Litecoin founder Charlie Lee introduced the “encouraging” Sparkswap project on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s blog post on the preferred social networking internet site, Twitter. The web site, Litecoin College of Crypto, is committed in the direction of releasing components based upon Litecoin from academic perspective.
Inning accordance with the tweet, “This job @sparkswap looks very promising. You’ll have the ability to trade $LTC as well as $BTC via atomic swaps through the Lightning Network. They don’t have an item out for main web yet however I like just what I see so far! #Litecoin #Bitcoin.”
The Tool blog belonging to Sparkswap sheds light on all the contribution that has been made by the team in the last few months. The upcoming project is called a setting of performing cryptocurrency trading without sharing the individual’s data with a 3rd party system. The attractive features of the project include its quick transaction speed as well as trading across numerous platforms. Currently, transaction is performed throughout Bitcoin as well as Litecoin blockchain system.
Objective of the Sparkswap task
The primary emphasis of the project is the removal of trust fund concerns linked with middlemans. The fundamental factor for this project is to concentrate on the removal of involvement of third parties to make sure that customers’ assets can be protected from hacking instances. Moreover, the users will no more have to worry about neighborhood regulatory authorities or criminals present out there.
From the blog post on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been released. The blog post states, “In a sector that, sometimes, seems to value hype as well as whitepapers over provided, working software, we’ve opted for the last.”
The post has also discussed that the method is in a “pre-alpha” problem. Already, the group has actually achieved the trading of BTC/LTC pair on testnets of electronic money. The blog post has actually likewise clarified the performance of the project specifying, “sparkswap makes this possible by clearing up professions peer-to-peer utilizing 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 Ontologywiki.