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 recent tweet brightens the day for crypto followers looking the cryptoverse for blockchains with even more quicker as well as secure transactions. The Litecoin founder tweeted that the Lightning Network could utilize Litecoin as Bitcoin’s sidechain. Purchases can occur across chains sans borders. He also assures faster and more affordable with safety and security assured by decentralized PoW mining.

Atomic Swaps
Atomic swaps help blockchain purchases to occur without middlemans. These swaps use Hash Timelock Contracts. It is a time bound clever agreement which produces a cryptographic hash function that can be confirmed between partied involved in the purchase. Atomic swaps support cross chain trading without a 3rd party, like a crypto exchange being involved.
To exchange an altcoin for Bitcoin, traders are called for to area orders with crypto exchanges. They match deal orders to complete the transaction. A normal deal to exchange an altcoin for Bitcoin calls for a vendor, a purchaser 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 also removes middlemans. The network links 2 celebrations through payment networks permitting real-time purchases. It is a peer to peer system for making micropayments without delegating safekeeping of funds to an entity like an exchange. It is touted as a remedy to blockchain scalability trouble. The atomic swapping of electronic properties could minimize the dependancy on centralized exchanges which are at risk to hacks and also failings. With proceeded innovation, atomic swaps will apparently aid run decentralized exchanges.

Charlie Lee has actually efficiently finished atomic swaps utilizing Litecoin for Bitcoin, Decred, as well as Vertcoin. Atomic swaps have actually got a step up with the KOMODO group finishing an atomic swap on their Electrum server. Electrum server permits a customer to engage with a cryptocurrency without needing to download and install the entire blockchain. This makes the idea of decentralized exchanges much more sensible.

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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