Litecoin creator Charlie Lee introduced the “encouraging” Sparkswap task on Thursday. Former Google engineer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s blog post on the prominent social networking website, Twitter. The internet site, Litecoin School of Crypto, is dedicated to publishing materials based on Litecoin from instructional point of view.
Inning accordance with the tweet, “This project @sparkswap looks really encouraging. You’ll have the ability to trade $LTC and $BTC via atomic swaps with the Lightning Network. They do not have an item out for primary internet yet however I like exactly what I see until now! #Litecoin #Bitcoin.”
The Medium blog coming from Sparkswap sheds light on all the payment that has actually been made by the group in the last few months. The upcoming task is referred to as a setting of conducting cryptocurrency trading without sharing the customer’s data with a third party system. The eye-catching features of the task include its fast transaction rate and also trading throughout different platforms. Presently, purchase is performed throughout Bitcoin as well as Litecoin blockchain platform.
Aim of the Sparkswap project
The main emphasis of the task is the elimination of trust fund worries related to middlemans. The basic factor for this task is to concentrate on the removal of participation of third parties to make sure that customers’ possessions can be secured from hacking circumstances. Additionally, the users will certainly no longer have to bother with neighborhood regulators or bad actors existing out there.
From the message on Twitter, it’s clear that Sparkswap’s MainNet has not yet been released. The blog post states, “In an industry that, sometimes, seems to value buzz and also whitepapers over supplied, functioning software program, we have actually chosen the latter.”
The blog post has actually likewise discussed that the procedure remains in a “pre-alpha” condition. Currently, the team has accomplished the trading of BTC/LTC set on testnets of digital money. The post has also thrown light on the performance of the project mentioning, “sparkswap makes this feasible by working out professions peer-to-peer making use of trustless, atomic cross-chain swaps over the Lightning Network. “