Liquidiy.Network last week announced final preparations prior to launching its off-chain payments system, enabling instant low fee payments on the Ethereum network, accompanied by a Venmo style user-friendly mobile payments app.
The company stated that bi-directional transfers have been successfully completed on the Ethereum testnet, and that it expects to facilitate the first real-world ERC20 token transfers within one month.
“Liquidity.Network has no joining fees and is free to use for regular users, with only merchants paying transaction fees,” stated a Liquidity.Network spokesperson. “Similarly to Paypal, Liquidity.Network allows 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.”
According to the statement, several VC funds have already made investments in Liquidity.Network, including DHVC, zk capital, ZMT Capital and YouBi Capital. The organization plans to hold a token crowdsale beginning June 14, and intends to release the Liquidity DEX decentralized exchange by Q3 2018.
“Liquidity.Network’s novel technology allows any member of a payment hub to pay any other member of a payment hub, to allow rebalancing of payments off-chain without the need for costly on-chain refill transactions,” states the company's press release. ” 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.”