Litecoin founder Charlie Lee announced the “encouraging” Sparkswap task on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin Institution of Crypto [UASF]’s article on the prominent social networking internet site, Twitter. The internet site, Litecoin School of Crypto, is dedicated in the direction of publishing materials based upon Litecoin from academic viewpoint.
According to the tweet, “This job @sparkswap looks very appealing. You’ll have the ability to trade $LTC and $BTC via atomic swaps through the Lightning Network. They don’t have a product out for main internet yet but I like exactly what I see thus far! #Litecoin #Bitcoin.”
The Medium blog coming from Sparkswap clarifies all the payment that has been made by the group in the last couple of months. The upcoming job is called a mode of carrying out cryptocurrency trading without sharing the customer’s data with a third party platform. The attractive functions of the job include its quick transaction rate as well as trading throughout various systems. Presently, transaction is conducted across Bitcoin and also Litecoin blockchain platform.
Objective of the Sparkswap task
The primary focus of the project is the removal of depend on worries related to intermediaries. The fundamental factor for this project is to focus on the elimination of involvement of 3rd parties to make sure that individuals’ assets can be safeguarded from hacking instances. In addition, the individuals will certainly not need to worry about neighborhood regulatory authorities or criminals present on the market.
From the blog post on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been introduced. The post states, “In an industry that, at times, appears to value hype as well as whitepapers over provided, functioning software application, we have actually chosen the latter.”
The blog post has actually likewise discussed that the protocol is in a “pre-alpha” condition. Already, the group has completed the trading of BTC/LTC set on testnets of electronic currencies. The post has actually additionally clarified the performance of the task mentioning, “sparkswap makes this possible by settling trades peer-to-peer making use of 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 Kranbitcoin.