Litecoin is effectively Bitcoin’s sidechain, says Charlie Lee

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August 13, 2018 by
Litecoin is effectively Bitcoin’s sidechain, says Charlie Lee

Charlie Lee’s current tweet brightens the day for crypto followers searching the cryptoverse for blockchains with even more much faster as well as secure deals. The Litecoin creator tweeted that the Lightning Network could utilize Litecoin as Bitcoin’s sidechain. Deals can occur across chains sans borders. He likewise assures faster as well as more affordable with protection ensured by decentralized PoW mining.

Atomic Swaps
Atomic swaps aid blockchain purchases to take place without intermediaries. These swaps utilize Hash Timelock Agreements. It is a time bound clever agreement which produces a cryptographic hash function that can be verified in between partied associated with the transaction. Atomic swaps support cross chain trading without a 3rd party, like a crypto exchange being entailed.
To trade an altcoin for Bitcoin, investors are required to location orders with crypto exchanges. They match buy and sell orders to finish the deal. A common transaction to exchange an altcoin for Bitcoin calls for a vendor, a buyer and also an intermediary which is a coin exchange.

See Also: Litecoin transactions now possible via telegram & SMS payments will be available soon

The lightning network like atomic swaps likewise removes intermediaries. The network web links two events via payment networks permitting real-time deals. It is a peer to peer system for making micropayments without passing on custody of funds to an entity like an exchange. It is touted as a service to blockchain scalability problem. The atomic swapping of digital properties can reduce the dependancy on centralized exchanges which are vulnerable to hacks and also failings. With proceeded technology, atomic swaps will apparently assist run decentralized exchanges.

Charlie Lee has effectively finished atomic swaps using Litecoin for Bitcoin, Decred, and also Vertcoin. Atomic swaps have got a step up with the KOMODO team finishing an atomic swap on their Electrum server. Electrum web server permits an individual to connect with a cryptocurrency without needing to download and install the whole blockchain. This makes the concept of decentralized exchanges a lot more reasonable.

Teja

Krishna Teja Reddy is a crypto enthusiast and a market analyst. He is specializes in market analysis and strives to provide accurate crypto market statistics to the crypto community and cryptocurrency investors. He focuses on delivering quality news stories to him readers and aspires to be a successful business journalist.

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