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Update docs/liquid/liquid-part1.md

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@ -7,7 +7,7 @@ This is a multipart DeepDive that will focus on the [Liquid Sidechain](https://l
## Overview ##
Liquid is a federated BTC sidechain. The federation which controls the network are known as 'Functionaries'. Currently, there are 15 such Functionaries[^1] who are geographically dispered to help isolate the network from both physical and regulatory disruption.
Liquid is a federated BTC sidechain (Layer-2). The federation which controls the network are known as 'Functionaries'. Currently, there are 15 such Functionaries[^1] who are geographically dispered to help isolate the network from both physical and regulatory disruption.
Functionaries do the block signing for the network, which happens in a round-robin style arrangement - and consensus requires 11-of-15 to be available and in agreement.