Started testing the service SparkSwap

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Started testing the service SparkSwap

SparkSwap is the first cross-platform P2P crypto currency exchange, working on technology Lightning Network. Transactions in SparkSwap is the real atomic swaps. To experiment with this technology in Lightning Labs began last fall and on its basis already established a working product.

Аtomic swaps, or atomic swaps — crosscan technology direct exchange of assets is invented long ago. The concept of such transactions advanced by Thiers Nolan in 2013. jl777, the developer of an algorithm of the blockchain Komodo showed colleagues atomically swap in 2014. Of course, it was a test transaction, but after three years, in September 2017, the year between Decred and Litecoin took place, so to speak, a real atomic swap.

Then, in the autumn of last year, the first BTC-LTC transaction conducted on a test network Lightning Labs. To conduct atomically swaps the network must support the technology of Lightning and SegWit. Both of these solutions are used in both Bitcoin and Litecoin, so atomic swaps between blockchains possible.

After the technology of such transactions began to test many services, it became clear that the emergence of platforms for direct exchange of assets is not long to wait. Indeed, the developer Trey Griffith announced the launch of SparkSwap.

The service allows you to trade cryptocurrency without the transfer of assets to a third party. That is, without kriptonite. Currently, the platform supports a swap between Bitcoin and Litecoin, but soon this list will be expanded.

SparkSwap as befits a cross-platform service very fast: atomically swaps are processed in less than a second.

Griffith says that SparkSwap is still under alpha testing, but the transactions between Bitcoin and Litecoin is conducting successfully. This is the first working application, offering the possibility of peer-to-peer trade between users of different blockchains.

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