Particl and Litecoin to launch cross-chain atomic swaps

Particl teams up with Litecoin to work on cross-chain atomis swaps
31 July 2017   2242

Particl and Litecoin are implementing cross-chain atomic swaps. The community's reaction seems to be a bit divided regarding the development. 

What is cross-chain atomic swaps?

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Cross-chain atomic swaps is the technology that allows two people holding tokens on two different blockchains to trade directly – and instantly – without the risk of one party running off with the other's money before the trade is complete. 

Thus, being able to exchange between different cryptocurrencies without exchanges getting involved is significant. Some people could argue this can be done already through decentralized peer-to-peer software, however, those tools are incredibly difficult to use for the average person on the street. Even advanced users find it too much hassle due to low trading volumes. 

On the contrary, the developers can integrate this functionality into wallets directly, allowing for immediate exchanges between currencies.

The community's reaction

Litecoin

Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency

In this particular case, users could instantly swap between Particl and Litecoin whenever needed. Particl's "part"of the community seems to be pretty excited about the news:

Particl and Litecoin to work on cross-chain atomic swaps The pic from Reddit.com

However, the response from the Litecoin community is less positive.

Thus, some users do not see any benefits from the development. It seems there are some harsh feelings toward the Particl team. It does appear some people blame the team for shutting down ShadowCash altogether. Additionally, one user claims how the team pumped “the shit out of” SDC and then crashed the market before killing the project.

How this Particl-Litecoin project will really turn out remains to be seen.

Karpeles to Face Another 10 Years in Jail

Japanese enforcements agencies blamed Mt. Gox CEO in stilling $3M
12 December 2018   29

Japanese prosecutors blamed the head of the already inactive exchange Mt. Gox Mark Carpeles in embezzling 341 million yen ($ 3 million) from a bank account trading platform. The prosecutors made the corresponding statement in the Tokyo District Court, demanding 10 years of imprisonment for Karpeles, reports The Mainichi.

[Mark Karpeles] diverted company funds to such uses as investing in a software development business for personal interest" and "played a great role in totally destroying the confidence of bitcoin users.
 

Japanese prosecutors

It is noted that in September-December 2013, the head of MtGox allegedly transferred funds to personal bank accounts, and then invested in the software development business.

Carpeles is also accused of faking the data of the trading system of the exchange for the fabrication of balance sheets.

The deadline for accepting applications from affected investors as part of the civil rehabilitation of Mt. Gox has been extended until the end of December.