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BlockchainSpotlight

Litecoin is the Most Probable Cryptocurrency to be Added to the Liquid Network

Recently, Blockstream’s Liquid Network went live. After going live, Blockstream’s Chief Strategy Officer (CSO), Samson Mow revealed that Liquid Networking will be expanding in the future. Currently, it has about 23 members and CSO confirmed that Blockstream will be adding new members as per the needs. Apart from new members, Samson Mow told BlockPublisher about the likelihood of adding new cryptocurrencies to the Liquid Network.

At first, Samson Mow explained the necessary attributes of a cryptocurrency in order to add that cryptocurrency to the Liquid Network. About the attributes, he said:

It would have to be a highly secure chain in order for us to add a two-way peg for – else there is a risk of re-org.

After stating this, he named a cryptocurrency that fitted the most on the criteria he explained. He said:

Litecoin is the next closest candidate if we were to add another peg.

During the release of the Liquid Network, Blockstream mentioned that initially, only bitcoin was to be supported. However, the company also suggested that future versions could offer some other cryptocurrencies as well.

At the moment, Blockstream’s Liquid Network, federated sidechain, is allowing its members to send and receive bitcoin at substantially high speeds. Liquid Network has replaced bitcoin’s Proof-of-Work (PoW) with a multi-signature scheme. Contrary to bitcoin’s stochastic process, the strong federation scheme is deterministic. Therefore, in this type of model, each block is made by a single party.

Blockstream claims that Liquid Network’s blockchain system deals with several problems. Like, it avoids a single point of failure and supports the transfer of multiple assets type. It is publically verifiable and bestows users with great liquidity by allowing them to send assets, in or out, of the system.

Until now, Blockstream has revealed that Litecoin could be the next one to join Liquid Network. But when it will happen is not clear yet.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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