Litecoin is effectively Bitcoin’s sidechain, says Charlie Lee

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August 13, 2018 by
Litecoin is effectively Bitcoin’s sidechain, says Charlie Lee

Charlie Lee’s current tweet lightens up the day for crypto fans browsing the cryptoverse for blockchains with more quicker and protected purchases. The Litecoin owner tweeted that the Lightning Network can make use of Litecoin as Bitcoin’s sidechain. Purchases can occur throughout chains sans boundaries. He additionally assures faster and also more affordable with protection assured by decentralized PoW mining.

Atomic Swaps
Atomic swaps help blockchain purchases to take place without middlemans. These swaps use Hash Timelock Agreements. It is a time bound wise contract which produces a cryptographic hash function that can be validated between partied involved in the transaction. Atomic swaps support cross chain trading without a 3rd party, like a crypto exchange being involved.
To trade an altcoin for Bitcoin, traders are called for to area orders with crypto exchanges. They match buy and sell orders to finish the deal. A typical transaction to exchange an altcoin for Bitcoin requires a vendor, a buyer as well as an intermediary which is a coin exchange.

See Also: Litecoin transactions now possible via telegram & SMS payments will be available soon

The lightning network like atomic swaps likewise cuts out middlemans. The network web links two celebrations using repayment networks allowing real-time transactions. It is a peer to peer system for making micropayments without passing on guardianship of funds to an entity like an exchange. It is proclaimed as a solution to blockchain scalability issue. The atomic swapping of digital possessions can minimize the reliance on centralized exchanges which are at risk to hacks and failings. With proceeded development, atomic swaps will allegedly aid run decentralized exchanges.

Charlie Lee has actually efficiently completed atomic swaps utilizing Litecoin for Bitcoin, Decred, as well as Vertcoin. Atomic swaps have actually got a step up with the KOMODO group completing an atomic swap on their Electrum server. Electrum server allows an individual to connect with a cryptocurrency without having to download the whole blockchain. This makes the idea of decentralized exchanges a lot more reasonable.

Teja

Krishna Teja Reddy is a crypto enthusiast and a market analyst. He is specializes in market analysis and strives to provide accurate crypto market statistics to the crypto community and cryptocurrency investors. He focuses on delivering quality news stories to him readers and aspires to be a successful business journalist.

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