Blockstream on Wednesday announced that Liquid Network — its first Bitcoin sidechain — is now online. This announcement comes after more than a year of beta testing the sidechain on the core Bitcoin network.
Liquid Network Goes Live
The San Francisco-based Blockstream announced the news via a blog post on the startup’s website. According to the company, Liquid ensures speedy and secure transactions suited to the specific needs of high trading volume entities like brokers, exchange platforms, and financial institutions.
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
Blockstream revealed that the Liquid sidechain went live at the end of September 2018. The company also said that there are already 23 participants on the Liquid Network, all of whom are major stakeholders in the Bitcoin market.
According to the announcement, the 23 participants are:
Altonomy, Atlantic Financial, Bitbank, Bitfinex, Bitmax, BitMEX, Bitso, BTCBOX, BTSE, Buull Exchange, DGroup, Coinone, Crypto Garage, GOPAX (operated by Streami), Korbit, L2B Global, OKCoin, The Rock Trading, SIX Digital Exchange, Unocoin, Xapo, XBTO, and Zaif.
Blockstream first announced Liquid in 2015. The network works by participants first converting Bitcoin to Liquid Bitcoin (LBTC). Each LBTC is tied to actual Bitcoins, but instead of running on the main network, LBTC is moved within the secure Liquid Network sidechain. Thus, transactions can occur at a faster rate inside the Liquid Network sidechain.
Apart from enabling faster transactions, Blockstream is also pursuing a raft of other expanded upgrades and enhancements to the Liquid Network.