Transmission 55 - Max Kordek , Lisk

## Transmission 55 - Lisk with Max Kordek: A Comprehensive Summary

1. Narrative Summary:

This episode of Transmission 55 features a deep dive into the Lisk project with CEO Max Kordek. The conversation traces Lisk’s origins, revealing it's a fork of Crypti, not Ethereum, built with a focus on decentralized application development. Max recounts his journey from Bitcoin mining to discovering Crypti and ultimately founding Lisk, highlighting the challenges and successes of the project's early stages. The team successfully raised approximately 14,000 Bitcoin ($6 million at the time) through an ICO, funds currently held in escrow to ensure sustainable development. The initial launch was turbulent, marked by website issues, a chaotic rollout of wallets, and a significant price correction due to speculative trading of IOUs on smaller exchanges. Despite these early hurdles, Lisk is focused on building a robust, secure, and decentralized platform, exploring future possibilities like a Decentralized Autonomous Organization (DAO) and continuously refining its delegated proof-of-stake (DPoS) system and sidechain architecture. The discussion emphasizes Lisk’s commitment to Bitcoin and its ecosystem, with the majority of ICO funds intended to remain in Bitcoin.

2. Main Topics Discussed:

• Lisk's Origins & Development: Forking Crypti, distinguishing from Ethereum, and the team's background.
• ICO & Fund Management: Fundraising process, escrow arrangements with Axel Helinger and Paul Klanscheck, and the team's approach to resource allocation.
• Initial Launch Challenges: Website and wallet issues, user experience problems, and the impact of IOU trading on smaller exchanges.
• Lisk's Delegate System (Forging): How delegates are chosen, their responsibilities, and the voting mechanics.
• Sidechain Architecture & Security: Independent sidechains, consensus mechanisms, and future adaptability.
• Decentralized Autonomous Organization (DAO): Potential for a DAO on the Lisk network for decentralized funding.
• Future Development: Exploring different consensus mechanisms and monetization strategies for sidechains.
• Bitcoin's Role: Lisk's commitment to the Bitcoin ecosystem and the intention to primarily hold ICO funds in Bitcoin.

3. Key Quotes:

• Max: "Lisk is a fork of crypti yet, but crypti isn't a fork of a theorem." (Explaining Lisk's lineage)
• Max: "The price was like at $6 or $8 at the end for one list. And I think that's kind of crazy." (Referring to the inflated price of Lisk IOUs)
• Max: "We are big believers into Bitcoin and Bitcoin ecosystem and we think that the majority of all funds will stay in Bitcoin because all sorts of timing is very good." (Expressing Lisk's commitment to Bitcoin)

4. People Mentioned:

• Max Kordek: CEO of Lisk
• Theo: Podcast Host
• Oliver: Lisk CTO
• Axel Helinger: Lawyer (involved in ICO fund escrow)
• Paul Klanscheck: CEO of Coinimal (involved in ICO fund escrow)
• Wul team: Team behind Crypti
• Yogrt & Bluebit: Smaller exchanges where Lisk IOUs were traded.

5. Bitcoin Price if Mentioned:

• $600: Approximate Bitcoin price during the Lisk ICO.
• $6 million: Approximate USD value of 14,000 Bitcoin at the time of the ICO.