Litecoin creator Charlie Lee introduced the “encouraging” Sparkswap project on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin School of Crypto [UASF]’s post on the prominent social networking site, Twitter. The internet site, Litecoin College of Crypto, is committed towards publishing contents based upon Litecoin from instructional point of view.
Inning accordance with the tweet, “This project @sparkswap looks really encouraging. You’ll have the ability to trade $LTC and $BTC through atomic swaps through the Lightning Network. They do not have an item out for main internet yet but I like what I see up until now! #Litecoin #Bitcoin.”
The Medium blog site coming from Sparkswap sheds light on all the payment that has actually been made by the group in the last couple of months. The upcoming task is called a setting of conducting cryptocurrency trading without sharing the customer’s data with a third party platform. The attractive features of the task include its rapid purchase speed as well as trading across numerous platforms. Currently, deal is performed throughout Bitcoin and also Litecoin blockchain platform.
Objective of the Sparkswap job
The main focus of the job is the removal of trust issues linked with middlemans. The essential reason for this project is to concentrate on the elimination of involvement of 3rd parties to ensure that users’ possessions can be secured from hacking circumstances. Moreover, the individuals will certainly no longer need to stress over neighborhood regulatory authorities or criminals present on the market.
From the post on Twitter, it’s clear that Sparkswap’s MainNet has not yet been released. The article states, “In a market that, at times, appears to value buzz and also whitepapers over delivered, working software, we’ve gone with the last.”
The article has actually also mentioned that the protocol remains in a “pre-alpha” problem. As of now, the group has completed the trading of BTC/LTC pair on testnets of digital currencies. The article has likewise clarified the performance of the task mentioning, “sparkswap makes this possible by settling trades peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Ripplechatroom.