On 2nd August, the former Google engineer turned Litecoin creator, Charlie Lee retweeted a post by The Litecoin School of Crypto [UASF] about an upcoming cryptocurrency related project called ‘sparkswap’. The Litecoin School of Crypto is a website that releases educational content on Litecoin. The post read:
“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”
In the official Medium blog of sparkswap, a team member has talked about all the work that has been put into the project in the past few months. The blog has defined sparkswap as being a means for trading cryptocurrencies without a requirement to file or deposit one’s digital assets with a third platform. The idea is to eliminate the trust concerns associated with an intermediary.
The trading can be carried out across different blockchains with the transaction speed being as fast as about a second. This is the standard time for many centralized and readily established cryptocurrency exchanges. Currently, only transactions across two blockchains, namely, Bitcoin and Litecoin is available through the platform.
As mentioned in the Twitter post, the MainNet of sparkswap has not launched yet. The blog post also conveyed that it prefers to introduce a well-developed, working software to the ecosystem over creating hype and whitepapers for their project. It read:
“In an industry that, at times, seems to value hype and whitepapers over delivered, working software, we’ve opted for the latter.”
Till now, the team has been successful at executing the BTC/LTC trading on the testnets of the cryptocurrencies. Hence, the blog post said that the protocol is still in its ‘pre-alpha’ state.
On eliminating a third-party involvement such as cryptocurrency exchanges, sparkswap claims that the users will no more have to lose their assets in a case of theft. Moreover, they will no more have to suffer from bad actors in the market or local governments. sparkswap also ensured that the customer base will not be forced to make a hard decision of prioritizing between having control over assets, liquid trading pairs and fast settlements.
Lastly, the project described its functioning, which read:
“sparkswap makes this possible by settling trades peer-to-peer using trustless, atomic cross-chain swaps over the Lightning Network. “
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