Liquid will launch in the first quarter of 2018

New sidechain solutioin will help to speed-up the transactions between exchanges
03 July 2017   2781
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.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   282

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.