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Update docs/liquid/liquid-part1.md

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b0xxer 2024-01-23 05:47:27 -06:00
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@ -55,7 +55,7 @@ Additionally a new DETERMINISTICRANDOM operation which produces a random number
These new opcodes have several use cases, including convenant-style controls, double-spent protection bonds, lotteries, merkle tree constructions to allow 1-of-N multisig with huge N (thousands), and probabilistic payments.
# Installation of Elements Node and Peg-In
# Installation of Elements Node
Liquid uses a variation of BTC Core program known as Elements, much of the setup and use are very similar to bitcoin. Please note that Elements **requires a fully functioning bitcoind daemon is available** (it is a sidechain, after all). Thus for this demonstration, I am using my Umbrel since it makes installing Bitcoin and Elements quite simple.
@ -81,9 +81,10 @@ Liquid uses a variation of BTC Core program known as Elements, much of the setup
25846 (It doesn’t matter what the number returned is as long as no error.)
* Create a default wallet
- `$ sudo ./scripts/app compose elements exec node elements-cli -rpcuser=$E_RPCUSER -rpcpassword=$E_RPCPASS createwallet ""`
* Check balance info
* Check balance info (should show 0 balance with no errors)
- `$ sudo ./scripts/app compose elements exec node elements-cli -rpcuser=$E_RPCUSER -rpcpassword=$E_RPCPASS getwalletinfo`
# First Peg-In
Now let's peg-in some bitcoin in order to receive L-BTC within our Liquid wallet. (*NOTE: There are online services that automate this entire process and make it much simpler. In general services like [Sideswap](https://sideswap.io/peg-in-out/) makke this process much easier*)
* Generate a new peg-in address