The Start of the Liquid Network

Blockchain Association of Canada Started Sidechain Project
22 June 2017   1326
Blockchain

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

In order to support the Bitcoin scaling agreement, the Blockchain Association of Canada has started a sidechain project: Liquid Networks. The project is founded by Samson Mow of Blockstream and Joseph Weinberg of Paycase, based in Ottawa.

The Liquid Network, a sidechain network, is created to optimize transactions with agility and swiftness.

Sidechains like Liquid Networks have the capabilities to perform real-time audits while offering a secure protocol with an option of impenetrable, secure tokens all of which can be comfortably used over the open internet.

Optimized financial transactions

Sidechains allow for new innovations in security models and features, plus the added benefit of faster and more cost efficient transactions — if more businesses were utilizing sidechains for cases involving recurring transactions, they would take some pressure off the main Bitcoin blockchain.
 

Samson Mow 
Blockstream

According to Joseph Weinberg, they have been working with enterprises in finance and other institutions to explore possibilities that will essentially leverage a strong federation.

We are also working on other sidechain initiatives that leverage strong federations and confidential assets via the elements project, both in Canada and globally, that require multi-participant governance guarantees and explicit trust.
 

Joseph Weinberg
CEO, Paysafe

In order to work properly, Liquid Networks requires trust from a group of parties and government assurances, whereby rules and regulations are adhered to, which includes a participant network for consensus.

While expediting Bitcoin trading, the system is claimed to act as a “trustless” exchange for its users.

Implementability

The idea of sidechain projects exists for some time. Their new focus extends to the decentralization of trust into other sectors and digital assets.

It is a classic example of principles that are good on paper, yet do not equate in practice.

Pegged Sidechains by BlockStream or other similar projects, claimed to “enable Bitcoins and other ledger assets to be transferred between multiple Blockchains”. Nevertheless, the right mental model for it to fully work is still needed.

Source: Cointelegraph

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.