Litecoin founder Charlie Lee introduced the “promising” 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 College of Crypto, is committed towards releasing contents based on Litecoin from educational viewpoint.
Inning accordance with the tweet, “This job @sparkswap looks really promising. You’ll have the ability to trade $LTC and also $BTC using atomic swaps through the Lightning Network. They do not have a product out for primary web yet but I like 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 team in the last few months. The upcoming job is described as a setting of carrying out cryptocurrency trading without sharing the user’s data with a third party system. The appealing features of the job include its rapid deal rate and trading across various platforms. Presently, purchase is conducted throughout Bitcoin and Litecoin blockchain platform.
Purpose of the Sparkswap task
The primary emphasis of the project is the removal of trust problems related to middlemans. The essential factor for this task is to concentrate on the elimination of involvement of 3rd parties to make sure that users’ possessions can be shielded from hacking instances. Moreover, the users will certainly not need to bother with regional regulatory authorities or bad actors present out there.
From the article on Twitter, it’s clear that Sparkswap’s MainNet has not yet been released. The blog post states, “In a sector that, at times, appears to worth buzz as well as whitepapers over delivered, functioning software application, we’ve opted for the latter.”
The post has actually likewise discussed that the protocol is in a “pre-alpha” condition. Currently, the team has actually completed the trading of BTC/LTC set on testnets of digital money. The article has actually additionally thrown light on the performance of the task specifying, “sparkswap makes this feasible by working out professions peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “