Lisk is now the 7th coin on CoinMarketCap after its launch on May 24th. Two prominent advisors have been added to the team to help Lisk become the go-to platform for Blockchain applications and provider of decentralized services.

Lisk has added IOHK CEO Charles Hoskinson and serial entrepreneur and venture capitalist Steven Nerayoff as senior advisors, according to Lisk CEO Max Kordek.

Hoskinson and Nerayoff were two of the most prominent individuals responsible for the phenomenal success of Ethereum. Their success in the Blockchain, IoT, and decentralized platform industry have been the foundation for their successful cryptography projects and companies.

Lisk can dominate its crypto sector

Speaking to Cointelegraph about this development, Nerayoff says that he regularly gets asked to advise companies and to speak at industry events, but his criteria for attaching himself to companies are clear.  

Nerayoff explains:

“I'm very selective on who I attach my name to in an official capacity. I focus my efforts on companies I believe will dominate their portion of the crypto sector. As I saw early on with Ethereum, I see it again in a complementary way with Lisk and it’s enormous market opportunity.”  

He also tells Cointelegraph that to accomplish the vision of Lisk requires a lot of smart people working there and a group of seasoned advisors which is the reason why he recruited such friends and industry luminaries as Charles Hoskinson and others. On his role, Nerayoff tells Cointelegraph that he will be advising the Lisk team in the art of building a company that lasts. Being part of Ethereum from the early days, together with his experience as an investor as well as the time spent founding companies, Nerayoff is confident of his acquired perspective.

He says:

“I will advise the team on the pitfalls and opportunities they will face in building a successful cryptocurrency and Blockchain app platform. This market by itself is enormous at $77 billion and growing. Further they are positioned very well to help solve the scalability issue which virtually all platforms are facing today.”

Nerayoff believes that Lisk will become the go-to platform for Blockchain applications and services, yet supporting various technologies like Ethereum and others as services for Lisk's own Blockchain applications written in JavaScript.  

Lisk can become more elegant and faster than Ethereum

In an interview with Cryptocurrency investors Tai Zen and Leon Fu, Hoskinson recognised Lisk as a developing technology, identifying the potential of Lisk to do trusted execution of codes even in more elegant and faster ways than Ethereum, but says the technology must be modified to achieve such.

One major property of Lisk that Hoskinson identifies is the capacity of Lisk to become a decentralised marketplace for app developers to purchase services which will augment existing apps or develop new ones. Another aspect is that other applications can be run, not necessarily as a side-chain but as delegates where there are stakeholders on the mainchain who elect the delegates.

Hoskinson argues:

“There is no reason why Lisk cannot grow like Ethereum, but it has to be earned. The good news is that the creators of Lisk have a lot of runway to achieve this. Max has a lot of humility and he listens, that’s a plus. He has to open up. China is pivotal, and the Eastern Blocs too.”

Tim Frost, VP Marketing & Business Development at Wirex, thinks that with this development, the future looks really bright for Lisk.

Frost says:

“Charles Hoskinson is one of the most respected minds in cryptocurrency. His knowledge and insight of the industry and of the smart contract protocols is immense. Having watched him speak on the project, it is very clear Lisk potentially has a very bright future. Few understand the technology more than Hoskinson.”

Time, attitude, community and focus

On the prime factors which will determine the success or failure of the project, Hoskinson says that there is no substitute for time and community.

He notes:

“The value of a cryptocurrency is not determined by your technology, but by your community. It is better to focus on the vision, and where the technology is heading.”

Hoskinson identifies an early fault in the marketing of Lisk. He points out that Lisk in its early stages was presented like a version of Ethereum, saying that it shouldn’t be so. He sees the Lisk team as an assemblage of good ideas which requires good managers and developers to flourish. According to him, the basic attributes needed by the creator which will enhance the success of the project includes the ability to ask for help, being surrounded by the right people, not rushing into decisions and being meticulous. He also says that the most important thing is to always keep moving forward, even if it is one step at a time.

Finally, Hoskinson comments that most of his work at Lisk will be behind the scenes, managing strategic partnerships and giving advice. He will also be involved in many discussions about strategy.