What is Zap and why should I care?
ZAP, or “ZapPay”, is a payment system that lets users buy and sell bitcoin through a bitcoin exchange, which in turn is sold through an online store.
While it’s still in its infancy, ZAP has already received millions of dollars worth of support from the Bitcoin community, with its early backers and supporters such as bitcoin millionaire Evan Duffield, a Bitcoin evangelist, backing its development.
While ZAP is a relatively new payment system to the bitcoin community, the team behind it is an integral part of the digital currency’s ecosystem.
While there’s no shortage of innovative new ideas that have cropped up recently in the bitcoin space, ZapPay stands out as the first truly mainstream payment system for the digital asset.
The ZAP team has a history of making major strides in technology, with most recently its blockchain-based currency, the ZAP token.
Since its launch, Zappos has built an impressive infrastructure around the platform, including an app that enables users to buy goods and services in real-time.
This has been instrumental in the Zappo store’s popularity, with users switching between buying from Zappoz and paying with ZAP.
Zappay was founded by three MIT grads: Jarkko Kuivinen, Tino Tarnowski and Vlad Zamora.
The team also has a long history of backing startups in the area of digital currencies, with the Zapo coin and the ZapCoin exchange.
“Zap is about bringing a new way of thinking to payment and payment systems,” Tarnowski told CoinDesk.
“I’m passionate about technology, but also about how people are connected to the world and can be empowered to change things.
I believe in using technology to solve real problems, not just solve technology problems.”
The team behind ZAP wants to be more than just a payment app, though.
Tarnowki also wants ZAP to have an impact on the wider cryptocurrency ecosystem, specifically the ones in the US.
“I believe in bringing a different way of looking at payment,” he said.
“What I think people need to understand is that cryptocurrencies are just like a credit card.
It’s just a way to transfer money.”
Zap payments have a number of potential benefits.
They can help people with low-value items such as food, water and diapers.
They also have a lower transaction fee than traditional credit cards.
But it’s the ease with which transactions can be completed that has Zappay supporters very excited.
In the early days of ZAP payments, the company’s founders envisioned a future where the payment process would be facilitated via blockchain technology.
This is what they have in mind for ZAPpay, as well as other payment systems that are already on the horizon.
The team has been working on ZAP for more than two years, and the company has received over $1.5m in funding so far.
However, the main focus of the ZAppo team is on the project’s core technology, a new protocol that the company calls ZAPPay.
Ternowski said the company is aiming to deliver ZAPpayment as an open source software that anyone can download and run, adding that ZAP payment would not be subject to any centralised third-party approval.
“The main goal is to make the ZAPPO platform as open as possible,” Ternowski said.
“People can use ZAPPPay to make payments with their credit cards, and they can use it to make transactions with Zappoes own services.
They don’t have to trust any third-parties.”
As of November 2018, ZAPPOS had 1,631,715 active users and an active trading volume of $2.3bn.
The ZAPPo team estimates that it has raised around $7m in total, with $5m of that coming from investors.
This money is being used to expand the Zippo team and build out new features and services.
The first product to be launched on Zappomos is the ZAPSafe, a wallet that is designed to help people avoid paying taxes in the countries where they live.
ZAPSafecom is the first ZAPPomos payment solution to include a mobile wallet.
The company says it plans to launch a ZAPPpay mobile wallet in 2018.ZAPpay has attracted support from a range of notable individuals, including Bitcoin entrepreneur Jeff Garzik, PayPal founder Peter Thiel and venture capitalist Tim Draper.
ZAPcoin also has its own investor contingent, with Tarnowsky and Tarnovsky investing in the company, as did Tarnoks wife, Annabel Tarnowicz.
“We have a strong and solid foundation for ZAPPOMO,” Tarkowski said.
“[Our investors] have been supportive of our vision and the project is very much alive and kicking.”
With over 1.5 million active users, ZAPSafaer is already growing.