Blockstream’s Liquid, Bitcoin’s first production sidechain is now live
Sidechains have been the most anticipated technological improvement to Bitcoin since its inception. This stems from the fact that a sidechain provides limitless opportunities to users once it’s deployed. The term came into being in 2014 and since then developers have been working at it diligently. But now the San Francisco-based startup Blockstream has announced that the first production Bitcoin sidechain Liquid is now live. Three years in the making the moment has finally arrived.
“As the world’s first production Bitcoin sidechain, the Liquid Network provides fast, secure, and confidential transactions to address the needs of exchanges, brokers, market makers, and financial institutions around the world,” says the blog post.
According to the blog, the Liquid blockchain went live with the first block generated on September 27. Some of the biggest names in the crypto industry participated in the launch as Liquid members, which included Altonomy, Atlantic Financial, Bitbank, Bitfinex, Bitmax, BitMEX, Bitso, BTCBOX, BTSE, Buull Exchange, DGroup, Coinone, Crypto Garage, GOPAX, Korbit, L2B Global, OKCoin, The Rock Trading, SIX Digital Exchange, Unocoin, Xapo, XBTO, and Zaif.
Liquid is an innovative sidechain built on the Bitcoin network, facilitating faster Bitcoin transactions between businesses and individuals, while enabling extended functionality.
The blog also states that the network is planning to come up with new additional features in the near future.
“These features include GreenAddress wallet integration, an all-new open-source Liquid Wallet client, and plans for third-party hardware wallet support from Ledger and Trezor,” the blog adds.
Highlighting the difference between the Liquid network and the Lightning network, the FAQ section states that in Liquid network, transactions are not subject to delay due to the lack of cooperation of other parties. Funds in the sidechain can be increased by member exchanges pegging more Bitcoin into the sidechain, which is not the case with the Lightning network where the transactions are limited in amount to channel capacity, specifically the capacity of the smallest channel in the ‘hops’ from sender to receiver.
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