Blockchain project completes its biggest protocol change ever – Cointelegraph

Blockchain project completes its biggest protocol change ever – Cointelegraph

A blockchain project says that it has successfully completed one of the biggest protocol changes in its history.

Lisk says the migration from Mainnet v2 to Mainnet v3 heralds the start of a whole new era for its network — eliminating weaknesses related to fees and its consensus algorithm. Simultaneously, it perfectly sets the stage for an upcoming interoperability release.

The blockchain’s users can now benefit from an “extremely secure” account address system that comes equipped with built-in error detection for typos. Addresses are also now longer, and it is hoped that this will reduce the likelihood of address collisions. Lisk has stressed that private keys, public keys and 12-word mnemonic passphrases have been unaffected by the transition.

One of the biggest downsides associated with blockchain technology relates to the fact that, if the user makes a mistake, their funds can be lost forever. However, Lisk’s infrastructure means that a user can mistype up to four characters in an address — and it’ll be guaranteed that the application will detect the error.

Making things cheaper

Lisk says that the improvements delivered through Mainnet v3 don’t end here. The project’s executives claim that the new upgrade means transactions are up to 98.64% cheaper than they were before. Whereas the minimum fee used to be set at 0.1 LSK, it has now been reduced to 0.00136 LSK. Overall, it’s hoped that this will deliver far greater levels of competition.

The platform’s delegated-proof-of-stake consensus algorithm