Saturday, August 28, 2021

Lisk announces arrival of ‘new era’ after successful completion of migration to Lisk Mainnet v3


The Lisk Mainnet v2 completed the migration to Lisk Mainnet v3 on August 21, which is the biggest protocol change in Lisk blockchain history, Lisk wrote on their website. Features of the 'new era' include an extremely secure new account address system, up to 98.64% cheaper transactions after moving to a dynamic fee system, and ensured full immutability of transactions.

Migration eliminates all weaknesses of the Lisk Mainnet v2
The migration eliminates all weaknesses of the Lisk Mainnet v2 related to accounts, the consensus algorithm, and fees. The blockchain is now almost fully prepared for the upcoming interoperability release.

With v3, the new account address system is extremely secure with built-in error detection for typos. This does away with the need for account initialization. The previous address and ID system was retired and all current accounts were migrated. As a result, addresses have become longer, virtually eliminating the risk of address collisions and making sure such addresses resist preimage attacks.

Account private and public keys and the 12 word mnemonic passphrase have not changed. It's guaranteed that typos of up to 4 characters in the address will be detected.

Almost 100% cheaper transactions
With the newly introduced dynamic fee system under Lisk v3, transactions will be as much as 98.64% cheaper. This is because the minimum transaction fee has dropped from 0.1 LSK to 0.00136 LSK in an effort to make fees more competitive. By setting a higher fee and the same nonce as the transaction a user wants to overwrite, they can do so as long as the transaction has not been included in the block yet.

Transactions are non-reversible
Another important change that goes with Lisk v3 is total immutability. In other words, transactions are 100% non-reversible. This is the way of the future with interoperability and sidechains coming into the Lisk ecosystem as it prepares for v4. When Lisk Core v4 is released, blockchain applications will be able to support transactions across multiple blockchains. Lisk's newly integrated BFT consensus algorithm ensures they can't be reversed.

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