Connect with us

Bitcoin

Blockstream’s L-BTC can now be self-managed using ‘Liquid full node binaries’

Laira Rebecca

Published

on

Blockstream's L-BTC can now be self managed using 'Liquid full node binaries'
Source: Pixabay

A blockchain technology company, Blockstream recently announced the release of the Liquid full node binaries and its source code which is currently available on GitHub. With the help of Liquid full node binaries, users can join Blockstream’s Liquid network.

Liquid is an inter-exchange settlement network [sidechain] which is responsible for faster Bitcoin transactions and the issuance of digital assets by linking cryptocurrency exchanges and other financial institutions.

Blockstream’s tweet stated:

“We are excited to announce the release of the Liquid full node binaries & source code! Now any user can join the #P2P #LiquidNetwork by operating a full node, in order to trustlessly use the #sidechain just like with the #Bitcoin #blockchain.”

These full node binaries will let the users self-validate the chain like Bitcoin network. It also includes command-line utilities such as liquidd and liquid-cli. This enables users to self-manage L-BTC [Liquid BTC] and other Liquid Assets.

L-BTC is the native asset of Liquid network which is backed by Bitcoin’s blockchain through a mechanism called two-way peg. This process allows the bidirectional transfer of assets between the parent chain and the sidechain at a fixed exchange rate by reusing the existing Bitcoin [BTC].

According to Blockstream, using Liquid’s Issued Asset technology you can quickly tokenize traditional currencies, real-world assets, and other cryptocurrencies, and transact them securely with other members of the network.

Confidential Transactions and Confidential assets are the two main privacy features of Liquid when compared to Bitcoin. Users can now utilize them with the help of Liquid full node binaries.

Ash, a Bitcoin proponent said:

“Amazing work by Blockstream: fast federated system, complement to Lightning micropayments, potential for tokenising other assets like fiat & gold in the future, all anchored on bitcoins security. Doesn’t have loans etc so likely more competition for BAKKT than ethereum”

Further, Adam Back, the Co-Founder of Blockstream had a discussion on the new technology.

While discussing about the self-validation and trustlessness feature of full node binaries, he said:

“In Bitcoin, if miners make invalid blocks the fullnodes ignore them and stay on the most work valid chain. With liquid (today) blocks are signed by an 11of15 multisig, and each functionary cross-checks, and will not sign invalid blocks, that would require functionary modification”

By running a liquid fullnode one would not accept double spent, nor fake liquid assets [created without transfer or not issued by the issuer for the respective asset]. Also, the fullnode would not follow a fork in the chain building on an invalid block., says Adam.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

Published

on

By

Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading