Litecoin founder Charlie Lee announced the “encouraging” Sparkswap project on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s message on the prominent social networking internet site, Twitter. The website, Litecoin College of Crypto, is devoted towards publishing components based upon Litecoin from educational viewpoint.
According to the tweet, “This job @sparkswap looks very promising. You’ll be able to trade $LTC and also $BTC through atomic swaps via the Lightning Network. They don’t have an item out for main internet yet however I like exactly what I see thus far! #Litecoin #Bitcoin.”
The Tool blog site belonging to Sparkswap clarifies all the contribution that has been made by the team in the last few months. The upcoming project is called a setting of carrying out cryptocurrency trading without sharing the individual’s data with a 3rd party platform. The appealing attributes of the job include its quick transaction speed and also trading across various platforms. Currently, transaction is conducted throughout Bitcoin and also Litecoin blockchain platform.
Goal of the Sparkswap task
The main emphasis of the project is the removal of trust worries related to middlemans. The fundamental reason for this project is to concentrate on the removal of involvement of 3rd parties so that customers’ properties can be protected from hacking circumstances. In addition, the individuals will no longer need to fret about regional regulatory authorities or criminals present on the market.
From the message on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been introduced. The blog post states, “In an industry that, at times, seems to worth hype as well as whitepapers over supplied, working software, we’ve selected the latter.”
The article has actually likewise mentioned that the procedure remains in a “pre-alpha” problem. Currently, the group has accomplished the trading of BTC/LTC pair on testnets of electronic currencies. The message has actually additionally thrown light on the functioning of the project stating, “sparkswap makes this feasible by resolving professions peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “