Litecoin owner Charlie Lee introduced the “appealing” Sparkswap task on Thursday. Former Google engineer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s blog post on the prominent social networking internet site, Twitter. The website, Litecoin Institution of Crypto, is committed towards releasing materials based on Litecoin from instructional perspective.
According to the tweet, “This project @sparkswap looks extremely encouraging. You’ll have the ability to trade $LTC as well as $BTC using atomic swaps through the Lightning Network. They don’t have an item out for main internet yet however I like just what I see so far! #Litecoin #Bitcoin.”
The Medium blog site belonging to Sparkswap sheds light on all the payment that has actually been made by the group in the last couple of months. The upcoming job is called a setting of conducting cryptocurrency trading without sharing the individual’s information with a third party system. The eye-catching features of the job include its rapid transaction rate as well as trading across numerous platforms. Currently, purchase is conducted across Bitcoin and also Litecoin blockchain system.
Purpose of the Sparkswap project
The key emphasis of the project is the elimination of count on worries related to intermediaries. The basic reason for this project is to focus on the elimination of involvement of third parties to ensure that customers’ assets can be safeguarded from hacking instances. Additionally, the users will certainly not need to worry about regional regulatory authorities or criminals present in the market.
From the message on Twitter, it’s clear that Sparkswap’s MainNet has not yet been launched. The blog post states, “In a market that, sometimes, appears to worth buzz and also whitepapers over supplied, functioning software program, we have actually opted for the latter.”
The article has additionally mentioned that the procedure remains in a “pre-alpha” problem. As of now, the group has actually completed the trading of BTC/LTC set on testnets of electronic currencies. The blog post has likewise thrown light on the functioning of the task stating, “sparkswap makes this feasible by clearing up professions peer-to-peer making use of trustless, atomic cross-chain swaps over the Lightning Network. “