In a press release last Monday, Blockstream unveiled a new feature: a custom token creation platform.
The blockchain firm officially launched their Issued Assets (IA) platform on its crypto-backed Liquid sidechain on Monday. The app allows users to customize and create their own tokens. These tokens can be used to represent any type of financial instrument, be it fiat, crypto assets or assets like gold, as well as other more unconventional types.
Users can also enable the use of private transactions via Confidential Assets. Doing so ensures only the parties actually involved in a transaction know the asset type and value of the asset that is being traded.
The startup also revealed that users can conduct atomic swaps between bitcoin and IA, which can include altcoins. This ensures that a bitcoin can be exchanged for a different asset in a single transaction, without using a middleman. This also has the effect of making the transaction faster, with the startup claiming a time of 2 minutes to finalize the transaction.
Blockstream allowed users a sneak peek of their platform, with a preview during Coindesk’s Consensus 2018 conference. The preview demonstrated how the Liquid platform can issue five different types of Issued Assets, which represented physical goods.
In the demo, the assets were items such as shirts and hoodies. The tokens were randomly sent to the conference attendees’ paper wallets. Each paper wallet contained a public key, allowing the owners to redeem the token for each asset it had. After the physical items were claimed, the tokens were then destroyed.