Liquidity Network make off-chain protocol for Ethereum

It will become an analog of the Lighting Network for the bitcoin
30 November 2017   1603

The Swiss researcher Ethereum Arthur Gervais presented a demo version of the Liquidity Network project. It will allow Ethereum-purses to introduce and use an off-chain transaction protocol for payment channels, an analog of the Lighting Network for the bitcoin network.

For users, the process of transferring funds will not visually change. But under the hood of the Ethereum wallets, the off-chain protocol will connect the sender and the recipient through "hubs", which will provide payment channels between all connected to the "hub" parties.

During the demonstration of the demo version, Gervais showed the process of depositing funds for the "hub", and also transferred two users 50 Wei and 30 Wei (fractional shares  Ethereum), respectively.

Earlier developers of the decentralized crypto exchange Altcoin Exchange conducted the first atomic transaction between the networks of bitcoin and Ethereum.

AION to Unveil Future Plans

Foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year
06 December 2018   157

The Aion Foundation, which is responsible for the development of the protocol of the same name and collected $ 23 million in Bitcoin and Ethereum on ICO in October last year, published a report in which it shared information about its financial operations. The report was prepared with the support of Deloitte, however, it cannot formally be considered an audit.

According to the Aion Foundation CEO Matthew Spoke, the foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year. Having spent $ 10 million on launching its blockchain platform and opening offices in Canada, China and Barbados, the fund had assets of $ 14 million as of October 31 of this year, $ 5.8 million of which was placed in Fiat.

We’ve liquidated a decent amount of our bitcoin and eth that we raised as proceeds to make sure that we are stable in this type of period. As we continue to spend in our operations we’ll end up liquidating more bitcoin and eth over the course of the next few months.

Matt Spoke

CEO, Aion Foundation

The Aion protocol has already attracted active users, including the video game start-up ClanPlay, but Spoke claims that his company will continue to rely on hard currency.

The foundation has roughly 18 months of runway, Spock estimates, while developing his system to a level at which it can compete with centralized counterparts, such as Amazon Web Services, will take about five years. Aion expects to launch its first Java-based virtual  machine, thanks to which developers can use decentralized tools, by the second quarter of next year.

Spoke suggests that at this time his company will have to attract additional funding from cryptocurrency funds and accredited investors in exchange for their own tokens. His goal is to prevent the reduction of the team, which currently includes 61 people, and the operation of the Ethereum model of ConsenSys, a company sponsoring projects in its own ecosystem.

In the future, Aion intends to publish such reports on a quarterly basis and transfer data to the Messari network in order to increase the confidence of its tokens holders.