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Liquid Network faces delay in processing

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Liquid, a sidechain-based settlement network operated by Bitcoin infrastructure firm Blockstream, has not added new blocks for more than 14 hours. Thus, the number of unconfirmed transactions is growing on the network.

“We are aware of the problem with Liquid Network, and we are working to resolve it as soon as possible. Stay tuned to our account,” the project team announced on Twitter.

According to the developers, the failure is due to a recent update of the block signature function and experts are studying the problem. Users’ funds are safe, they assured.

The sidechain technology

Blockstream started testing Liquid as a solution for fast and cheap bulk Bitcoin transactions in 2015. The commercial use of the sidechain started in 2018. The technology serves Bitcoin exchanges, processing services and traders, reducing the time required to perform large volumes of transactions between different accounts.

Despite the fact that Liquid is essentially a private blockchain, unlike many self-contained systems. It is built on top of the Bitcoin blockchain. And helps to reduce the time of funds movement between exchanges to a few seconds.

The first users of the new technology were 23 cryptocurrency companies, including exchanges, brokers and other organizations. Among them were Altonomy, Bitfinex, Bitmax, Coinone, Korbit.

Another second-level solution for Bitcoin

According to the blockstream browser, just over 3390 BTC is blocked on the network. According to the website, Liquid Network processes about 500 transactions per day.

Recall that another second-level solution for Bitcoin, the Lightning Network. Accelerated development after the addition of Twitter donations in cryptocurrency and the legalization of digital gold in El Salvador. Since the beginning of the year, the capacity of the micropayment network has increased by more than 170%. From 1058 BTC to 2866 BTC. The total number of nodes reached 27,044 and channels 73,400.

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