Blockstream Launches Liquid Network Sidechain
After several years of testing, Blockstream has launched the Liquid Network sidechain together with its partners, according to the developer’s press release.
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) October 10, 2018
The Liquid solution was launched in test mode in 2015. In the spring of 2017, the sidechain was put to the test in beta mode. The product was created to improve the performance of trading platforms and other cryptocurrency companies and reduce the time spent on carrying out large volumes transactions.
The genesis block in the Liquid blockchain was generated on September 27, 2018, at 01:29 (UTC). Twenty-three Blockstream partners, including Altonomy, Bitfinex, Coinone, Korbit, OKCoin, and many others took part in the launch. Companies provide for the Liquid Network and guarantee the protection of users' assets. According to CoinMarketCap, the companies cumulatively carry out up to 60% of the total number of bitcoin operations.
The Liquid Network blockchain is a private network but differs from many self-contained systems in that it is created on top of the Bitcoin blockchain and requires only a few seconds to conduct monetary transactions among crypto exchanges.
The successful launch can be considered the result of joint efforts of the Liquid Network participants. In the future, new features will be implemented, including integration with the GreenAddress wallet, a completely new open-source Liquid Wallet client, as well as support for Ledger and Trezor hardware wallets.
Apart from improving the functionality of the Bitcoin network, the Liquid solution will allow for tokenization of fiat currencies, gold, securities, and other crypto assets, as stated in the press release.
As previously reported, Blockstream introduced block data explorer for Liquid sidechain.