Liquid will launch in the first quarter of 2018

New sidechain solutioin will help to speed-up the transactions between exchanges
03 July 2017   2174
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Commercial application, based on the sidechain technology Liquid from Blockstream will be launched in the first quarter of 2018. This is reported by BraveNewCoin.

Sidechain Liquid was working in the test mode since the end of the 2015. It was launched in beta mode in May 2017. Technology is designed for bitcoin-exchanges, processing services and traders by reducing the time of transactions between the accounts. 

Bitcoin

First decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

Despite the fact that Liquid is a private blockchain, it is built over bitcoin's blockchain and allows to reduce the time of transaction between exchanges to few seconds. 

The Liquid network consists of a federation of operators, or functionaries. These network operators mechanically execute defined operations if specific conditions are met. Functionaries have the power to control the transfer of assets between blockchains and to enforce the consensus rules of the sidechain.

As Ben Gorlick, Blockstream Director of Product mentioned, Liquid version 1.0 will support up to 15 functionaries. Each will be placed in different exchanges. Additionally, few functionaries can be turned off without any harm for a system. And even if all of them "falls", there are a lot of ways to guarantee the security of client's funds.

Blockstream crew also mention that Liquid launch will depend on SegWit protocol activation. Possible side-effect is an indirect decrease in Bitcoin’s existing traffic

Nevertheless, as the developers insist, the technology will facilitate the processes of trading, arbitrage and liquidity provision.

As Gorlick assures, Liquid will help with scaling of the network by reducing the pressure on the bitcoin's blockchain.

Thus, the main innovative solution is the wallet that users can use to safely store bitcoins outside the exchanges. In this case, they have the opportunity to quickly move coins, when there is such a need.

Over the past few months Liquid has been already tested by several well-known exchanges, including Bitfinex, BTCC, Kraken, Unocoin and Xapo.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   101

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.