Life in the Sidechain
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 October 2018
⏱️ 6 minutes
🧾️ Download transcript
Summary
- Three years in the making, bitcoin's first sidechain, called "Liquid", is now live.
- The Financial Stability Board says that cryptocurrencies and digital assets are not currently a threat to global financial stability.
- The Securities and Exchange Commission goes after an alleged pump-and-dump scheme involving a $100 million ICO.
- Cryptocurrency exchange Gemini hires another Wall street executive
- Blockchain finance firm Clearmatics Technologies raises over $12 million in a Series A funding round.
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Transcript
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| 0:00.0 | Bitcoin's first side chain is live. |
| 0:04.0 | Good evening. I'm Stan Higgins, and this is late confirmation from CoinDesk, bringing you the top stories from October 10th. |
| 0:11.8 | On today's show, Crypto Exchange Gemini enlists a Wall Street executive to help draw in institutional investors, |
| 0:18.3 | and the SEC is trying to enforce a subpoena as part of an investigation |
| 0:22.2 | into a penny stock company's claims about a $100 million ICO. We'll have all that and more coming |
| 0:29.4 | up on late confirmation. Three years in the making, Bitcoin's first side chain called Liquid |
| 0:37.3 | is now live. |
| 0:39.1 | Launched by San Francisco startup Blockstream, Liquid is arguably the most advanced implementation |
| 0:44.4 | of a technology called sidechains to date. Side chains have long been considered a, quote, |
| 0:49.8 | holy grail for Bitcoin coders. Built off of the live blockchain, liquid will now be used to carry large |
| 0:55.8 | volumes of transactions at a higher speed for several of Bitcoin's largest companies. Blockstream first unveiled |
| 1:02.7 | the idea back in 2015, then the side chain was launched in beta, being put to test on Bitcoin's |
| 1:08.5 | main network last year, though what's being launched today |
| 1:11.7 | may be a wateredown version of that original, trustless vision. |
| 1:15.6 | Today, however, the network is finally opening up for all of blockchain's partners to use |
| 1:19.9 | for real transactions. |
| 1:21.7 | Initial users include 23 Bitcoin companies, including exchanges, brokers, and other institutions, |
| 1:28.6 | who will help manage the side chain as well as use Liquid to send transactions. |
| 1:32.3 | With many of Bitcoin's big exchanges on board, the companies using Liquid make up 50% to |
| 1:37.5 | 60% of Bitcoin's trading volume, according to Coin Market Cap. |
| 1:42.5 | In a report published Wednesday, the Financial Stability Board states that cryptocurrencies and |
| 1:47.9 | digital assets are not currently a threat to global financial stability. |
... |
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