More about Liquid Network
In essence, the L-BTC work off the Liquid Network, which consists of exchanges, brokers and users allowing for fast and efficient transfer of Bitcoin transactions. Working through a pegging system each system that is deposited on the Liquid Network is backed by an equal amount of L-BTC. All L-BTC transactions are settled in two minutes complete with the added advantage of on-chain digital asset issuance. It is at the Liquid Network where users can actually tokenize fiat currencies, bonds, securities or any other cryptocurrency without the compromise since there is a confidential transaction feature that prevents front running of large orders.
The introduction of this L-BTC wallet now mean members and L-BTC coin owners can minimize risks of third party handling. Besides risks and the added advantage of CTs, atomic swap capabilities will be particularly beneficial for OTC traders wishing to convert Bitcoin for fiat and vice versa.
However, to get going, one must run a Bitcoin full node. After that, one can download, install and run Liquid Core. From there, one is at liberty to either acquire L-BTC from Rock Trading or join a discussion channel where they can swap BTC for L-BTC.
At Blockstream, one of the many institutions geared towards funding Bitcoin Core—the source code powering Bitcoin—development, Bitcoin is at the heart of everything they do. In a bid to improve user experience and contribute towards fast adoption, Blockstream are now releasing a new multi-platform wallet, Liquid Core, specially designed for the Liquid-BTC network.
“Today we’re excited to release Liquid Core, a new multi-platform desktop wallet for transacting Liquid Bitcoin (L-BTC). Based on the battle-tested Bitcoin Core codebase, Liquid Core provides power users with a friendly alternative to the command line required to operate Liquidd and liquid-cli.”
Liquid Core replaces the Liquidd and liquid-cli and is based off the Bitcoin core battle-tested source code. The two were command line utilities that were the first interface between users and the Liquid side chain. Liquid Core is not only easy to use but allows users to deposit and withdraw L-BTC at all supporting exchanges while at the same time allowing for easy and fast transactions without the need of a third party.