Litecoin creator Charlie Lee announces Sparkswap for Bitcoin [BTC]-Litecoin [LTC] trading
Litecoin founder Charlie Lee announced the “promising” Sparkswap project on Thursday. Former Google engineer Charlie Lee retweeted The Litecoin School of Crypto [UASF]’s post on the popular social networking website, Twitter. The website, Litecoin School of Crypto, is dedicated towards publishing contents based on Litecoin from educational perspective.
According to the tweet, “This project @sparkswap looks very promising. You’ll be able to trade $LTC and $BTC via atomic swaps through the Lightning Network. They don’t have a product out for main net yet but I like what I see so far! #Litecoin #Bitcoin.”
The Medium blog 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 described as a mode of conducting cryptocurrency trading without sharing the user’s data with a third party platform. The attractive features of the project include its fast transaction speed and trading across various platforms. Currently, transaction is conducted across Bitcoin and Litecoin blockchain platform.
Aim of the Sparkswap project
The primary focus of the project is the removal of trust concerns linked with intermediaries. The fundamental reason for this project is to focus on the elimination of involvement of third parties so that users’ assets can be protected from hacking instances. Furthermore, the users will no longer have to worry about local regulators or bad actors present in the market.
From the post on Twitter, it’s clear that Sparkswap’s MainNet has not yet been launched. The blog post states, “In an industry that, at times, seems to value hype and whitepapers over delivered, working software, we’ve opted for the latter.”
The blog post has also mentioned that the protocol is in a “pre-alpha” condition. As of now, the team has accomplished the trading of BTC/LTC pair on testnets of digital currencies. The post has also thrown light on the functioning of the project stating, “sparkswap makes this possible by settling trades peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “
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