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Lightspark launches new Layer 2 for Bitcoin with a focus on global payments
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Lightspark, known for developing the Lightning Network, announced the launch of a new Layer 2 called Spark for Bitcoin, during its Lightspark Sync event.
This new project seeks to facilitate Bitcoin transactions and reduce entry costs for new users. Furthermore, it will offer a global payments solution with features that go beyond those offered by the Lightning Network.
Spark arrives with the proposal to integrate statechain technology, allowing users to carry out transactions with fractions of Bitcoin outside the main chain. In practice, this relieves pressure on the Bitcoin blockchain and reduces fees.
Kevin Hurley, CTO at Lightspark, commented that the company saw the need to create a solution that would simplify the use of Bitcoin for payments, especially when trying to develop a non-custodial Lightning wallet. According to Hurley, expanding the Lightning Network to billions of users without this alternative would result in exorbitant costs and limited liquidity.
Bitcoin and stablecoin payments direct to bank accounts
In addition to Spark, Lightspark introduced new features of its open-source UMA payment solution. With the UMA Extend feature, the company connects the Lightning Network with traditional banks, enabling real-time international bank transfers.
Nicolas Cabrera, VP of Product at Lightspark, highlighted that this integration allows you to send fiat currencies directly from one bank account to another in seconds, transforming the international remittance process.
UMA Extend supports more than 44 fiat currencies, with fees ranging from 0.25% to 0.5%, far below the 6.35% typically charged for conventional transfers. Lightspark believes that this solution represents a practical and economical alternative to sending and receiving global payments, using the Bitcoin ecosystem.
Additionally, Layer 2 Spark facilitates the use of stablecoins by enabling fiat-backed assets to be issued and transferred within the Spark network. This allows users to send amounts quickly and securely, even in offline situations, as Spark offers an offline receive feature.
The Lightspark team encourages the community to participate in the development of Spark, which works in an open-source manner. Hurley emphasized the importance of collaboration and invited Bitcoin developers and enthusiasts to contribute to improving the new network. This collaborative approach aims to serve a global community, offering a product that is flexible and adaptable to users’ needs.
Lightspark launches new Layer 2 for Bitcoin with a focus on global payments
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Lightspark launches new Layer 2 for Bitcoin with a focus on global payments
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Lightspark launches new Layer 2 for Bitcoin with a focus on global payments