Blockchain firm Blockstream announced that its Liquid Network is now up and running, and that it already has 23 notable cryptocurrency exchanges joining it, including Xapo, Korbit, Bitfinex, BitMEX, just to name a few.
According to an announcement on the firm’s blog site, the network, which is considered to be the world’s very first production Bitcoin sidechain, was launched on October 10.
World’s First Production Bitcoin Sidechain
Liquid Network boasts “fast, secure, and confidential transactions” to meet the needs of crypto exchanges, brokers, market makers, even financial institutions, wrote Blockstream through its CSO Samson Mow.
The first block was generated on September 27, where 23 renowned crypto firms participated in the launch as members. These are 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 last, but not least, Zaif.
The success of the launch is the result of coordinated efforts of the Liquid Network’s members and represents just the beginning, with numerous features and applications in the works to expand participation. 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.
As mentioned above, Liquid Network is a sidechain built on the Bitcoin network, which, as the proponents claim, will provide a rapid way to transfer bitcoin between members with full settlement in two mere minutes.
With Bitcoin At The Center
The blockchain’s native Liquid Bitcoin (L-BTC) asset is supported by a two-way peg to Bitcoin itself—hence, a sidechain, according to Blockstream—which can be redeemed at any given moment. Also, it boasts a so-called Confidential Transaction technology which makes sure that the amount and asset transferred will be revealed only to the parties concerned.
“The launch of the Liquid Network marks the beginning of a new era of digital asset issuance and transacting,” Mow wrote, by enabling the tokenization of certain assets, including fiat money, precious metals, securities, and other new crypto assets, “all with Bitcoin at the center.”
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