Bitcoin developer Jimmy song in an interview with the Crypto Insider said about the network Liquid, which, he claims, is so named because it provides liquidity and can smooth price fluctuations on the market.
According to the developer of Bitcoin, Jimmy song, a network of Liquid is a “proper first step” towards connecting the side chains, sadanov that will allow safe use of the digital assets on different blockchains.
The official launch of sadhana Liquid bitcoin took place on 10 October. According to the company Blocksream involved in improving the Bitcoin network, the first unit of the core network Liquid was generated 27 September with the participation of 23 cryptocurrency companies, including Bitfinex, OKCoin, BitMEX and SIX Digital Exchange.
Jimmy song explained that the network of Liquid adapted the “federated trust model”, where the vast majority of participants must confirm the transaction to ensure that it has been successful:
“If I remember correctly, they have 23 members and need the vast majority, two-thirds plus one… That is 16-17 of the 23 nodes must agree for the transaction. In this case, the process is relatively fast because it is a trust kind a closed network”
Jimmy song believes that the provision of liquidity between cryptocurrency exchanges also goes to the market to benefit, citing the example of “kimchi-award” on the Korean cryptomeria:
“In Korea’s capital controls complicates things, but if there is at least the liquidity of the bitcoin, you can already perform the transaction a little faster”
He also added that the situation in Korea led to the fact that people tried to transfer bitcoins to Korea that could be solved with sacchan:
“It softens a lot and making the transfers in bitcoin much faster. Not 30 minutes or so, but almost instantly with the help of sadhana”
Jimmy said that once the members of the network Liquid confirm the new address translation from them to become effective and immediate:
“In my opinion, it will be a kind of network in the second layer, which is more commercial, and I think it is good. You know, I’m all for competition, innovation, testing new technologies”
Jimmy song believes that bitcoin is different from other cryptocurrencies, and will remain on the market. Also Bitnovosti you can see the opinion of Jimmy song about why the blockchain is hard, and private blackany have no value.
We also recall that in early July the company Blockstream specializing in blockchain and bitcoin development, has announced the launch of Issued Assets (IA) is a tool for creating custom digital tokens within sidechain Liquid.