Blockstream’s Liquid Network Faces Delay in Processing as Transactions Begin to Stack Up

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Liquid, a sidechain-based settlement community operated by bitcoin infrastructure agency Blockstream, is at the moment going through points processing transactions.

The community’s mempool – a chamber the place all legitimate transactions wait to be confirmed by the Bitcoin community – is starting to fill as every transaction awaits processing. The final transaction occurred over 4 hours in the past, in accordance to Liquid’s webpage.

Liquid mentioned it was conscious of a difficulty on its community that associated to “block signing” associated to a current “functionary upgrade,” in accordance to a tweet late Monday.

Block signing is a sort of digital signature used to confirm the authenticity of transactions on a given blockchain.

While not almost as widespread as different non-bitcoin platforms, 3,291 Liquid Bitcoin (L-BTC) are at the moment in circulation which sees roughly 500 transactions processed on the community every day, in accordance to Liquid’s web page.

L-BTC is an asset that claims to be verifiably backed 1-to-1 with bitcoin held by the Liquid Federation on the Bitcoin mainchain.

The Liquid community first launched in 2018 after three years in the making and, on the time, touted the potential to carry giant volumes of transactions at a better pace for a number of of bitcoin’s largest firms.

Read extra: Blockstream Raises $210M, Acquires Mining Chip Manufacturer Spondoolies