Litecoin founder Charlie Lee revealed the “promising” Sparkswap project on Thursday. Former Google engineer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s message on the preferred social networking web site, Twitter. The site, Litecoin College of Crypto, is committed towards publishing components based upon Litecoin from instructional point of view.
According to the tweet, “This job @sparkswap looks really promising. You’ll be able to trade $LTC and $BTC by means of atomic swaps via the Lightning Network. They don’t have an item out for main web yet but I like just what I see thus far! #Litecoin #Bitcoin.”
The Medium blog site coming from Sparkswap clarifies all the payment that has actually been made by the group in the last few months. The upcoming project is referred to as a mode of carrying out cryptocurrency trading without sharing the customer’s information with a third party system. The eye-catching attributes of the job include its quick purchase speed and also trading across various systems. Currently, deal is carried out across Bitcoin and also Litecoin blockchain system.
Aim of the Sparkswap job
The key emphasis of the project is the elimination of trust fund issues linked with intermediaries. The basic factor for this task is to focus on the removal of involvement of third parties so that users’ properties can be safeguarded from hacking circumstances. Additionally, the customers will not have to worry about regional regulatory authorities or criminals existing out there.
From the post on Twitter, it’s clear that Sparkswap’s MainNet has not yet been launched. The blog post states, “In a market that, sometimes, seems to value hype and also whitepapers over supplied, working software program, we have actually opted for the latter.”
The article has additionally stated that the method is in a “pre-alpha” problem. Currently, the team has actually completed the trading of BTC/LTC set on testnets of electronic currencies. The message has actually additionally thrown light on the functioning of the project specifying, “sparkswap makes this possible by working out trades peer-to-peer making use of trustless, atomic cross-chain swaps over the Lightning Network. “