Zap (ZAP)
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Providing access to data providers and other services through algorithmic token generation
Wallet developer Jack Mallers, the founder of Zap Solutions, wants to improve the Lightning Network’s user experience.
To achieve that goal, Zap is launching a dollar-denominated bitcoin buying feature inside its lightning-friendly mobile and desktop wallet. Zap is kicking off the feature with an invitation-only beta release in late September.
“We’ve architected the [wallet] codebase so that we can release a version that doesn’t include know-your-customer information,” Mallers told CoinDesk. “The KYC stuff is only pulled in when you want to buy or sell bitcoin. You download [Zap], link it to your debit card. KYC is just email, name and address. Then buy bitcoin, sent to you via lightning, that’s almost instantly spendable.”
To be clear, this feature isn’t mandatory and anonymous users will still be able to connect the wallet to their own remote nodes via Tor. But for prospective buyers, Mallers managed to make this option without becoming an exchange by operating a backend over-the-counter desk that buys the bitcoin from exchanges on wallet users’ behalf and then places it directly to the users’ personal custody.
“Zap acts as a gateway, it can absorb the order and execute on any of the exchanges,” Mallers said, referring to both the system and open-source code. “If anyone comes up with a cooler wallet they should be able to follow this regulatory framework. … It should be trivial to copy and paste what I did into their own wallet.”
To achieve that goal, Zap is launching a dollar-denominated bitcoin buying feature inside its lightning-friendly mobile and desktop wallet. Zap is kicking off the feature with an invitation-only beta release in late September.
“We’ve architected the [wallet] codebase so that we can release a version that doesn’t include know-your-customer information,” Mallers told CoinDesk. “The KYC stuff is only pulled in when you want to buy or sell bitcoin. You download [Zap], link it to your debit card. KYC is just email, name and address. Then buy bitcoin, sent to you via lightning, that’s almost instantly spendable.”
To be clear, this feature isn’t mandatory and anonymous users will still be able to connect the wallet to their own remote nodes via Tor. But for prospective buyers, Mallers managed to make this option without becoming an exchange by operating a backend over-the-counter desk that buys the bitcoin from exchanges on wallet users’ behalf and then places it directly to the users’ personal custody.
“Zap acts as a gateway, it can absorb the order and execute on any of the exchanges,” Mallers said, referring to both the system and open-source code. “If anyone comes up with a cooler wallet they should be able to follow this regulatory framework. … It should be trivial to copy and paste what I did into their own wallet.”
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