Liquidity.Network is set to launch a new scalable off-chain payment system which allows Ethereum users to make payments without costly transaction fees. By utilising payment hubs, Liquidity.Network allows multiple users to send cost efficient Ethereum micropayments for the very first time. The Liquidity team will also be launching a mobile-friendly app, which will make it more convenient than ever to carry out blockchain payments in everyday life.
Liquidity.Network is the first ever off-chain payment system to have a working MVP that allows its users bi-directional transfers of Ethereum. The project has already been successfully deployed on Ethereum’s Testnet service and has reached more advanced stages of development in comparison to its competitors, such as Raiden Network.
In a move that is sure to encourage mainstream adoption, Liquidity.Network has no joining fees and is free to use for regular users, with only merchants paying transaction fees. Similarly to Paypal, Liquidity.Network allow those fees to be paid by the sender or the recipient.
One game-changing use case of Liquidity.Network’s payment hubs technology is the lucrative ‘airdrop’ market, which will now have a go-to low cost provider to send out millions of tokens whilst allowing recipients to forward their tokens to their friends and family free of charge.
Liquidity.Network’s novel technology allows any member of a payment hub to pay any other member of a payment hub, whilst integrating with REVIVE to allow rebalancing of payments off-chain without the need for costly onchain refill transactions. By utilising off-chain payments, the network allows users to transfer their funds instantly with an enhanced level of privacy that is low cost and secured by the blockchain. This ‘trustless Paypal’ will upgrade the Ethereum network and have far-reaching implications for the blockchain world as usage grows, enabling a higher number of users to use the Ethereum network without adding to congestion.
Liquidity.Network is a proven non-custodial network which uses the same approval properties as proof of work. Liquidity.Network remains on track to incorporate ERC20 tokens into its offering as early as this month, providing over 500 projects which currently exist on Ethereum the opportunity to expand their scalability and user participation is set to increase rapidly.
In an exciting move, Liquidity plans to launch the Liquidity DEX decentralised exchange by Q3 2018 which is set to become the very first non-custodial off-chain blockchain exchange.
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