will work. And now it is time to chose the right delegates. I still only know one delegate i will vote for.

What is the forging do? and how can it have any impact on the price of LSK which honestly is kind of a disappointment it used to be much higher than this, I don't know if Iconomi and other ETH contracts made it useless or what.

[Cashew]

Maybe a stupid question, but what if there are no more blocks left?

When there will be no blocks left, then the delegate forging process will simply begin !

[Emperor of Man]

Lisk has a bright future, People just need to get in and wait.

[Weatherby]

Lisk has a bright future, People just need to get in and wait.

how do you figure that out it has a bright future ,i really cannot understand about it as i am not a technical expert so i would like to hear about it in plain english

[bri912678]

I hope that this will work. And now it is time to chose the right delegates. I still only know one delegate i will vote for.

What is the forging do? and how can it have any impact on the price of LSK which honestly is kind of a disappointment it used to be much higher than this, I don't know if Iconomi and other ETH contracts made it useless or what.

If Lisk's like NXT then forging is like mining, but the forger only gets any transaction fees in a block. No new coins ever get generated, all the coins that will ever exist are made in the genesis block. However, NXT doesn't have delegates, that idea came from BitShares. With delegates a small number of addresses take it in turns to mine each block, and whales get to vote on who is a delegate, with each of their coins counting as a vote.

I doubt forging will affect the price of Lisk, it offers nothing new that hasn't already been done.

[Emperor of Man]

Lisk has a bright future, People just need to get in and wait.

how do you figure that out it has a bright future ,i really cannot understand about it as i am not a technical expert so i would like to hear about it in plain english

IMHO the most important factors that decide a coin's future is a good development team and a good supporting community. Lisk got both.

If the price declined for a while people shouldn't lose heart and get out, because in the future when it moons they will feel terrible. 

[Miketaz]

Actually, in 119,353 blocks forging rewards will be activated which means new coins will be generated every block. Here is a quote from Lisks FAQ:

The forging rewards occur at a fixed rate per block, and change over the course of the network’s lifetime as follows:

5 LSK per block - in the 1st year.
4 LSK per block - in the 2nd year.
3 LSK per block - in the 3rd year.
2 LSK per block - in the 4th year.
1 LSK per block – in all other years.

In addition to the forging rewards, active delegates will also receive an equal share of the transaction fees.

[RavenDothKnow]

Actually, in 119,353 blocks forging rewards will be activated which means new coins will be generated every block. Here is a quote from Lisks FAQ:

The forging rewards occur at a fixed rate per block, and change over the course of the network’s lifetime as follows:

5 LSK per block - in the 1st year.
4 LSK per block - in the 2nd year.
3 LSK per block - in the 3rd year.
2 LSK per block - in the 4th year.
1 LSK per block – in all other years.

In addition to the forging rewards, active delegates will also receive an equal share of the transaction fees.

So is the only difference, with regards to the consensus mechanism between Lisk and lets say Bitcoin, that the miners are delegated rather than freely adopted?

Also, as I'm posting there's about 120K blocks left. Any ETA on when the forging starts?
 

[Miketaz]

Correct, here's a great explanation of how Lisks consensus mechanism differs from other cryptocurrencies:

Bitcoin introduced Proof of Work (PoW) from which miners have to calculate a solution (hash) to a problem, wherein the more powerful the miner is the faster he can find that solution. The miner who finds the solution first, mines (generates) the block, and a specific amount of Bitcoin along with it. That means the miner has a financial incentive to be the fastest. Therefore, Bitcoin has an ongoing arms race to become the most powerful miner, leading to an ever increasing energy consumption of the whole network.

Nxt introduced Proof of Stake (PoS) which removed the mining element from the network, thus reducing the energy consumption dramatically. With Nxt, your stake, i.e. the amount of coins you own, determines your chance to forge (generate) the next block. Therefore, there is not an arms race as such, but rather an emphasis on increasing your NXT stake, in order to increase your forging chance. However, in comparison to Lisk, the Nxt forging rewards are negligible.

Lisk combines both worlds; the energy friendly Proof of Stake (PoS) algorithm, with the competitive element of Proof of Work (PoW). Additionally, Lisk adds a community element of elected delegates to the consensus mechanism.

In case you're wondering where I got this explanation, it's from the Lisk Documentation. Link here: https://lisk.io/documentation?i=lisk-handbooks/DelegateHandbook. There's a ton of great information there.

As for when forging begins, it's expected to start in early December.

[vlom]

only about 7000 blocks left. have you accumulated enough for the voting?

i didn't because i won't be a delegate.

[luk666]

Lisk has a bright future, People just need to get in and wait.

how do you figure that out it has a bright future ,i really cannot understand about it as i am not a technical expert so i would like to hear about it in plain english

I do not think lisk has a bright future, lisk even as China's asch