You can read about the Library launch in Cointelegraph, where we and the Blockstream team shared their views on what this means for the future development of Liquid.
What is Liquid Network?
The Liquid Network is a Bitcoin sidechain and is based on Blockstream’s Elements codebase, which means it can also be secured with Bitcoin-style multisig and timelocks.
This sidechain network is designed to handle larger transactions that are confidential by default, allowing users to maintain privacy. Merchants and other third parties cannot view a user’s wallet holdings. These orders can also be settled in a matter of minutes.
How does the Library work?
The new Library provides teams and developers with the tools they need to make their solutions fully Liquid-compatible, without having to run a dedicated node. Any mobile or web application will be able to leverage Liquid features such as privacy, speed, and secure trading.
For example, the Library can enable cryptocurrency wallets to integrate and become compatible with the sidechain’s ecosystem, so their users can store all Liquid assets including L-BTC and L-USDT, while taking advantage of Confidential Transactions.
This new Library also offers functionality beyond wallets. It can be used with all kinds of DApps, including financial tools, swaps and private transactions. For example, the Library will enable interoperability projects like pTokens to add support for Liquid Network, introducing new blockchain currencies beyond BTC and USDT.
Blockstream’s marketing director Neil Woodfine told Cointelegraph that;
“There are already a few wrapped tokens starting to emerge on the network. We’re expecting pTokens work to accelerate this trend and introduce some interesting trust-minimized models for importing existing assets to the Liquid Network.”
An open invitation, through open-source tech
Blockchain is built on community collaboration and composability, which is why projects need open resources that will help them build the decentralised economy.
As a project which aims to break down each blockchain’s walls, pTokens also wanted to contribute another tool that will help catalyse the growth of our ecosystem and make innovating in this space even more accessible and free.
We want to continue providing developers with direct access to the unique qualities and benefits of innovative networks like Liquid. In this way, we can unchain DeFi liquidity and make our technologies even more interoperable.
More about the Liquid Network
The Liquid Network is a sidechain-based settlement network for traders and exchanges, enabling faster, more confidential Bitcoin transactions and the issuance of digital assets. The network is operated and managed by its federated members, ensuring the system has no single point of failure. Learn how to get access to the future of digital asset finance at liquid.net.
🔋 Learn about the pNetwork, the decentralized system and DAO powering pTokens.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
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