SatoshiPay wants to do Micropayments without the Bitcoin-Blockchain!!!
The Micropayments Startup SatoshiPay has announced its intention to forego the use of Bitcoin Blockchain as the underlying technology of transactions.
SatoshiPay works in cooperation with the IOTA Foundation on the network development of its own blockchain. Already since its launch in 2015, SatoshiPay has used the Bitcoin network to carry out transactions. Since then, however, the profitability of the Bitcoin network has changed.
"We appreciate Bitcoin's pioneering role in our industry, but some blockchain networks have grown faster than Bitcoin. We have therefore decided to use a more efficient technology. "
The IOTA network offers the possibility to carry out free transactions. In addition, the transactions processed per second are unlimited. This combination is intended to distinguish IOTA from other cryptic diseases.
A published blog entry shows that the IOTA Foundation and SatoshiPay have agreed to work together on a Proof of Concept project to support the IOTA ecosystem fund. The goal is to connect SatoshiPay's content payment interface with the IOTA technology.
https://medium.com/@SatoshiPay/satoshipay-phases-out-bitcoin-partners-with-iota-foundation-b7927b76a63d
According to the IOTA Foundation, the results of the Joint Proof of Concepts are expected in August 2017.
However, SatoshiPay is not the only startup which changes from the bitcoin blockchain to another blockchain, due to the increasing cost of micropayments. Already in May, the startup Yours https://www.yours.org/, due to similar concerns, has announced to change to Litecoin.
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Lovely regards
Danyel
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When I heard of IOTA I thought: "This could be the next Big Thing". There is room for blockchainless and 'no fees' types of cryptocurrencies like IOTA and RaiBlocks. But it is in an early stage. Time will tell whether these newcomers are up to the task.
Yes you are right it is in an early stage but like the idea of blockchainless and no fees types of cryptocurrencies lets see what the future brings. Have a nice day :)