Litecoin founder Charlie Lee announced the “encouraging” Sparkswap project on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin School of Crypto [UASF]’s message on the popular social networking web site, Twitter. The internet site, Litecoin College of Crypto, is dedicated towards publishing contents based on Litecoin from educational point of view.
Inning accordance with the tweet, “This job @sparkswap looks really appealing. You’ll be able to trade $LTC as well as $BTC through atomic swaps through the Lightning Network. They don’t have a product out for major web yet however I like what I see up until now! #Litecoin #Bitcoin.”
The Tool blog site coming from Sparkswap clarifies all the contribution that has actually been made by the group in the last couple of months. The upcoming task is referred to as a setting of performing cryptocurrency trading without sharing the customer’s data with a third party platform. The attractive functions of the project include its quick purchase rate and also trading across numerous platforms. Presently, deal is performed throughout Bitcoin and also Litecoin blockchain system.
Goal of the Sparkswap project
The main emphasis of the project is the elimination of depend on concerns linked with intermediaries. The fundamental reason for this task is to focus on the removal of participation of 3rd parties to make sure that individuals’ possessions can be safeguarded from hacking instances. Moreover, the individuals will not need to worry about regional regulators or criminals present in the marketplace.
From the message on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been launched. The blog post states, “In an industry that, at times, appears to worth hype and also whitepapers over provided, working software application, we’ve gone with the latter.”
The article has additionally stated that the method is in a “pre-alpha” condition. Currently, the team has completed the trading of BTC/LTC set on testnets of digital money. The message has actually likewise thrown light on the performance of the job specifying, “sparkswap makes this feasible by settling 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 Coinchats.