Blockstream Launches Liquid NetworkTop 10 Binary

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Blockstream Launches Liquid Network

Blockstream recently announced that is expanding into new territories with the launch of the Liquid Network. This is a bitcoin sidechain that is intended to add additional functionality and make it possible for transactions to be done faster. It would also help with increased security and tokenization of various assets.

Sidechains work by creating a second data layer for the Bitcoin blockchain. It copies the latest version of the ledger and keeps it on a separate network. The transactions that happen on the sidechain do not need to be included in the main blockchain. The result is that there are no transactions fees and the blockchain is not filled up with the records.

One great feature that the Liquid Network has is that it has a two-way peg. This means that data can be transferred between two networks seamlessly. This allows for easy resolutions of various transactions.

Blockstream

This is all because Liquid uses a native asset called Liquid Bitcoin. This is what allows for seamless data transfer between the sidechain and the main blockchain. Plus, it can be redeemed at any time on the network.

In a statement, Blockstream said

The participating exchanges and Bitcoin businesses deploy the software and hardware that make up the Liquid network so that they can peg in and out of the Bitcoin blockchain and offer Liquid’s features to their traders. Liquid provides a more secure and efficient system for exchange-side bitcoin to move across the network

Exchanges would be the main beneficiaries of the new easy transfers. Mining groups are left out, but they would still be able to benefit if Liquid Bitcoin is traded in for actual bitcoin. The main drawback is that the sidechain is not as decentralized as the main blockchain network. To function as it does, it requires a network of trusted functionaries. However, Blockstream assures users though that no single entity would be able to control the entire network.

Lightning Versus Liquid

Though the Liquid Network is in some ways similar to the proposed Lightning Network, the Liquid Network has some key differences. The main one is that Lightning is meant for microtransactions. Small payments done on Lightning would be free of charge and have minimal risks.

Whereas the Liquid network is intended for larger institutions and exchanges. It would allow for large transactions to be cleared faster and not incur massive fees. All of these transactions would need to be done using Liquid Bitcoin though.

The launch of Liquid has been a long time coming. It was first announced in 2020 and received $55 million funding in 2020. The release of the network was originally projected for the first quarter of 2020.

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Blockstream Launches Liquid NetworkTop 10 Binary

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Blockstream Launches the Liquid Network

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New sidechain technology enables fast and secure inter-exchange settlement of digital assets

Blockstream Launches the Liquid Network

Liquid’s instant settlements will allow our traders to achieve faster bitcoin deposits and withdrawals, more efficient arbitrage, and even better pricing though tighter spreads.

VICTORIA, British Columbia (PRWEB) October 10, 2020

Blockstream, the global leader in blockchain technology and financial cryptography, today announced the launch of the Liquid Network, an inter-exchange settlement network connecting cryptocurrency exchanges, market makers, brokers, and financial institutions around the world.

The Liquid blockchain went live on September 27, 2020 at 1:29 UTC with 23 of the cryptocurrency industry’s biggest players participating in the launch as Liquid members, including Altonomy, Atlantic Financial, Bitbank, Bitfinex, Bitmax, BitMEX, Bitso, BTCBOX, BTSE, Buull Exchange, DGroup, Coinone, Crypto Garage, GOPAX (operated by Streami), Korbit, L2B Global, OKCoin, The Rock Trading, SIX Digital Exchange, Unocoin, Xapo, XBTO, and Zaif. Together, these members manage the Liquid Network, ensuring users’ assets are protected through a geographically diverse federation, with no single point of failure.

“It’s been a long road for us to take Liquid from concept to commercial product,” said Samson Mow, Chief Strategy Officer of Blockstream and former COO at bitcoin exchange BTCC. “While still at BTCC, I was one of the first supporters of Liquid because I saw the potential of the network and technology for the cryptocurrency industry. It’s exciting to see the Liquid team deliver on that promise. Now our focus is to build out the Liquid Network ecosystem with more integrations, mobile wallets, and next generation functionary hardware.”

Liquid is an innovative sidechain built on the Bitcoin network, facilitating faster bitcoin transactions between businesses and individuals, while enabling extended functionality. Some of the features of Liquid include:

Liquid’s native Liquid Bitcoin (L-BTC) asset is backed by a two-way peg to Bitcoin (BTC) and can be redeemed at any time, providing institutions and end users with a secure and rapid way to transfer bitcoin between members with full settlement in two minutes.
Liquid’s Issued Assets brings bitcoin-like features to traditional assets, such as tokenized fiat, digital reward points, and attested assets (e.g. gold coins), removing the need for dedicated blockchains or wallet software.
Blockstream’s Confidential Transaction technology ensures that the amount and asset type transfered are known only to the transacting parties, enhancing the privacy of both L-BTC and Issued Asset transactions.

“If there’s one thing our traders need, it’s speed,” said Paolo Ardoino, CTO of Bitfinex. “Liquid delivers that in spades. Liquid’s instant settlements will allow our traders to achieve faster bitcoin deposits and withdrawals, more efficient arbitrage, and even better pricing though tighter spreads.”

The success of the launch has been thanks to the coordinated efforts of the network’s members and represents just the beginning, with numerous features and applications in the works to expand participation in the network. These include GreenAddress wallet integration, an all-new open source Liquid Wallet client, and plans for third-party hardware wallet support from Ledger and Trezor.

“Liquid paves the way for trustless exchange,” said Dr. Adam Back, CEO and co-founder of Blockstream. “In the future, traders will be able to place a limit order as a partially signed transaction, which is only spendable if paired with a transaction paying the asking price. The exchange would have no custody, so if someone broke in there would be no coins to steal. Liquid is a game changer for digital asset traders.”

Blockstream is the global leader in Bitcoin and blockchain infrastructure. Blockstream’s sidechain technology (Liquid Network) enables faster Bitcoin settlements, while empowering financial institutions to tokenize assets. The Cryptocurrency Data Feed, developed in partnership with Intercontinental Exchange, delivers best-in-class, real-time and historical exchange data. Blockstream’s GreenAddress is the world’s most advanced consumer Bitcoin wallet. Blockstream was founded in 2020, with offices and team members distributed around the world.

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