Blockstream Launches Sidechain-Issued Assets on Liquid: Altcoin Tokens No More?
Blockstream ha recently revealed new details of its asset trading platform that can change the market and provide alternatives to many altcoins. Blockstream has explained that its Issued Assets feature will allow the users of the company to create their own tokens instead of having to use the ones from other companies.
The Liquid Sidechain
All of this will be done on the Liquid sidechain, a new chain for Bitcoin that an facilitate fund transfers that are near instant. By using this new technology, the transactions can be almost anything.
These assets can represent any other tokenized financial asset like gold or even completely new assets. The technology was unveiled during May’s Consensus conference and the market has been waiting for it so far. Once the physical asset is claimed, the associated digital asset will be automatically destroyed.
Improving Bitcoin And Possibly Making Altcoins Obsolete
What does all this mean for the market? It means that altcoins that intend to offer an improvement over Bitcoin might be threatened as this sidechain will be able to offer major improvements on it.
By using this new technology and its features, the creation of digitizable collectibles and reward points can be issued via the new Liquid technology. The Liquid network, mirroring the Lighting Network of Bitcoin, will also provide Atomic Swaps which will allow the trading of two different assets without needing intermediaries.
Issued Assets and Bitcoin can be inputs and outputs of a Liquid transactions and the swap can be completed without even having to do more than a single transaction.
Updates for this technology are coming in the following weeks.