Bitcoin Startup Blockstream Seeking Patent for Sidechain Design
The US Patent and Trademark Office (USTPO) has published a patent application submitted by bitcoin startup Blockstream related to its work on sidechains. The application, submitted on 9th May and published earlier this week, outlines “systems and methods...for transferring an asset from a parent chain to a sidechain”. It names Core contributors and Blockstream execs Adam Back and Greg Maxwell as inventors. Sidechains are envisioned as a way to allow the movement of digital assets from one blockchain to another, opening the door to new kinds of applications and experiments using the tech.....
Related News
Blockstream has announced its first Bitcoin sidechain called Liquid, set to be launched in early 2016. The sidechain will serve payment processors and brokerages among a dozen other major traders and licensed exchanges with instantaneous and secure transactions. Months after releasing the source code of Sidechain Elements - a codebase for developers to experiment and build sidechains, Blockstream, a startup comprising of a group of core Bitcoin developers has announced the first commercial application of sidechain technology with Liquid. Blockstream, having raised $21 million in venture....
Blockstream has announced it will launch its first commercial Bitcoin sidechain by early 2016. The sidechain, codenamed "Liquid," offers instant transactions, providing a fast settlement layer for bitcoin exchanges, brokerages and other industry members. As its main advantage, Liquid provides instant and secure transactions among all users of the sidechain. While Bitcoin transactions can typically take up to an hour to be sufficiently secured by the blockchain, Liquid offers a similar level of security within seconds. Blockstream, which received a $21 million funding round last year and....
On Tuesday, cryptocurrency supporters on social media and forums discussed Blockstream’s 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. Blockstream’s Liquid Suffers From Block Signing Issues During Dynamic Federations Upgrade Cryptocurrency proponent Udi Wertheimer razzed the crypto company Blockstream on Tuesday as the Liquid....
Bitcoin and ether exchange startup Coinbase is seeking a patent for a security system for bitcoin private keys. According to an application published on 24th November by the US Patent and Trademark Office (USPTO), Coinbase is aiming to patent a “security system forming part of a bitcoin host computer”. Coinbase submitted the application in May of last year, with software engineers Andrew Alness and James Hudon listed as inventors. The startup, which has raised more than $116m in venture capital to date, has sought other patents in the past. The last few months have seen a flurry of....
In June, Bitcoin Magazine reported that Blockstream launched Sidechain Elements, a sidechain development framework with open source code, including an experimental sidechain for developers dubbed Elements Alpha. Now, in the first technical post to appear on the Blockstream blog after the announcement of Sidechain Elements, Blockstream and Bitcoin Core developer Pieter Wuille proposes the intriguing concept of Tree Signatures, an efficient multisig method with enhanced privacy. Blockstream was formed by renowned cryptography experts, including some Bitcoin Core developers, to accelerate....