Litecoin creator Charlie Lee revealed the “promising” Sparkswap project on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin School of Crypto [UASF]’s article on the preferred social networking web site, Twitter. The internet site, Litecoin School of Crypto, is committed in the direction of publishing contents based upon Litecoin from academic perspective.
Inning accordance with the tweet, “This task @sparkswap looks very appealing. You’ll be able to trade $LTC and also $BTC through atomic swaps through the Lightning Network. They don’t have an item out for primary net yet but I like just what I see up until now! #Litecoin #Bitcoin.”
The Medium blog site coming from Sparkswap sheds light on all the contribution that has actually been made by the group in the last few months. The upcoming task is referred to as a mode of performing cryptocurrency trading without sharing the customer’s information with a third party platform. The appealing features of the job include its fast deal speed as well as trading throughout different platforms. Currently, deal is conducted across Bitcoin and also Litecoin blockchain platform.
Purpose of the Sparkswap job
The main focus of the project is the removal of depend on problems related to middlemans. The essential factor for this job is to concentrate on the elimination of involvement of third parties to ensure that users’ possessions can be secured from hacking circumstances. Additionally, the users will certainly not need to bother with neighborhood regulatory authorities or bad actors existing in the market.
From the article on Twitter, it’s clear that Sparkswap’s MainNet has not yet been introduced. The post states, “In a sector that, at times, appears to worth buzz and also whitepapers over supplied, functioning software program, we’ve gone with the last.”
The blog post has also pointed out that the method is in a “pre-alpha” condition. Currently, the team has accomplished the trading of BTC/LTC set on testnets of digital money. The post has actually additionally clarified the performance of the job mentioning, “sparkswap makes this possible by settling professions 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 bcfocus.