Streami executives become Liquid major members
Streami CEO Lee Jun-haeng and CTO Kong Yeun-jin have been chosen as major members of Liquid, a blockchain project that seeks to make digital assets more usable. Streami is a Korea start-up that runs the Gopax crypto exchange. It raised 8 billion won of funding in December. Liquid is a "sidechain" backed by Blockstream, a crypto-focused company based in Victoria, British Columbia. Liquid participation can boost the exchange Liquid is known for being the first sidechain for blockchain technology. One of the major challenges of digital assets including bitcoin is real-world application. It has been noted that for digital assets to be as useful as currency, transaction speeds must be the same as for fiat currencies. It takes 10 minutes for a block to be created with bitcoin, which is far slower than for other coins. To overcome that challenge, Blockstream, which develops bitcoin protocols, started the Liquid network, a sidechain for bitcoin. Blockstream's CEO is Adam Back, inventor of the proof-of-work system. The company aims to fix the applicability problem of bitcoin with Liquid and provide faster transaction speeds and better security and privacy for crypto exchanges and investors. "We plan to find ways to improve applicability and service efficiencies by utilizing the Liquid sidechain," a Streami spokesperson said. "Some improvements can be expected on the current crypto currency exchange services." How were they elected? Liquid chooses major members by vote, which means that Lee and Kong were also selected in this way. Streami said that these two were already early members of Liquid before they were elected and that the recent pick means that they were recognized for their work with the Liquid network. "Lee will contribute to the decision-making process for Liquid as a member, while Kong will focus on developing the network through technology and R&D," Streami said.