Blocksteam side chain released

[jonald_fyookball]

http://www.coindesk.com/blockstream-commercial-sidechain-bitcoin-exchanges/

Whaddya think?  Kinda cool that exchanges can settle off chain but should we be concerned about centralization?

[brg444]

This effectively is a step toward decentralization of exchange services and better consumer protection.

A fantastic contribution to the community by Blockstream. In any other context this would have been looked at as a home run of ingenuity and technical abilities but sadly trolls with no morals persist in their foul manners and attack some of the most productive individuals in this space.

[suda123]

http://www.coindesk.com/blockstream-commercial-sidechain-bitcoin-exchanges/

Whaddya think?  Kinda cool that exchanges can settle off chain but should we be concerned about centralization?

government or bankers made bitcoin nothing new.

[spartacusrex]

A fantastic contribution to the community by Blockstream .. a home run of ingenuity and technical abilities..

+1

The Confidential Transactions are total utter genius..

I am curious as to whether the exchanges can operate the sidechain independently of Blockstream ? Or are they required ?

Can any group of companies/organisations set one up - and benefit from free/fast intra-company transfers ?

[sgbett]

A fantastic contribution to the community by Blockstream .. a home run of ingenuity and technical abilities..

+1

The Confidential Transactions are total utter genius..

I am curious as to whether the exchanges can operate the sidechain independently of Blockstream ? Or are they required ?

Can any group of companies/organisations set one up - and benefit from free/fast intra-company transfers ?

From TFA:

"The startups involved will participate in the operation of the sidechain, but at the same time will be customers of Blockstream, paying an undisclosed monthly subscription fee"

[Lauda]

I would only like to add that the title might be a little misleading because of the following:

Blockstream suggested Liquid is set to launch in Q1 of 2016.

I also do not like 1 thing about this though:

The startups involved will participate in the operation of the sidechain, but at the same time will be customers of Blockstream, paying an undisclosed monthly subscription fee.

I'm not sure how to feel about this. Also, this sidechain needs transparency or a lot of things could go wrong!

[sgbett]

This effectively is a step toward decentralization of exchange services and better consumer protection.

A fantastic contribution to the community by Blockstream. In any other context this would have been looked at as a home run of ingenuity and technical abilities but sadly trolls with no morals persist in their foul manners and attack some of the most productive individuals in this space.

Is this your final form yet?

Blockstream getting paid to keep transactions off the main chain. I can't beleive nobody saw it coming!

Fantastic and decentralised aren't the first things that spring to mind.

[Betwrong]

For those who are interested, it was thoroughly discussed  in this thread:

https://bitcointalk.org/index.php?topic=1207283.msg12673990#msg12673990

[spartacusrex]

From TFA:

"The startups involved will participate in the operation of the sidechain, but at the same time will be customers of Blockstream, paying an undisclosed monthly subscription fee"

Yes, they are using Blockstream now, but do they HAVE to use them ?

Why are they paying a fee ? Is it because you need a trusted 3rd party to set the whole thing up, and over-lord it?, or can this be done between the relevant parties (without any of the parties having an advantage ) ?

I'm not sure how to feel about this. Also, this sidechain needs transparency or a lot of things could go wrong!

I think the point is that the sidechains are COMPLETELY transparent to those that are using it..

..

As for that funny feeling in your guts, can't quite verbalise it,.. I haven't found a cure for that yet.

[Lauda]

I'm not sure how to feel about this. Also, this sidechain needs transparency or a lot of things could go wrong!

I think the point is that the sidechains are COMPLETELY transparent to those that are using it..

I was talking about the monthly fee. Also, what I wanted to say it public transparency. The blockchain that Bitcoin operates on is transparent to everyone. It doesn't matter if you're using it or not. I'm wondering if the sidechain is going to be observable by people who are not using it at the moment.

[spartacusrex]

I was talking about the monthly fee. Also, what I wanted to say it public transparency. The blockchain that Bitcoin operates on is transparent to everyone. It doesn't matter if you're using it or not. I'm wondering if the sidechain is going to be observable by people who are not using it at the moment.

Public Transparency? It doesn't have to. A side chain can do pretty much anything.

If they want us to be able to decipher the information, we can. And in any public enterprise I'm sure they will.

But that is not a requirement.

We may not even get access to the blockchain that a sidechain operates.

These exchanges may just run a small intra-net with there own 'boxes' on it, and nothing else.

In this specific case, all the amounts are blinded anyway (confidential txns).

[Mickeyb]

This effectively is a step toward decentralization of exchange services and better consumer protection.

A fantastic contribution to the community by Blockstream. In any other context this would have been looked at as a home run of ingenuity and technical abilities but sadly trolls with no morals persist in their foul manners and attack some of the most productive individuals in this space.

Is this your final form yet?

Blockstream getting paid to keep transactions off the main chain. I can't beleive nobody saw it coming!

Fantastic and decentralised aren't the first things that spring to mind.

Yes, one can think and argue that they were against the block size rise just so they could develop their side chain where they will charge their monthly subscription fees. I am not saying this was their goal, but for the ones arguing this, you can't say nothing against.

Also will this thing only be transparent to the people involved in the side chain or we will all be witnesses of the transparency?

[RKing]

This will reduce the pressure on the main chain.

[Come-from-Beyond]

What is that tamper-resistant hardware used in Liquid? 21 bitcoin computer?

[brg444]

This effectively is a step toward decentralization of exchange services and better consumer protection.

A fantastic contribution to the community by Blockstream. In any other context this would have been looked at as a home run of ingenuity and technical abilities but sadly trolls with no morals persist in their foul manners and attack some of the most productive individuals in this space.

Is this your final form yet?

Blockstream getting paid to keep transactions off the main chain. I can't beleive nobody saw it coming!

Fantastic and decentralised aren't the first things that spring to mind.

Oh, not you   You've turned into a brainless blockstream antagonist as well?

What exactly is so hard to understand about the main chain not being able to accommodate certain use cases?

These companies' operations were already heavily centralized and their customers funds' administered under a single database.

Blockstream proposes a solution to an industry demand for better liquidity and does so by distributing the trust amongst participants so as to eliminate single points of failure.

For very obvious reasons these transactions would've never hit the main chain anyway.

Liquid provides institutions & their customers better privacy, increased inter-operability as well as improved security & liquidity. A win/win for exchanges & users

[Amph]

This will reduce the pressure on the main chain.

yeah while helping those that made the chain, to milk the initial amount of coins, and be magically early adopter, to dump later

this is the real definition of quick buck scam, that was running in the alt section for year, d we really need to repeat it another time, in disguise?

[brg444]

This will reduce the pressure on the main chain.

yeah while helping those that made the chain, to milk the initial amount of coins, and be magically early adopter, to dump later

this is the real definition of quick buck scam, that was running in the alt section for year, d we really need to repeat it another time, in disguise?

There is no such thing as "initial coins"

Seeing how dumb what you just said is I'm guessing you are speaking from experience when referring to scams.

[Amph]

This will reduce the pressure on the main chain.

yeah while helping those that made the chain, to milk the initial amount of coins, and be magically early adopter, to dump later

this is the real definition of quick buck scam, that was running in the alt section for year, d we really need to repeat it another time, in disguise?

There is no such thing as "initial coins"

Seeing how dumb what you just said is I'm guessing you are speaking from experience when referring to scams.

the coins that will be issued when you launch a sidechain, should be the same as any altcoin, but they are worthless

they create you a numbers of coins(tokesn), when you send bitcoin to those chains

i imagine that some chain could begin with some of those coins already ready, a sort of premining

[RKing]

This will reduce the pressure on the main chain.

yeah while helping those that made the chain, to milk the initial amount of coins, and be magically early adopter, to dump later

this is the real definition of quick buck scam, that was running in the alt section for year, d we really need to repeat it another time, in disguise?

I thought no new altcoin will be created in the side chains, only bitcoin move around there.

[brg444]

This will reduce the pressure on the main chain.

yeah while helping those that made the chain, to milk the initial amount of coins, and be magically early adopter, to dump later

this is the real definition of quick buck scam, that was running in the alt section for year, d we really need to repeat it another time, in disguise?

There is no such thing as "initial coins"

Seeing how dumb what you just said is I'm guessing you are speaking from experience when referring to scams.

the coins that will be issued when you launch a sidechain, should be the same as any altcoin, but they are worthless

they create you a numbers of coins(tokesn), when you send bitcoin to those chains

i imagine that some chain could begin with some of those coins already ready, a sort of premining

Exactly, so in the case of Liquid, units on the sidechains only get created if there is a BTC collateral. As such, any coin on the Liquid sidechain is worth its exact equivalent in Bitcoin.

So how exactly do you propose this creates an opportunity for "early adopters" to "milk the initial amount of coins"?