Litecoin founder Charlie Lee announced the “appealing” Sparkswap job on Thursday. Former Google designer Charlie Lee retweeted The Litecoin College of Crypto [UASF]’s post on the preferred social networking website, Twitter. The internet site, Litecoin School of Crypto, is dedicated in the direction of releasing materials based upon Litecoin from academic point of view.
Inning accordance with the tweet, “This project @sparkswap looks very encouraging. You’ll have the ability to trade $LTC and also $BTC using atomic swaps through the Lightning Network. They do not have an item out for major net yet however I like just what I see thus far! #Litecoin #Bitcoin.”
The Medium blog belonging to Sparkswap sheds light on all the contribution that has been made by the group in the last few months. The upcoming project is called a setting of performing cryptocurrency trading without sharing the customer’s data with a third party system. The eye-catching attributes of the job include its rapid purchase rate and also trading throughout numerous systems. Presently, transaction is conducted across Bitcoin as well as Litecoin blockchain system.
Goal of the Sparkswap task
The key focus of the task is the elimination of count on issues related to intermediaries. The fundamental reason for this project is to concentrate on the elimination of involvement of 3rd parties to ensure that users’ assets can be safeguarded from hacking instances. Furthermore, the users will certainly no more have to bother with local regulatory authorities or criminals existing in the market.
From the post on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been introduced. The post states, “In a sector that, sometimes, seems to worth hype as well as whitepapers over delivered, functioning software program, we’ve opted for the latter.”
The article has also mentioned that the protocol is in a “pre-alpha” condition. Currently, the group has actually achieved the trading of BTC/LTC pair on testnets of digital money. The message has also clarified the functioning of the task specifying, “sparkswap makes this feasible by resolving professions peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “