BlockStream, an organization which is involved in the development of blockchain software, has recently made an important announcement that its Green Wallet (mobile wallet) now has the support for the company’s “Liquid Network side chain.” The information was revealed by a blog post of the company, which was published on the 5th of July 2019. Because of this new support, users of the company’s wallet now can enjoy the storage of L-BTC (liquid Bitcoin) in addition to sending and receiving the digital currency from other users.
The liquid Bitcoin project of the company was first conceived in the year 2015, and it took the company three years to launch the project in October 2018. This project has facilitated the fast transactions between the companies and individuals using Bitcoin in addition to providing extra safety as transactions involving L-BTC are considered to be more private than others. The key details involved during the transaction will be hidden from any third party, and even the agencies that are inspecting the transactions will not be able to determine how much amount has been sent and even what had been sent. That said, the inspecting third party will be able to know the addresses of the transactions, i.e., from where the transaction has been done and to whom it is done.
The liquid project of the company also has the support for other securities and stablecoins in addition to having the convenience of facilitating transactions in terms of L-BTC. In addition to this, the blog post published by the company also talks about the Android and iOS support that the new wallet has on offer. Even the company announced that a compatible desktop functionality is on its way and will soon be launched in the interest to expand the convenience to users. Having the functionality for both mobile phone platforms and desktop will help the organization to expand its user-base and allow investor of all ages to avail its services. The company has also recently added a new tool on its list of existing facilities which allows users to go for atomic swaps and this facility is available for all kinds of assets which have got the support from the Liquid project.
Mobile Wallet and Security Concerns
The trend of offering the mobile wallet facility to the customers is really catching up in the industry as most of the players have already floated this convenience for their users. The applications are usually available for both Android and Apple platforms; however, questions about their security and safety have always been in focus. With many fake mobile wallets making their way on mobile platforms, one should be very careful while using these applications to do any kind of transaction or asset management. Many times, these wallets trace your personal information and then use the information for hacking your account or other illegal activities. Therefore, one should be very careful while installing and using the application and crypto organizations on their part need to make sure that they provide mobile wallet option to customers only after addressing all the possible safety and security concerns about these applications.