Litecoin founder Charlie Lee revealed the “promising” Sparkswap job on Thursday. Previous Google engineer Charlie Lee retweeted The Litecoin Institution of Crypto [UASF]’s article on the preferred social networking site, Twitter. The website, Litecoin Institution of Crypto, is committed in the direction of releasing materials based on Litecoin from academic point of view.
According to the tweet, “This project @sparkswap looks really appealing. You’ll be able to trade $LTC as well as $BTC by means of atomic swaps through the Lightning Network. They do not have an item out for main internet yet however I like just what I see until now! #Litecoin #Bitcoin.”
The Medium blog site belonging to Sparkswap sheds light on all the contribution that has been made by the team in the last few months. The upcoming project is referred to as a setting of carrying out cryptocurrency trading without sharing the customer’s information with a third party platform. The eye-catching functions of the task include its fast deal speed as well as trading across various platforms. Presently, deal is carried out throughout Bitcoin and Litecoin blockchain system.
Purpose of the Sparkswap project
The primary focus of the project is the removal of depend on issues related to middlemans. The basic factor for this job is to concentrate on the removal of involvement of 3rd parties to make sure that individuals’ assets can be protected from hacking circumstances. Additionally, the users will certainly no longer need to fret about local regulatory authorities or bad actors present in the marketplace.
From the post on Twitter, it’s clear that Sparkswap’s MainNet has not yet been introduced. The post states, “In a sector that, at times, appears to value hype as well as whitepapers over provided, functioning software, we have actually gone with the latter.”
The post has likewise stated that the procedure remains in a “pre-alpha” condition. Already, the group has actually completed the trading of BTC/LTC pair on testnets of electronic currencies. The article has actually likewise thrown light on the functioning of the project specifying, “sparkswap makes this possible by settling professions peer-to-peer utilizing trustless, atomic cross-chain swaps over the Lightning Network. “