Cryptocurrency Exchange

Blockstream Introduces Next version of Tether on Liquid Network Sidechain Protocol

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Blockstream- a Bitcoin development firm is releasing an advanced version of largely used and most controversial stablecoin Tether (USDT) on its Liquid Network, which is a sidechain protocol developed to connect exchanges together.

Liquid Network was developed as an extra layer to the bitcoin blockchain so as to provide the potential to exchange transactions of high volumes at a greater speed. The Liquid Network was introduced in October 2018. This network will provide advanced features to bitcoin enthusiasts and firms that are not offered over the official platform of Tether Limited

As per the CSO of Blockstream, Samson Mow briefed vital information on Tether stablecoin across the weekend, ‘Liquid’ tethers will be enhanced and safe and fast.

Samson Mow in a press release mentioned,

The addition of Tether is a major milestone in increasing the utility of the Liquid Network. In combination with the latest developments in the Liquid ecosystem, traders can now achieve some really cool things, such as OTC atomic swaps, super-fast arbitrage between exchanges, and easy Tether custody with Blockstream Green.

Liquid sidechain protocol of Blockstream was introduced last year and announced as a combined secondary network for instant and cost-effective high-grade bitcoin transfers, mainly from one exchange to another.

The Liquid stablecoin Tether (USDT) will start from 29th July and will be available to deposit and withdraw over Bitfinex- USDT issuer Tether’s sister exchange.

During the release of Tether’s new version, several companies along with Bitfinex registered to assist control and transact across the network using Tether’s L-BTC- bitcoin pegged token.

The network will now allow carrying swaps automatically between Liquid bitcoin (BTC) and Liquid tethers, a tool that the companies believe will provide minimum counterparty threat for those performing buying and selling of OTC. Adding further, faster block times feature of Liquid will enable traders to instantly finish transfers of fiat currency across exchanges, thus providing more progressive arbitral trades.

The platform also provides the ‘Green Wallet’- a cold wallet that enables customers to store their tokens offline and with ‘Confidential Transactions.’

As per the blog post of Mow, as of now, the Liquid Network is backed by exchanges and services such as BTCTrader, BTSE, OKCoin, OKEx, Sideshift AI and RenrenBit.

In May 2019, Blockstream revealed its Liquid Securities network, which opened the way to introduce security tokens on the platform. Soon after this initiative, the development team integrated ‘support for atomic swaps’ and ‘the Lightning Network,’ looking at these developments, 2019 seems to be a year for Blockstream’s project expansion.

The Liquid development team expects that support of Lightning Network to Liquid USDT is on the way. Liquid USDT will be available for self-custody in Green Wallet.

Bitfinex CTO, Paolo Ardonio mentioned,

It has been a natural decision to deploy Tether on the Liquid Network given the fantastic work that the Blockstream team is achieving. Issuing stablecoins, and various other digital assets under one blockchain platform make a lot of sense and greatly improves industry efficiency whilst allowing traders to manage all their assets from a single wallet application.

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