Litecoin owner Charlie Lee introduced the “appealing” Sparkswap project on Thursday. Previous Google designer Charlie Lee retweeted The Litecoin Institution of Crypto [UASF]’s blog post on the preferred social networking site, Twitter. The site, Litecoin Institution of Crypto, is dedicated to releasing contents based on Litecoin from instructional viewpoint.
Inning accordance with the tweet, “This task @sparkswap looks very 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 a product out for main internet yet but I like what I see up until now! #Litecoin #Bitcoin.”
The Medium blog site belonging to Sparkswap clarifies all the payment that has actually been made by the team in the last couple of months. The upcoming task is referred to as a mode of carrying out cryptocurrency trading without sharing the individual’s data with a 3rd party system. The appealing functions of the project include its quick transaction rate and also trading throughout various systems. Currently, deal is carried out across Bitcoin as well as Litecoin blockchain platform.
Aim of the Sparkswap task
The key emphasis of the job is the removal of count on issues related to middlemans. The fundamental reason for this job is to concentrate on the removal of involvement of third parties so that customers’ properties can be shielded from hacking circumstances. Moreover, the customers will no longer have to bother with regional regulators or bad actors existing in the market.
From the post on Twitter, it’s clear that Sparkswap’s MainNet has actually not yet been launched. The post states, “In an industry that, at times, appears to worth hype and also whitepapers over supplied, functioning software, we have actually chosen the last.”
The blog post has additionally pointed out that the protocol is in a “pre-alpha” problem. Currently, the team has actually accomplished the trading of BTC/LTC pair on testnets of electronic currencies. The post has actually also thrown light on the functioning of the job specifying, “sparkswap makes this possible by settling professions peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “