LiquidJS was developed and announced by pTokens, an interoperability project that aims to bring assets into the chain. The open source library simplifies access to Liquid Network for external applications without dedicated node configuration requirements.
He explained that the library of Liquid enables a wide range of applications, including easy integration into wallets. Very few providers currently support Liquid, and Blockstream Green is the only software wallet available to average users. The library’s capabilities go beyond:
“It can also be used with DApps: financial tools, swaps, private transactions, etc. With this library, interoperability projects like pTokens, for example, can add support for Liquid Network.”
Speaking to Cointelegraph, Blockstream’s marketing director Neil Woodfine said that “LiquidJS should further accelerate the delivery of liquid applications due to the popularity of BitcoinJS in recent years.”
He also stated that Blockstream is currently focusing on “the core technology that strengthens the fundamentals of the Liquid Network,” and cited an upcoming update for an association of dynamic validators.
Liquid connects to other networks
L.Liquid Network is commonly known as the Bitcoin (BTC) side chain because it uses an expanded version of Bitcoin as its home currency. While its primary purpose is to enable fast BTC transfers between exchanges, its asset function is used by a game developer to create non-consumable tokens.
Liquid is an improved version of Bitcoin in many ways because it is based on the base code. It offers faster transaction processing and blocking times, confidential transactions for data protection and native support for custom tokens. A much more advanced scripting language is also planned for this year.
Bertani said the creation of the library was motivated by pTokens’ desire to “contribute to the ecosystem beyond our own solution”. He also announced that the team will use the library to bring coins from other chains to Liquid.
The project currently offers various “packaged” tokens in both Ethereum (ETH) and EOS, so the DeFi Equilibrium project can support the BTC guarantee.
Woodfine said the company is open to supporting other blockchains:
“There are already some packaged tokens that appear on the net. We hope that pTokens will work to accelerate this trend and introduce some interesting trust-minimization models to import existing assets into the Liquid Network. “
He suggested that the main use for these additional tokens should be trading on exchanges, similar to how it works at BTC.
However, the library’s potential seems to go beyond simple token transfer. While Liquid is positioned as a settlement layer, many of its functions support use cases that resemble intelligent contract platforms. However, some criticize Liquid’s approach given the high degree of network centralization.