Sparkswap, the world’s first Lightning Network (LN) based Decentralized Exchange (DEX) went live with its beta version on Monday, 8th April 2019.
SparkSwap is an ambitious Cryptocurrency Exchange that is both decentralized and also world’s first Exchange built on the Lightning Network (LN). The private keys of the Sparkswap Exchange Wallets are held with the users itself providing protection from exchange related issues.
Terry Griffith, Sparkswap Founder announced that
Sparkswap, the first cryptocurrency exchange built on Lightning Network Atomic Swaps is live for trading on MainNet in its Public Beta.
Nevertheless, trading will be limited during the beta launch, and only BTC/LTC trading pair will be active as the developers perform would need the incubation time to assess the real-time operations.
Exchange of the Future
Lightning Network Atomic Swaps is the core technology upon which the Exchange operates. The Lightning Network (LN) on Bitcoin (BTC) will be used to facilitate the cross-blockchain swaps and transactions along with Sparkswap’s DEX software. Together they are both fast and reliable.
“At no point can either Sparkswap or your counterparty deprive you of your assets — the trades either complete or they do not,” Sparkswap Founder Trey Griffith told Bitcoin Magazine. “We are also a venue for trading, not an over-the-counter service like ShapeShift, so users are trading with each other.”
Griffith also noted that:
“Our focus is on making cryptocurrency trading fast enough for professional users without sacrificing Bitcoin support and self-custody,”
However, the user interface of the exchange resembles the DOS window currently, which might cause a hindrance in its mainstream adoption.
The platform was initiated sixteen months ago, soon after the Lightning Network development started on Bitcoin (BTC). The Exchange also stands as a testimony of the development of the Lightning Network (LN). While the founder agreed that ‘Lightning Network is not a finished product’ yet, but even now it offers a plethora of applications like cross-chain swaps.
One more step on our way to building infrastructure for the future of the financial system. https://t.co/wMGWZTDfUp
— Trey Griffith (@tgriff3) April 8, 2019
Moreover, the Startup also raised $3.5 million in the initial seed round from Initialized Capital, Pantera Capital, Foundation Capital, and Y Combinator. Pantera Capital is an investment firm and hedge fund operating exclusively on Bitcoin, other digital currencies and companies in the space.
Do you think that the exchange will gain mainstream soon like the Binance Exchange? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com