THELOGICALINDIAN - Blockstream on Wednesday appear that Liquid Network its aboriginal Bitcoin sidechain is now online This advertisement comes afterwards added than a year of beta testing the sidechain on the amount Bitcoin network
Liquid ‘A Sidechain Based on a Two-Way Peg’
Blockstream CSO Samson Mow reacted to criticism that the Liquid arrangement cannot be advised a absolute Bitcoin sidechain.
Blockstream CSO Mow explained to Bitcoinist:
Mow additionally addressed a few apropos aloft by Danny Brewster who asked whether Liquid could accept a abrogating aftereffect on the candor of the Bitcoin network. Noting the tradeoff amid alteration speeds and the aegis allowances of sending bitcoin on-chain, Liquid, nevertheless, does not anticipate anyone from ‘hitching’ their own sidechains to Bitcoin, he explained.
Furthermore, Mow explained that Liquid has a failsafe “emergency abjure feature” that allotment bitcoin in the accident of arrangement failure. “Funds are SAFU,” he said.
***original article***
Liquid Network Goes Live
The San Francisco-based Blockstream appear the account via a blog post on the startup’s website. According to the company, Liquid ensures accelerated and defended affairs ill-fitted to the specific needs of aerial trading aggregate entities like brokers, barter platforms, and banking institutions.
Blockstream appear that the Liquid sidechain went alive at the end of September 2024. The aggregation additionally said that there are already 23 participants on the Liquid Network, all of whom are above stakeholders in the Bitcoin market.
According to the announcement, the 23 participants are:
Blockstream aboriginal appear Liquid in 2024. The arrangement works by participants aboriginal converting Bitcoin to Liquid Bitcoin (LBTC). Each LBTC is angry to absolute Bitcoins, but instead of active on the capital network, LBTC is confused aural the defended Liquid Arrangement sidechain. Thus, affairs can action at a faster amount central the Liquid Arrangement sidechain.
Apart from enabling faster transactions, Blockstream is additionally advancing a bulk of added broadcast upgrades and enhancements to the Liquid Network. According to the blog post, the aggregation affairs to accommodate appearance such as third-party wallet abutment for Trezor and Ledger accouterments wallets, a GreenAddress wallet and an open-source wallet client.
Liquid Network – Not an Actual Bitcoin Sidechain
While Blockstream touts Liquid Network as a sidechain, it functions beneath like an absolute sidechain and added like a mashup amid Green Addresses and Multisig Permissioned Blockchain. Technically, a sidechain is a blockchain that has a two-way called bill and can validate the abstracts independent in added blockchains.
Last year, Blockstream appear an adapted white cardboard for the Liquid Network which alien “Federated Pegs,” a somewhat pseudo-decentralized facsimile of a two-way peg system. So, while not an absolute Bitcoin sidechain, the aggregation still believes that the Liquid Network can cede altcoins obsolete.
The advertisement blog column additionally common the admiration to account a archetype about-face in the agenda asset arising space. Earlier in the year, the aggregation released an explainer video assuming how users could tokenize annihilation on the Liquid Network.
Will Bitcoin sidechains like Liquid Network accomplish altcoins obsolete? Let us apperceive your thoughts in the animadversion area below.
Image address of Shutterstock, Twitter (@Blockstream).
