LOS ANGELES, Oct. 25, 2024 /PRNewswire/ — Yesterday, in Los Angeles, Lightspark hosted its first Companion 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 resolution for stablecoins and self-custodial wallets
Lightspark is constructing the quickest international open cost community on Bitcoin. Their merchandise simplify, streamline, and modernize the movement 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 electronic mail however for cash. It’s an answer that allows transactions in fiat forex, stablecoin, or type of worth that any human, enterprise, or AI agent wants to maneuver or change in real-time.
By the top of 2024, Lightspark estimates their companions will unlock UMA for almost 300 million prospects in 140 nations and 100 currencies.
UMA Auth is like OAuth for cash. For companies, it’s an thrilling new extension integrating funds straight into functions and providers.
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 straight into functions and providers.
Even in immediately’s digital economic system, funds on commerce platforms, content material providers, and messaging functions are difficult. Fee integrations might be sophisticated, taking over priceless growth time and sources that can be utilized elsewhere. Excessive transaction charges can eat into earnings, and sluggish settlement instances frustrate customers and create danger. Worldwide funds add one other stage of complexity. These issues have been holding companies again for a lot too lengthy. UMA Auth solves many of those issues whereas offering customers with simple linking to their current 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 nice 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 functions can entry their wallets, specify permitted actions, and set spending limits for every utility. The potential use instances are far-reaching – UMA Auth allows financial institution accounts or wallets to be related to messaging and electronic mail apps; for instance, customers could make funds to content material creators (irrespective of the place they’re) with stay tipping or recurring funds and subscriptions. Like Oauth, UMA Auth doesn’t require platform companions to be within the movement of funds however, as an alternative offers a seamless cost expertise for customers with the UMA-enabled pockets of their selection.
UMA Auth is constructed utilizing Nostr Pockets Join, a safe, open protocol that’s gained vital 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 assist UMA options. Some new key enhancements Lightspark has proposed are cross-currency assist and shopper app registration.
UMA Auth brings a brand new stage of innovation to Lightning, making funds extra open, interoperable, and user-friendly. It’s an enormous step ahead in constructing a cost 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 functions.
UMA Request. Constructed for UMA, it will enable any enterprise or UMA-enabled pockets to request a cost from one other pockets on the community. UMA invoices and cost requests will remodel 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 might be paid a number of instances, making it extremely versatile for the enterprise and the top customers. One of many standout options of this technique is that it offers proof of cost, guaranteeing that each events have a transparent report of the transaction. UMA Request is flexible sufficient to deal with quite a lot of use instances. Whether or not requesting funds from associates for a shared expense, managing service provider checkouts, or dealing with payments from service suppliers, UMA Request offers a easy and efficient strategy to facilitate transactions throughout totally different eventualities.
Lightspark Prolong It is a vital step ahead, enabling Lightning payouts to financial institution accounts over home cost rails. It reduces transaction instances and prices and simplifies funds. Corporations pays out customers at their most popular endpoints with immediate, seamless fiat forex transfers from native financial institution accounts to any eligible account within the consumer’s chosen forex. In america, customers can immediately obtain USD from a Actual-Time Funds-enabled native checking account. Lightspark Prolong for the US and Mexico can be accessible by the top of the 12 months, and Brazil will rapidly comply with. Lightspark Prolong provides aggressive pricing and unparalleled effectivity for companies and people to ship funds, guaranteeing that shifting 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 essentially the most open, impartial, and decentralized community and also needs to 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 allows self-custodial wallets to ship and obtain real-time funds at just about no value. Spark additionally helps tokens comparable to stablecoins, making it essentially the most complete open cost community constructed on Bitcoin.
Lightspark is dedicated to powering a brand new era of cost options. Their merchandise are constructed with regulated monetary service corporations in thoughts. They provide instruments for direct, safe messaging between cost counterparties in order that their companions can assist a spread of buyer cost experiences and deal with danger administration, AML/CFT, sanctions, journey guidelines, and different necessities.
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