Lightspark, a Lightning Network (LN) financial services company, has announced it has open-sourced Universal Money Address (UMA), a protocol similar to email, but for money. The protocol will be interoperable, allowing platforms to exercise due compliance on the transactions facilitated, an inclusion criticized by the Bitcoin community on social media.
Lightspark Opens UMA Protocol
Lightspark, a Lightning Network (LN) service provider focused on institutions, has announced it is open-sourcing code of Universal Money Address (UMA), a protocol that resembles email but for money. According to Lightspark, UMA allows each user of a wallet, exchange, or bank to have a unique, human-readable address to receive and send money in the form of the currency of their choice.
Lightspark states UMA presents several benefits compared to other money-transmitting protocols: it is available 24/7, with interoperable addresses, and offers low fees for currency conversion and transactions due to its usage o
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