{"id":12904,"date":"2021-10-06T10:54:12","date_gmt":"2021-10-06T10:54:12","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/blockstreams-liquid-sidechain-criticized-over-long-outage-block-signing-issue-related-to-upgrade\/"},"modified":"2021-10-06T10:54:12","modified_gmt":"2021-10-06T10:54:12","slug":"blockstreams-liquid-sidechain-criticized-over-long-outage-block-signing-issue-related-to-upgrade","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/blockstreams-liquid-sidechain-criticized-over-long-outage-block-signing-issue-related-to-upgrade\/","title":{"rendered":"Blockstream\u2019s Liquid Sidechain Criticized Over Long Outage \u2014 Block Signing Issue Related to Upgrade"},"content":{"rendered":"

On Tuesday, cryptocurrency supporters on social media and forums discussed Blockstream\u2019s Liquid sidechain product as block signing had been down for over 20 hours. While Blockstream had noted the sidechain was undergoing a hard fork upgrade planned for October 5, a number of crypto proponents still scorned the project for being hypocritical toward blockchains like Solana.<\/strong><\/p>\n

Blockstream\u2019s Liquid Suffers From Block Signing Issues During Dynamic Federations Upgrade<\/h2>\n

Cryptocurrency proponent Udi Wertheimer razzed<\/a> the crypto company Blockstream on Tuesday as the Liquid<\/a> network\u2019s block signing had been down and was initially expected<\/a> to be for a total of 24 hours. On October 5, Wertheimer said<\/a>: \u201cLiquid has been down for 15 hours and still no one noticed, good morning.\u201d \u201cGood morning,\u201d or \u201cGM,\u201d has been the latest catchphrase in the crypto community in recent times.<\/p>\n<\/p>\n

Continuing, Wertheimer further mocked the company\u2019s hardcore supporters and employees when he remarked<\/a>: \u201c\u2018You don\u2019t need altcoins you can just build on Liquid,\u2019 anyone who ever said that to you was being intellectually dishonest, no one has ever used Liquid for anything, so how can anyone recommend it in good faith.\u201d The critique continued as Wertheimer added<\/a>:<\/p>\n

When Solana was down everyone couldn\u2019t stop [talking] about it hmmm\u2026 and when Liquid is down no one even notices hmmm probably nothing HMMMMM.<\/p>\n

Wertheimer\u2019s Solana outage mention referred to when the SOL blockchain suffered from a problem on September 14, which halted the network\u2019s block production<\/a>. At the time, Solana was heavily criticized by members of the crypto community for the network outage.<\/p>\n

On Tuesday, when the Twitter user Josuard I. Gonzales asked on the social media platform if he could \u201ccreate tokens on Liquid,\u201d a person replied<\/a> \u201cNO, because Liquid is down.\u201d Blockstream\u2019s sidechain product Liquid also got criticized<\/a> on Reddit. Moreover, Wertheimer took a screenshot<\/a> of Blockstream\u2019s reason as to why the Liquid network\u2019s block signing halted.<\/p>\n

Liquid\u2019s Block Signing Restarts<\/h2>\n

Blockstream\u2019s Liquid network upgrade is well documented in the company\u2019s blog section<\/a>. One particular post called \u201cPreparing the Liquid Network for Dynamic Federations<\/a>\u201d written by Phil Mclean, explains the engineer\u2019s actions in greater detail.<\/p>\n<\/p>\n

At around 3:44 p.m. (EST) on October 5, the official Twitter account for the Blockstream Liquid project tweeted that block signing was back up and running.<\/p>\n

\u201cA sufficient number of Liquid Network functionaries have been upgraded and block signing has resumed,\u201d the account detailed<\/a> on Tuesday. \u201cTransactions that were delayed are now being included in new blocks.\u201d<\/p>\n

Prior to the 3:44 p.m. announcement on Twitter that Liquid had resumed, the first known instance of the block signing issue was tweeted<\/a> by the official Twitter account 22 hours before. The tweet was then followed by two more<\/a> instances of tweets that referenced the sidechain\u2019s \u201cissue with block signing.\u201d<\/p>\n

The problems with the Liquid sidechain on October 5 follow the company\u2019s recent Series B financing round for $210 million. The firm detailed<\/a> that the funding was led by Baillie Gifford and Ifinex, the parent company of Bitfinex. \u201cThe new capital will go towards accelerating our Bitcoin mining efforts and the acquisition of Spondoolies to launch an enterprise-grade miner,\u201d Blockstream\u2019s capital raise announcement revealed on August 24, 2021.<\/p>\n<\/p>\n

Additionally, on June 24, Celo\u2019s James Prestwich<\/a> found an issue with the Liquid sidechain. 870 BTC<\/a> got stuck in limbo<\/a> and Prestwich stressed: \u201cFor just under an hour, the emergency 2-of-3 controlled 870 bitcoin, this violates liquid\u2019s security model we know about this because Liquid holds bitcoin. We don\u2019t know what caused it, because Liquid federation behavior is trusted and closed,\u201d Prestwich added.<\/p>\n

Blockstream\u2019s Liquid has approximately 3,298 L-BTC<\/a> in circulation which is roughly $170 million using today\u2019s exchange rates. As of October 5, 2021, there\u2019s roughly 272,061 BTC<\/a> tokens on the Ethereum blockchain, according to <\/span>Dune Analytics<\/span><\/a> metrics. The Binance Smart Chain has also issued a circulating supply of bitcoin BEP2 (BTCB)<\/a> tokens and as of today, there are 105,148 BTCB coins issued. <\/span><\/p>\n

What do you think about the outage Blockstream\u2019s Liquid network dealt with on Tuesday? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nNews, @notgrubles, $210 Million, Altcoins, Baillie Gifford, BitFinex, Block Production, block signing, Blockstream, Blockstream’s Liquid, Celo’s James Prestwich, ifinex, James Prestwich, Josuard I. Gonzales, LBTC, liquid network, Liquid Network functionaries, Liquid sidechain, Phil Mclean, sidechain, SOL, Solana, Udi Wertheimer<\/p>\n","protected":false},"excerpt":{"rendered":"

On Tuesday, cryptocurrency supporters on social media and forums discussed Blockstream\u2019s Liquid sidechain product as block signing had been down for over 20 hours. While Blockstream had noted the sidechain was undergoing a hard fork upgrade planned for October 5, a number of crypto proponents still scorned the project for being hypocritical toward blockchains like…<\/p>\n","protected":false},"author":0,"featured_media":12905,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12904"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12904"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12905"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}