Liquid Network is preparing for a hardfork. The update will focus on enhancing the network’s security.
The Bitcoin sidechain Liquid Network will execute the DynaFed hardfork on Oct. 4.
Liquid Schedules DynaFed Hardfork
A hardfork for the Bitcoin sidechain Liquid Network is scheduled to go live on Oct. 4.
Liquid Network is one of the two leading Layer 2 protocols on Bitcoin, alongside Lightning Network. Developed by Blockstream, both projects enhance Bitcoin’s scalability and allow the network to support faster payments.
Lightning Network is Blockstream’s most popular product. It was created to settle small-scale merchant payments, whereas Liquid Network is designed for traders and exchanges looking to move larger amounts of Bitcoin.
The hardfork, dubbed Dynamic Federations (DynaFed), is aiming to improve the security and flexibility of Liquid Network.
In a Wednesday tweet, Blockstream said that the DynaFed was the sidechain’s “the biggest update to date.”
Some of the most important aspects of the upgrade include increasing the number of functionaries, which are currently limited to 15, and adding and removing functionaries without affecting network operations. Functionaries are the network’s equivalent of validators. They play a critical role in securing transactions and assets on Liquid by running specialized hardware security modules.
The hardfork is also aiming to improve the security of the functionaries. The update brings improvements to the current multi-signature model and restricts functionaries’ access to emergency keys by extending the time lock parameter. It’s hoped that the changes will eliminate the possibility of a nefarious entity stealing funds from the network.
According to Blockstream, users running Liquid Network nodes will need to upgrade to node client version Elements v0.18.1.11 to avoid service interruption.
While Liquid Network is a sidechain to Bitcoin, the base chain itself is also due to launch its own update later this year. Taproot is due to launch in November, opening the door for DeFi to emerge on the network.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Bitcoin Takes One Step Closer to a More Scalable and Private Future
Bitcoin Core is relatively conservative, prioritizing simplicity and security over an abundance of features. That doesn’t mean the network is the same as it was back in 2009, however. After…
Blockstream Bug Opened Liquid Network to $16 Million Bitcoin Theft
Blockstream’s Liquid Network contained a vulnerability until today that could have allowed millions in BTC to get stolen. The bug was disclosed by James Prestwich, a Bitcoin developer and founder…
Arbitrum Launch: Layer 2 Ethereum Unpacked
Scalability has been Ethereum’s biggest challenge as its popularity rises. One of the key Layer 2 solutions hoping to solve the issue, Arbitrum, has now launched for developers. The Road…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
Note: This article have been indexed to our site. We do not claim ownership or copyright of any of the content above. To see the article at original source Click Here
Augwind 6PCS Pet Grooming Kit | Dog Washing Gloves | Dog Bath Brush | Dog Toothbrush Finger | Dog Bath Gloves | Dog Shampoo Brush | Pet Grooming Gloves | Cat Bathing Supplies | Dog Bath Supplies
$5.99 (as of February 22, 2025 19:36 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Magic: The Gathering Tarkir: Dragonstorm - Bundle (9 Play Boosters, 40 Lands, 1 Alt-Art Card + Exclusive Accessories)
$53.99 (as of February 22, 2025 19:36 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Sleek Socket Original & Patented Ultra-Thin Outlet Concealer with Cord Concealer Kit, Flat Extension Cord with Multi Outlets Power Strip, Ideal for Home Improvement, Hide Bulky and Messy Cords
$23.95 (as of February 23, 2025 19:40 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
MAYBESTA Professional Wireless Lavalier Lapel Microphone for iPhone, iPad - Cordless Omnidirectional Condenser Recording Mic for Interview Video Podcast Vlog YouTube
$21.99 (as of February 23, 2025 20:15 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
