Zap is a platform that enables developers to create, publish and subscribe to smart contract and Dapp compatible data feeds. Its ecosystem is made up of oracles, subscribers and the ZapMarket small contract that connects and manages payments between the two parties. According to a public filing by the U.S. treasury Financial Crimes Enforcement Network, Zap became officially registered as a money service business on September 19, 2019. The founder of Zap, Jack Mallers, made the following statement regarding to company obtaining a money services license:
Our licensing allows us to serve any user group between small consumer orders to large institutional orders.
Zap's API allows users to make income by creating an oracle out of data or streaming services. Examples of oracles needed by smart contracts that the Zap platform can be used for are: political data (election/vote results), sports betting, crypto prices, energy uses, or public transportation times.
On September 19, 2019 Zap announced it will be adding a dollar denominated Bitcoin buying feature into the companies cryptocurrency wallet applications for mobile devices and desktops that is compatible with the lightening payment protocol.
What is #ZAP? Is it the next #LINK?
July 20, 2020
Zap: Connecting Smart Contracts to the Off-Chain World
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- Blockchain and cryptocurrencyTopics related to blockchain and cryptocurrency.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Smart contractA smart contract (self-executing contract, blockchain contract) is an agreement between parties that is enforced by a program encoded onto a blockchain which executes code exactly as originally written.
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