Blockstream, a leading provider of blockchain technologies, announced the launch of the Liquid Network, the first-ever Bitcoin (BTC) sidechain designed to provides fast, secure, and confidential transactions for major financial institutions, exchanges and market makers.
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
According to the announcement, the Liquid Network went live with the first block generated on September 27 at 1:29 UTC. Twenty-three major cryptocurrency companies participated in the launch, including Bitfinex, Bitmax, BitMEX, OKCoin, The Rock Trading, and SIX Digital Exchange.
Key to Liquid is its Liquid Bitcoin (L-BTC), a native asset that is backed by a two-way peg to Bitcoin. This token allows members of the Liquid Network to securely and rapidly send Bitcoin to one another, which can be redeemed by the end user in under 2 minutes.
Beyond Bitcoin, Liquid has developed “Liquid Assets,” which the company states, “brings bitcoin-like features to traditional assets, such as tokenized fiat, digital reward points and attested assets (e.g. gold coins), removing the need for dedicated blockchains or wallet software.”
Liquid leverages privacy technology that masks both the amount and asset type being transferred so that only the transacting parties have access to the information. Additionally, Liquid plans on expanding its functionality by adding third-party hardware wallet support from Ledger and Trezor.
More: The Launch of the Liquid Network
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.