On Thursday, Charlie Lee, Litecoin founder and former Google engineer declared his ‘promising’Sparkswap project. He retweeted a tweet of The Litecoin School of Crypto [UASF]. He tweeted saying,
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 which belongs to Sparkswap highlights on the contribution that has been contributed by the team in the few couple of months. The new project focuses on conducting cryptocurrency trading without disclosing one’s data with a third party team. The features which are currently presented are fast transaction speed and trading across various platforms. At present the transaction is taking place between Bitcoin and Litecoin blockchain platform.
The project focus on removing trust concerns which are linked with intermediaries. The main motive of this project is to eliminate the third parties so that the users’ assets are safe from hacking. Apart from this the users need not have to worry about local regulators that are present in the market.
The Twitter post clears us that Sparkswap Main Net is yet to be launched. The tweet says,
In an industry that, at times, seems to value hype and whitepapers over delivered, working software, we’ve opted for the latter.
The tweet also confirmed that the protocol is in ‘pre-alpha’condition. Till now the team is successful in the trading of BTC/LTC pair on testnets of digital currencies. The post has also highlighted on the project commenting,
sparkswap makes this possible by settling trades peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network.
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