Blockstream Liquid Network Launches with Xapo, Bitmex, Bitfinex and Korbit Companies as Members
The popular blockchain and crypto-related firm Blockstream has recently announced the launching of the Liquid Network. The company explained that it has already 23 different recognized members in the cryptocurrency community. Some of them are Xapo, Korbit, Coinone and OKCoin, among others.
The first announcement made on Blockstram’s blog site was made on October 10. Additionally, they informed that the Liquid Network was the first production Bitcoin sidechain launched to the market.
Liquid Network meets the necessities of virtual currency exchanges to process fast, secure and confidential transactions. It is also used by brokers, market makers and financial institutions.
According to Blockstream, the first block was generated on September 27 with the participation of 23 different cryptocurrency exchanges and platforms.
The company’s CSO, Samson Mow, commented about this:
“The success of the launch is the result of coordinated efforts of the Liquid Network’s member and represents just the beginning, with numerous features and applications in the works to expand participation.”
Some of the features mentioned by Mr Mow include GreenAddres wallet integration a new open-source Liquid Wallet client, and future plans for third-party hardware support, including Ledger and Trezor. The privacy features included into the blockchain would allow only participants involved to be able to see the funds that are being transacted.
With this sidechain, ti will be possible to perform transactions between exchanges and other financial companies in mere minutes and in a secure and private environment. In order to operate, the blockchain sues an asset known as Liquid Bitcoin (L-BTC) that is supported by a ‘two-way peg’ to Bitcoin. The funds can be redeemed at any moment.
Mow wrote that the launch of the Liquid Network is the beginning of a new era of issuance and transacting money with Bitcoin as the core currency.