Litecoin founder Charlie Lee announced the “encouraging” Sparkswap task on Thursday. Former Google engineer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s article on the preferred social networking site, Twitter. The web site, Litecoin Institution of Crypto, is devoted to publishing materials based on Litecoin from educational perspective.
Inning accordance with the tweet, “This job @sparkswap looks very promising. You’ll have the ability to trade $LTC and $BTC via atomic swaps with the Lightning Network. They do not have a product out for primary internet yet but I like exactly what I see up until now! #Litecoin #Bitcoin.”
The Medium blog site coming from Sparkswap sheds light on all the contribution that has actually been made by the group in the last few months. The upcoming task is described as a mode of carrying out cryptocurrency trading without sharing the customer’s data with a 3rd party platform. The attractive features of the job include its quick purchase speed as well as trading across different systems. Presently, transaction is conducted across Bitcoin as well as Litecoin blockchain system.
Aim of the Sparkswap project
The key focus of the task is the elimination of count on problems related to middlemans. The fundamental factor for this project is to concentrate on the removal of involvement of 3rd parties so that customers’ properties can be secured from hacking instances. Furthermore, the users will no more have to stress over local regulatory authorities or criminals present in the marketplace.
From the article on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been released. The blog post states, “In an industry that, sometimes, seems to value buzz and also whitepapers over delivered, functioning software program, we’ve chosen the latter.”
The blog post has additionally discussed that the procedure remains in a “pre-alpha” condition. As of now, the group has actually achieved the trading of BTC/LTC set on testnets of electronic money. The article has additionally thrown light on the functioning of the task mentioning, “sparkswap makes this possible by resolving professions peer-to-peer using 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 possibleA piece of information about them. He works as a crypto-journalist for the website Abitcoinresource.