Blockstream’s Liquid Sidechain Solution for the Bitcoin Network Goes Live

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The Liquid Network sidechain for the Bitcoin (BTC) blockchain went live on September 27, according to an October 10 post from Blockstream.

Blockstream is a blockchain development company founded in 2014, with Samson Mow as the current CSO. The Liquid Network project, first discussed in 2015, was later launched in October 2018 to enable better liquidity between Bitcoin exchanges and brokers.

According to Blockstream’s blog post, the Liquid blockchain generated its first block on September 27, 2018 at 01:29 UTC with participation from 23 members of the crypto industry, including Bitfinex, OKCoin, BitMEX, and SIX Digital Exchange.

The blog post explains that Liquid aims to enable faster Bitcoin transactions between businesses and individuals through the use of its features. These include a native Liquid Bitcoin (L-BTC) asset backed by a “two-way peg” to Bitcoin, issued assets bringing “bitcoin-like functionality to traditional assets” and its confidential transaction technology.

Blockstream’s post also notes that more features will be added in the future, including GreenAddress wallet integration and third-party hardware wallet support from Ledger and Trezor.

According to the FAQ page, the Liquid Network differs from the Lightning Network (LN) – a second layer solution for Bitcoin – in that its transactions are not “limited in quantity to channel capacity”. In July, payment service CoinGate launched an LN trial for 100 merchants, including sports betting websites, online stores offering crypto products, and adult entertainment websites.

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