David Marcus, former president of PayPal, has become a big fan of Bitcoin in recent years. Also in April, it launched Lightspark, a solution that simplifies the use of the Lightning Network by companies.
This week, Marcus unveiled a new tool linked to Bitcoin. The service is called Universal Monetary Address (UMA) and promises that sending and receiving bitcoins via the Lightning Network is as easy as sending an email.
“Money needs to move like email, so we extended Lightning and LNURL to support compliance and FX. Users will be able to send/receive fiat currency and cryptocurrencies via UMA-compliant exchanges, wallets or banks.”
Open sourcing of the Universal Money Address (UMA) standard. Money needs to move like email, so we extended Lightning and LNURL to support compliance and FX. Users can send/receive fiat and cryptocurrencies via their UMA-compatible exchange, wallet or bank. https://t.co/zKuydqRH7g pic.twitter.com/ye7PWsGMRI
—David Marcus (@davidmarcus) October 23, 2023
Three services active in Brazil are already involved in UMA
Three companies active in Brazil are currently participating in UMA: Ripio, Foxbit and Xapo. Therefore, customers of these services can receive bitcoins via emails such as satoshi@ripio.com.
“This is a Universal Monetary Address (UMA). UMA is like an email address, but for money”points to the service description. “UMA allows anyone to send and receive money (fiat and cryptocurrencies) 24/7, using their favorite UMA-compatible wallet, broker or bank.”
Of the three companies mentioned, only Xapo already has a presentation page. However, it is stated at the top that the service will not be implemented until 2024.
In addition to the convenience that UMA offers, Xapo emphasizes that these addresses also offer better privacy for the user. As an example, he mentions that bank accounts do not have to be disclosed to third parties in order to receive money.
Regarding the sending of fiat currencies such as the dollar and the real, David Marcus has already revealed that he plans to transform Bitcoin into a “global payment network.” In short, while one party can send euros, the other party can receive in reais, while Bitcoin would be used as an intermediate layer to offset the transfer.
“Our view is that Bitcoin is not a currency that people will use to buy things”David Marcus said at the time. “But a fraction of a Bitcoin on Lightning is like a small packet of data on the internet, just for value.”
David Marcus faces community anger
Created on the pillars of freedom and rebellion, Bitcoin still has a large base of investors loyal to these principles after 14 years. Therefore, it is not unusual for companies like Lightspark to receive criticism from the public.
In any case, David Marcus did not shy away from the attacks and responded to them openly.
“There is a faction within the Bitcoin community that believes that anything containing the word ‘compliance’ is blasphemy. If we truly want Bitcoin and Lightning to become the value-winning global settlement network on the Internet, regulated entities must be enabled to participate in the network and meet their compliance obligations.”the director explained.
“The great thing about Bitcoin is that it is open.”
“So entities and individuals can choose to be on the network through a regulated entity or a self-custodial wallet. UMA is an extension of LNURL, so backwards compatible”Marcus concluded. “Let people choose. What we should all strive for is for Bitcoin to reach more people and solve real-world problems using what is undoubtedly one of the most incredible technologies invented in our lifetimes.”
There is a faction of the #Bitcoin community that believes anything including the word “compliance” is blasphemy. If we truly want Bitcoin and Lightning to become the winning global clearing network for value on the internet, regulated entities must enable…
—David Marcus (@davidmarcus) October 23, 2023
Finally, despite its roots, Bitcoin has already been adopted by the most diverse audiences. Ultimately, everyone sees the quality he desires in the asset, and is always free to exploit it in the most beneficial way in relation to his objectives.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
