Users can now send and receive Liquid BTC (L-BTC) through a wallet, connected to their node and observe the same transactions on the new Blocksteam block explorer.
We are pleased to announce our new block explorer: https://t.co/BaYGrrfwHU! Search and view data on #Bitcoin #blockchain & #LiquidNetwork. No analysis script, no tracing. Native support for SegWit, bech32, Tor Onion and other modern #BTC Features. ⛓️🌊 https://t.co/ukSJUGhP9t pic.twitter.com/8qxZNnPCmM
– Blockstream (@Blockstream) 6 November 2018
The average trader
You may think that Liquid is just another institutional product but, according to Blocksteam CEO Adam Back, "it is for traders, to store L-BTC in a liquid portfolio ready to deposit in a minute or more in any exchange of Liquid support is an alternative to filing BTC in custody. "
It's already in use, and some people have used L-BTC in their rock trading portfolios. Liquid will provide a faster transaction and privacy than the increased security and decentralization offered by BTC's blockchain.
"For cold storage and censorship-resistant payments, you want to use the main Bitcoin chain, and for lightning, cheap (retail) payments, lightning is better," says Back.
Other features include no analysis script, no tracing and native support for SegWit.
The supply of LBTC will fluctuate based on the amount of BTC "pegged" in and out of the sidechain. Users must wait for the confirmation of 102 Bitcoins (about 17 hours) to accredit their LBTC.
Privacy is all the rage at the moment. We have seen updates from Monero (with bulletproof) and Ethereum is also talking about the implementation of ZK-snarks in the serenity upgrade to PoS (Serenity is the combination of Sharding + Casper). The liquid implementation of confidential transactions uses reserved addresses and Bech32.
Blocksteam CSO CSO Samson Mow announced on Twitter: "We return privacy".
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