LOS ANGELES, Oct. 25, 2024 /PRNewswire/ — Yesterday, in Los Angeles, Lightspark hosted its first Accomplice Summit—Lightspark Sync.
Lightspark introduced:
- Two new foundational capabilities for UMA – UMA Auth and UMA Request
- One Lightspark product replace – Lightspark Prolong for UMA
- Spark: A brand new open-source Bitcoin Layer 2, Lightning-compatible answer for stablecoins and self-custodial wallets
Lightspark is constructing the quickest international open fee community on Bitcoin. Their merchandise simplify, streamline, and modernize the circulation of worldwide funds, whether or not utilizing fiat currencies, stablecoins, or bitcoin.
Thrilling updates for the Common Cash Deal with (UMA). UMA is an open-source messaging normal constructed on LNURL. Consider it as e mail however for cash. It’s an answer that allows transactions in fiat foreign money, stablecoin, or type of worth that any human, enterprise, or AI agent wants to maneuver or change in real-time.
By the tip of 2024, Lightspark estimates their companions will unlock UMA for practically 300 million prospects in 140 international locations and 100 currencies.
UMA Auth is like OAuth for cash. For companies, it’s an thrilling new extension integrating funds instantly into purposes and companies.
It’s an open normal constructed on Nostr Pockets Join that allows UMA-enabled wallets to delegate the push and pull of cash with limits set by the consumer. For companies, it’s an thrilling new extension integrating funds instantly into purposes and companies.
Even in at this time’s digital economic system, funds on commerce platforms, content material companies, and messaging purposes are difficult. Fee integrations will be difficult, taking on invaluable growth time and sources that can be utilized elsewhere. Excessive transaction charges can eat into earnings, and sluggish settlement instances frustrate customers and create threat. Worldwide funds add one other degree of complexity. These issues have been holding companies again for much too lengthy. UMA Auth solves many of those issues whereas offering customers with simple linking to their present monetary apps and wallets.
At its core, UMA Auth is a two-way connection between platforms and their customers’ UMA-enabled wallets. It takes the good options of OAuth and applies them to the world of UMA funds, making safe authorization simpler. Now, customers can log in to their wallets and authorize UMA funds utilizing acquainted set-up experiences. Customers can management what purposes can entry their wallets, specify permitted actions, and set spending limits for every utility. The potential use instances are far-reaching – UMA Auth permits financial institution accounts or wallets to be linked to messaging and e mail apps; for instance, customers could make funds to content material creators (irrespective of the place they’re) with dwell tipping or recurring funds and subscriptions. Like Oauth, UMA Auth doesn’t require platform companions to be within the circulation of funds however, as an alternative supplies a seamless fee expertise for customers with the UMA-enabled pockets of their alternative.
UMA Auth is constructed utilizing Nostr Pockets Join, a safe, open protocol that’s gained important traction within the Nostr and Lightning communities and simplifies connecting wallets to apps. Lightspark labored with the Nostr group and the workforce at Alby to construct on the protocol, extending Nostr Pockets Hook up with help UMA options. Some new key enhancements Lightspark has proposed are cross-currency help and consumer app registration.
UMA Auth brings a brand new degree of innovation to Lightning, making funds extra open, interoperable, and user-friendly. It’s an enormous step ahead in constructing a fee ecosystem that places customers first and opens up many prospects for peer-to-peer transactions. Lightspark launched SDKs that make it extremely simple for companies to combine UMA Auth into their purposes.
UMA Request. Constructed for UMA, it will enable any enterprise or UMA-enabled pockets to request a fee from one other pockets on the community. UMA invoices and fee requests will rework transactions for each companies and people. Retailers or service suppliers can now rapidly request buyer funds by making a one-time bill for a services or products. This bill will be paid a number of instances, making it extremely versatile for the enterprise and the tip customers. One of many standout options of this technique is that it supplies proof of fee, guaranteeing that each events have a transparent file of the transaction. UMA Request is flexible sufficient to deal with a wide range of use instances. Whether or not requesting funds from mates for a shared expense, managing service provider checkouts, or dealing with payments from service suppliers, UMA Request supplies a easy and efficient solution to facilitate transactions throughout totally different situations.
Lightspark Prolong This can be a important step ahead, enabling Lightning payouts to financial institution accounts over home fee rails. It reduces transaction instances and prices and simplifies funds. Corporations will pay out customers at their most well-liked endpoints with instantaneous, seamless fiat foreign money transfers from native financial institution accounts to any eligible account within the consumer’s chosen foreign money. In the US, customers can immediately obtain USD from a Actual-Time Funds-enabled native checking account. Lightspark Prolong for the US and Mexico can be obtainable by the tip of the yr, and Brazil will rapidly observe. Lightspark Prolong affords aggressive pricing and unparalleled effectivity for companies and people to ship funds, guaranteeing that transferring funds is quicker and more cost effective than ever.
INTRODUCING SPARK –
A SOLUTION FOR STABLECOINS AND SELF-CUSTODY ON BITCOIN
Lightspark believes the way forward for funds have to be on probably the most open, impartial, and decentralized community and must also allow all use instances – from non-custodial wallets to stablecoins. Spark is a brand new, payments-focused, high-performance, open-source, scaleable Bitcoin Layer 2. It extends Bitcoin and Lightning and permits self-custodial wallets to ship and obtain real-time funds at just about no value. Spark additionally helps tokens similar to stablecoins, making it probably the most complete open fee community constructed on Bitcoin.
Lightspark is dedicated to powering a brand new technology of fee options. Their merchandise are constructed with regulated monetary service companies in thoughts. They provide instruments for direct, safe messaging between fee counterparties in order that their companions can help a variety of buyer fee experiences and deal with threat administration, AML/CFT, sanctions, journey guidelines, and different necessities.
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