Great news for Bitcoin and Litecoin as well! After hard months for Bitcoin, during which it was highly criticized for its scalability problem, it comes resilient with new features to its network. Now, the first atomic swap between Bitcoin and Litecoin network has been registered.
Lightning Network and Segwit Allowed it
Segwit (Segregated Witness) was implemented in August for Bitcoin, and it has enabled the Lightning Network and atomic swaps. These Atomic Swaps will allow users to exchange, instantly, Bitcoin for Litecoin and Litecoin for Bitcoin. The Lightning Network helps reducing the load in the main Bitcoin blockchain, among other things.
Litecoin has implemented Segwit first than Bitcoin. Litecoin could work as an experimental implementation of Segwit before than Bitcoin. With Segwit, Litecoin has also enabled the Lightning Network code. This could be done first in the Litecoin network because it was essentially a fork of the Bitcoin blockchain.
“Think of being two highways: Today, Bitcoin is packed full of cars and Litecoin is empty. Even with Bitcoin packed, the cars are not coming to use Litecoin highway today because it is not connected and it is inconvenient (centralized exchanges and slow on-chain transfers) to go across. LN will build bridges over the highways,” commented Charlie Lee, Litecoin Creator in Twitter.
Bitcoin is being traded at the time of writing this article at $8247 dollars. Litecoin has also received a price increase since the last week and it is being traded around $71,86 dollars.
Litecoin has Already Tested Atomic Swaps with Other Cryptocurrencies
As reported by UseTheBitcoin some weeks ago, Litecoin and Vertcoin could achieve an atomic swap, allowing for direct trades between these two different networks.
“I am going to do an on-chain atomic swap of 1 LTC for 55 VTC with @jamesl22, lead dev of @Vertcoin Will it work or it will explode?” wrote Charlie Lee in Twitter.
In September, Charlie Lee has also announced that he has performed an on-chain atomic swap between Litecoin and Decreed.
These are good news for Bitcoin and Litecoin. Bitcoin received lots of critics in the last weeks for different reasons. But as we are talking about a resilient cryptocurrency, good news come out every single day. Both Bitcoin and Litecoin have a lot to give and develop together.