Blockstream Introduces Bitcoin Sidechain
Liquid Network, first-ever Bitcoin (BTC) sidechain is now live. Blockstream announced that the project had 23 members at the start. The sidechain should provide fast, protected and private transactions.
Blockstream is the leading provider of blockchain technologies. The company delivers a range of software and hardware solutions for new tech. Yesterday, the firm launched a new network.
Liquid Network – the world’s first Bitcoin sidechain
The network went live on September 27. At 1:29 UTC platform generated the first block. 23 of the crypto industry’s biggest players participated in the launch.
– Atlantic Financial,
– Buull Exchange,
– Crypto Garage,
– GOPAX (operated by Streami),
– L2B Global,
– The Rock Trading,
– SIX Digital Exchange,
The @Blockstream team is excited to announce the #LiquidNetwork is now live with 23 members! Liquid enables fast, secure, and confidential transactions, along with digital asset issuance on the world’s first production #Bitcoin #sidechain. 🔒⛓️🌊 https://t.co/hWkU2bd1ku pic.twitter.com/IBvDIoHCsS
— Blockstream (@Blockstream) 10 października 2018
The Liquid is an inventive sidechain based on the Bitcoin network. According to the statement, the platform speeds up Bitcoin transactions between users and provides extended functionalities.
The network has a few key components. One of the features is Liquid Bitcoin (L-BTC), a homegrown token. A two-way peg to the Bitcoin supports the L-BTC. The asset allows users of the network to send Bitcoin to other users in a secure and fast manner. Shipped coins can be used by an end user in just two minutes after the trade.
Blockstream also developed Confidential Transaction technology. It should ensure transaction parties that the amount and type of a transferred asset are known only to them. The company in its statement said:
“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.”
The beginning of a new era
The Blockstream said that the launching of the platform was a success. The company owes this triumph to coordinated efforts of Liquid Network’s members. According to the website, it’s just the beginning, “with numerous features and applications in the works to expand participation”. It includes a brand new open-source Liquid wallet integration called GreenAddress.
The company thinks that the launching will be an inauguration of a new era in a digital asset issuance and transactions. The platform enables the tokenization of fiat, gold, securities, and even other new cryptocurrencies – all with Bitcoin in the middle.
It can be a breath of fresh air in blockchain technology. BTC had some problems with block sizes in the past. Participating in the Liquid requires paying a monthly subscription fee (fee amount depends on the size and number of the transactions).
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