The scalability issue of Bitcoin is no more!
Ever since we can remember the scalability issue of Bitcoin has been an evergreen issue. No one was able to come up with a practical solution to be implemented. But, the table have turned and one of the blockchain based companies Blockstream has come up with a solution and all the cypto-enthusiasts have finally sighed in relief.
In Love With Innovation
The innovative solution is a Bitcoin side-chain technique to provide scalability to the Bitcoin network. Let’s see what are the attributes of the Liquid Bitcoin Network.
It’s Time To Rock n’ Roll
It’s already rolling! The Liquid Bitcoin network went live on September 27th. It was unveiled by Samson Mow who is the Chief Strategy Officer at Blockstream. Blockstream is a San Francisco based blockchain giant has been the talk of the crypto-sphere because of it’s consistent efforts and determination in the development of Bitcoin Core.
Things Are Finally Getting Better For Bitcoin
Bitcoin Core allows anonymous transactions. The senders and receivers address is hidden from the entire Bitcoin network, no questions asked. Finally, the side-chain implementation has also decreased the transaction fees and increases the transaction confirmation speed.
Adam Back, the CEO of Blocksteam has also given us more good news. He has made it clear that in the near future the technology would enable it’s users to place orders and eliminate the need of exchanges to undertake transactions. The idea is that this procedure will protect the assets and interest of the customers. Everything will become much less hassle free, don’t you think so?
It Keeps Getting Better
Basically the Liquid Bitcoin network is doing the good deed by supporting the main Bitcoin network. The real question is how? By adopting the popular Segregated Witness concept with the two-layer micro-payments, called the Lightning network.
Whats even better? The company is looking forwards towards their blockchain wallet – GreenAdress. There are also plans to make the Liquid Bitcoin support other hardware wallets such as Ledger, Nano S and Trezor. We can’t wait! It’s going to be awesome and Bitcoin is going to be the most preferred crypto in the crypto-verse if the scalability issue is resolved for good.
A Sigh Of Relief
The Bitcoin Liquid network is the best thing that could happen to Bitcoin in a vert long time. The side chain implementation is a great sigh of relief for the community members because let’s be honest the Bitcoin network scalability issue has been a huge turn off for many with transaction time so freaking slow and with the high transaction fees Bitcoin users started to have second thoughts about Bitcoin being the best crypto in the crypto-verse.
The Never Ending Opinions
Of course when a popular crypto like Bitcoin is making changes to their network, the crypto-experts have their own opinions. They have the right to! The experts have done some calculation and they believe that the emergence of Liquid Bitcoin would be the reason of disruption for other crypto’s in the market because the implementation is fundamentally supported by the members behind the original Bitcoin protocol.
Truth be told, we’re waiting for the big disruption because things have been a wee bit boring in the crypto-verse!