Lightspark Sync, a prominent partner summit hosted by Lightspark, marked the announcement of several new products and features. These innovations are set to revolutionize global payments, enabling users to transact with both bitcoin and fiat currencies.
The unveiling included the alpha version of Spark, a Bitcoin Layer 2 that aligns with the Lightning protocol. Spark aims to reduce the cost of onboarding users to a non-custodial Bitcoin layer, making it more affordable and accessible.
Lightspark also introduced upgrades to UMA, their open-source payment solution that streamlines global money transfers. The new features of UMA make transferring funds as straightforward as sending an email.
UMA Extend allows the Lightning Network to serve as a liaison between traditional banks worldwide. Simultaneously, with the help of UMA Auth and UMA Request, UMA users can effortlessly tip, subscribe, and make in-app payments to merchants.
Spark, Lightspark’s Bitcoin Layer 2 protocol, leverages statechain technology allowing users to hold and transfer fragments of bitcoin off-chain. This innovative technology was born out of the Lightspark team’s need for a non-custodial Lightning wallet for users.
The introduction of UMA Extend has bridged the gap between the Lightning Network and conventional banking systems. It allows users to make cross-border payments between banks in mere seconds, revolutionizing the speed and efficiency of international transfers.
Lightspark also launched UMA Auth, a technology that integrates payments directly into an application using OAuth technology. With UMA Auth, users can tip their favorite artists, pay subscription fees, or send money through their preferred messaging app.
UMA Request, another facet of UMA, enables any UMA user to request payments from other users. This feature is particularly useful for merchants who can now send invoices in the form of QR codes for their products or services.
David Marcus, Lightspark’s CEO and former PayPal president, is confident that more banks and platforms will soon adopt technologies like UMA Extend, UMA Auth, and UMA Request. He believes that these innovations will eventually become the norm due to their efficiency and cost-effectiveness.
As for the future, the Lightspark team is eagerly seeking user feedback to refine and improve their product offerings. They hope to engage the community openly and collaboratively, encouraging participation, audits, and improvements.
Co-founder and Chief Marketing and Comms Officer at Lightspark, Christina Smedley, emphasized the importance of community involvement in their mission to onboard the next billion users or more. She stressed the value of maintaining an open-source approach and prioritizing community-led development.
