As promised by the founders of Liquidity.Network, they have now released their early-stage MVP. Liquidy.Network is an off-chain scaling solution running on top of an Ethereum Virtual Machine (EVM) blockchain enabling millions of users and payment processors to execute transactions.
The wallet is a DApp that interacts with both the Liquidity.Network hub smart contract and the Liquidity.Network hub server, more details are outlined in the project white paper. Users are required to have either MetaMask, Parity, Mist or another blockchain client running locally to be able to register for the Liquidity.Network hub.
The MVP has been released during the middle of the project’s token pre-sale.
Liquid Ether eliminates gas fees for transactions
Users can send Liquid Ether, i.e. off-chain Ether over the Liquidity.Network. If the Ethereum blockchain is congested, transferring Liquid Ether will still be free for regular users, as it doesn’t require an on-chain transaction. If transactions fees skyrocket, Liquid Ether transactions remain fast and free.
Off-Chain registration
A user can register with the Liquidity.Network off-chain — i.e. without an on-chain Ethereum transaction. Registration is sufficient to receive and forward off-chain Ether.
The Liquidity.Network team anticipates that most users will no longer need on-chain Ether for payments. Having flexible and easily transferable Liquid Ether will be the preferred way to perform payments among peers.
– Install Chrome (Node 1)
– Install Firefox (Node 2)
– Install MetaMask in Node 1 and Node 2
– Node 1, Node 2 visit https://wallet.liquidity.network
– Node 1, Node 2 click “register” and sign the MetaMask request
– Node 1: Deposit Wei (Ether). Wait 6 blocks.
– This creates off-chain Ether from on-chain Ether.
– Deposit requires the signature of 2 messages through MetaMask.
– Node 1: Send off-chain Ether to the address of Node 2.
– Node 1 signs to send the off-chain transaction
– Node 2: Witness the reception of off-chain Ether
– Node 2 signs the receipt of the off-chain transaction
– Send it back or forth, feel free to do anything
The Liquidity.Network is a practical blockchain micropayment system, supporting millions of users securely, reducing transaction costs significantly and enabling the mainstream adoption of blockchain.