The decentralized exchange, SparkSwap, has announced the addition of the Lightning Network protocol this week. The news received support from the LN community with many LN supporters reTweeting the announcement. SparkSwap entered the market in December 2017, and it is the first exchange to implement the Lightning Network to date. LN users are eager for a decentralized exchange option, and SparkSwap promises to deliver unmatched speed to the bogged down BTC exchange process.
The SparkSwap Exchange
SparkSwap is not the first exchange to announce Lighting Network support. Both the Vaultoro and Legolas platforms join the exchange in this respect. Both of the latter exchanges are still in their development stages with no official release date announced as of yet. Unlike the competition, SparkSwap has managed to enter the testnet phase of their highly anticipated LN integration.
The exchange also received a nod of approval from the Litecoin School of Crypto who Tweeted the move this week. The Tweet was re-Tweeted by Litecoin’s Founder, Charlie Lee as well. Lee has been a strong supporter of the Lightning Network. The outspoken proponent for the second layer protocol has joined a growing number of LN-related platforms including a LN enabled cell phone called the HTC exodus.
The Platform Gains Support
Charlie’s recent support isn’t a huge surprise once you consider that SparkSwap will only support Bitcoin and Litecoin exchanges on its network for the time being. Both cryptocurrencies can utilize the LN to increase transaction speeds and lower fees. Considering that Stellar Lumens is also working on Lightning Network support, you may see this altcoin added to the platform in the future as well.
SparkSwap is based out of Atlanta, Georgia. The platform’s founder, Trey Griffith, is a Silicon Valley native who has been involved in numerous blockchain-based platforms including Teleborder and FutureAdvisor. Despite only being open for around nine months, the decentralized exchange has managed to capture the attention of numerous cryptoanalysts, many of whom are interested to see the success of decentralized exchanges.
The Lighting Network is still in its Beta testing stages. Despite this fact, developers are stampeding into the market to be among the first Lightning Network App developers (Lapps). Lapps are a critical component of large-scale adoption. Lapps allow users to utilize the Lightning Network’s microtransaction capabilities. There is currently a wide array of Lapps available to the public.
The LN eliminates these issues through the creation of off-chain payment portals. Lightning Network users can conduct unlimited transactions from within these portals without adding additional congestion to the blockchain. The transactional data the payment portal is closed.
Bitcoin users have suffered due to network congestion which has raised the fees and transaction times required to facilitate a BTC transaction. SparkSwap now takes its place as the first Lapp exchange platform. This latest development is sure to give SparkSwap a significant lead in the market. You can expect many more exchanges to follow SparkSwap’s lead in the future as the LN nears Beta testing completion.