Blockstream Introduces Liquid Issued Assets
Blockchain startup Blockstream announced that it has launched a new custom token creation platform.
At the Coindesk Consensus 2018, the feature of Liquid Issued Assets was on display. Issued Assets (IA) makes it possible for liquid users to develop their own token assets on top of the Liquid sidechain.
The tokens can be any type of financial instruments such as fiat currency, crypto assets or attested assets (such as gold coins).
Confidential Assets provides anonymity for users as it hides both the amount sent during a transaction and the asset type, with only those involved in the transaction having access to that information.
During the Consensus conference, Blockstream developed 5 separate Issued Asset types representing gifts and they include Blockstream stickers, shirts, and hoodies.
Each of these Assets was issued in the quantity that was similar to its real-world inventory equivalent. After the creation, the assets were sent to hundreds of paper wallets randomly and given to attendants at the conference.
Each of the paper wallets has a public key which comes with one or more different assets. Users of the paper wallet can use them to collect the tokens for the assets contained in them. After the tokens were redeemed, the Issued Assets were destroyed.
This points below shows the different features of Issued Assets on Liquid:
- You can issue a new asset in any quantity, depending on the developer
- You can also send a single transaction using several assets
- Confidential Transactions gives users’ anonymity, with the amount and asset type in a transaction only known by the parties involved
- Developers can destroy quantities of a given asset
Blockstream also makes it possible for users to create Issued Assets designed in such a way that the additional quantities of the asset can be issued periodically.
The startup revealed that users can conduct atomic swaps between bitcoin and IA that include altcoins, thus a bitcoin can be exchanged for an asset in a single transaction without the interference of intermediaries.
The transaction time is usually around 2 minutes.
The features of Blockstream gives it several functions and can be used to create digitizable collectibles, reward points, token sales, and fiat, and they can all be issued on Liquid.
Even though there are technologies for issuing digital tokens, Liquid’s Issued Assets has some advantages over the others. Some of these advantages include:
- It was developed on a secure, Bitcoin-backed sidechain
- Liquid has the ability to conduct transactions with the asset type and amount both hidden.
- Transaction time is roughly 2 minutes.
- Easier technical integration with one platform containing all digital asset representations
Blockstream believes the future is even brighter as they are eager to see how Liquid users build more use case on their network.
Over the next few weeks, the Liquid Network will be moving to production, and the team hopes to share more updates on the program.