Blockstream has created an “experimental” tool making it easier for users to trade “trustlessly” between tokens on its Liquid sidechain.
Mike Kayamori of Liquid told Cointelegraph how it came to agree with Gram Asia on their exclusive deal for the coming Gram public sale.
It was a “natural” development.
That is how Mike Kayamori, the CEO of Liquid described an exclusive deal with Gram Asia on public sales of Telegram Open Network (TON), a decentralized network being developed by privacy-focused messaging platform Telegram. Kayamori told Cointelegraph how Liquid came to agree with Gram Asia. He also claimed that Liquid was the pioneer of initial exchange offering (IEO) and explained which advantages Liquid has in the IEO market.
“Everything is between Gram Asia and Liquid”
The upcoming IEO at Liquid is a public sale of gram, which is the native token of TON. The Liquid deal was not made with Telegram, but with Gram Asia, the largest Gram holder in Asia. Kayamori confirmed this by saying that “everything is between Gram Asia and Liquid.”
He explained the process of reaching the agreement as follows:
“It was natural. We knew the Gram Asia people. We also believed in Telegram Open Network and its community. […] A limited scope compared with $1.7 billion. But let’s do a proper public sale so that Telegram users and greater community can participate in before the actual listing that will happen in October.”
Telegram conducted a private token sale to accredited investors last March, reportedly raising a total of $1.7 billion. The company released a testnet version of TON last month and is planning to launch the mainnet in October.
As to the timing of the public sale, Kayamori explained that Gram Asia made “conscious efforts to try to expand that ecosystem prior to having it listed.” He also added, “I think they wanted to wait until the testnet happens.”
Kayamori acknowledged that some people are questioning why they are selling it now. He said that “there is a lot of conspiracy theories.” Liquid will be announcing a statement to clarify some misunderstandings by media reports as to the gram public sale shortly.
He also suggested Gram Asia’s role as an incubator that works on the TON project and how it is part of the robust community of TON ecosystem.
The public sale is scheduled for July 10. As to the price or the amount of tokens for sale, Kayamori said it would be released about a week before the sale.
The sale will be available everywhere except for some 50 countries, including the United States and Japan. But Kayamori sees a high potential in the powerful combination of the TON network and Telegram’s 200 million active users:
“If you are a distributed app vendor, would you want to be listed on top of Ethereum? or EOS? Or do you want to be built on top of TON? Ethereum is great. It is a gold standard of ICO. EOS is decentralized and good but who has 200 million active users already? […] The TON network app vendors building their applications on it, when it integrates into Telegram, that is going to be special.”
In 2019, major crypto exchanges such as Binance and Bitfinex are getting attention with conducting IEOs and raising a huge amount of money. But, in 2017, Liquid already did it with their own token, Kayamori insisted:
“We were the first exchange to offer IEO. This was November 2017, when we listed our own token. I mean when we did a public offering of our own token, at the time it was called ICO. We conducted that ICO on the exchange”
He was referring to the qash token sale in 2017, which sold 350 million qash tokens, equivalent to $105 million.
Already in 2017, Liquid already realized the importance of doing a token offering and raising capital by “someone who can validate, someone who can verify, someone who can do due diligence.” One of the problems with initial coin offerings (ICOs) was that token issuers “would just do it on their websites with zero KYC” — i.e., Know Your Customer compliance. As previously reported, there are a lot of ICO frauds cases.
Moreover, while Kayamori welcomes the recent development of the IEO market, he thinks Liquid has advantages:
“As a group of companies, we are regulated in Japan. We also have fiat on-ramps and off-ramps. I don’t think any other exchanges that do IEOs have fiat on-ramps and off-ramps.”
Although the upcoming gram token offering is taking place on Liquid Global, Kayamori believes that it can bring the “best practices” that it has nurtured in Japan, which is “one of the most strict and the most conservative in the world.”
Japan recently passed revised crypto laws, one of which, among many others, asks exchanges to hold clients’ funds in a more secure way.
Moreover, Kayamori pointed out the advantage of using stablecoin USDC for the upcoming sale. All proceeds from the sale will be held in USDC in the custody of Liquid until October. Kayamori explained that, by using USDC, investors can always check how much they have on the blockchain.
“We bring the lessons learned,” Kayamori promised.
Having done the first IEO in 2017 and being regulated in Japan, known for strict regulation, Kayamori sees that proper IEOs conducted by regulated exchanges will attract investors in the future. How will the IEO pioneer stand out in the increasingly crowded IEO market? We might get some hints from the public gram sale on July 10.
Bitcoin… in space? A company led by Blockstream CSO Samson Mow is looking to bridge the worlds of crypto and online gaming.
Blockstream, the bitcoin-focused startup, is creating a new security token platform on its Liquid sidechain network.
Blockchain technology startup Blockstream has revamped its wallet app, adding features that make storing bitcoin more secure and flexible.
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.
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.
The post Blockstream’s Liquid Core Improves User Experience appeared first on Ethereum World News.
Blockchain startup Blockstream announced a new custom token creation platform on Monday.
The firm has officially launched the Issued Assets (IA) program on its bitcoin-backed Liquid sidechain, allowing users to create their own tokenized assets, according to a press release. These tokens can represent any sort of financial instrument, including fiat currency, crypto assets or attested assets (such as gold coins), as well as more novel types.
Users can also adopt Confidential Assets to enable private transactions between blockchain assets, ensuring only the parties involved in a transaction will know the asset type and value being traded.
Moreover, users can conduct atomic swaps between bitcoin and IA that include altcoins, meaning that a bitcoin can be exchanged for an asset in a single transaction without using intermediaries. Finalizing a transaction takes less than 2 minutes, the startup said.
Blockstream previewed the tool at CoinDesk’s Consensus 2018 conference in New York, demonstrating how the Liquid platform could be used to issue five different types of IA, representing physical goods.
In the demonstration, these assets included shirts and hoodies – and these tokens were randomly sent to attendees’ paper wallets. Each paper wallet had a public key, and the owners were able to redeem the tokens for each asset it contained. After the physical gifts were redeemed, the digital assets were destroyed.
Image via Shutterstock.
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