Super rough edges still, BUT this morning, we had the very first end-to-end Universal Money Address (UMA) transactions between different countries, wallets, and currencies powered by #Bitcoin Lightning Network under the hood : 1) In terminal mode from the US with Bakkt in US dollars (with the wrong fee) to Bitnob in Ghana in Ghanaian Cedi (client-side receive not complete yet, so not shown, but received server-side, performance not optimized yet); 2) From Argentina with Ripio in USDC to Pouch in the Philippines in Philippines peso; 3) From Ghana with Bitnob in BTC (perf not optimized yet) to Pouch in the Philippines in Philippines peso. For all but one of these transactions, consumers will never need to know #Bitcoin was the net settlement asset and network between these institutions, just like sending an email doesn't require consumers to know anything about SMTP. Lightspark open-sourced and announced UMA less than two months ago, so we're still in the very early phase of the standard roll-out. But, by the time these implementations get into the hands of consumers, the experience will be magical. An always-on, currency-agnostic, 24/7 settlement network with human-readable addresses. We wanted to share the same day even though much more work will happen to make this production ready in weeks to come. We're incredibly grateful to all our partners across the world and the ones actively implementing now. We really can't wait to make this mass market in 2024!
We are seeing the revolution of finance happening right before our eyes here.
Let’s make it millions for 2024!
Peter Noble
6mo
Congrats David Marcus, Lightspark team and design partners. Respect the transparency of “super rough edges” on the path to frictionless, inclusive, righteous near future. Signed up and can’t wait. LFG.
Very exciting news. Keen to see how this helps adoption in Brazil and Latam
Michael Buckley
6mo
This is very cool. Congrats on the progress.
Halim M.
6mo
Isn’t this what Stellar has been doing since 2017?
Abhi Mahule
6mo
“Slowly then suddenly” - Bitcoin network as a settlement layer is the future.
fix the money . fix the world
Murli Raman
6mo
Exciting news to welcome the new year. Happy 2024
Co-founder & CEO at BrightNode | Web3 | Tokenization | Tokenomics, NFTs, DeFi | Blockchain since 2014
6moUMA sounds incredibly intriguing, and I'm eager to give it a try! However, I have some questions about how you plan to navigate the complexities of compliance across different countries. For instance, how would providers manage transactions like sending USDT and receiving GBP, especially considering the recent regulatory changes in the UK? In a global scenario where regulations are continuously evolving, how can different providers using UMA ensure compliance?