Micro-Platform SatoshiPay to Test IOTAbr>
Blue Star Capital PLC said today that its investment property SatoshiPay has agreed to develop a proof-of-concept project with the IOTA Foundation to use its tokens for settlements.
Micropayments firm SatoshiPay has used bitcoin since its 2015 launch. The service is designed for developers who wish to charge per-download, snippet of video, or extra time in a game.
But network congestion and rising bitcoin transaction fees that top $2.40 have caused a re-think. If SatoshiPay’s tests are fruitful, it may encourage others to migrate to other blocks beyond bitcoin.
IOTA offers zero-fee transactions and has no limit on the number of transactions per second. SatoshiPay is expected to announce the results of its proof testing next month.
Blue Star owns a 19% stake in SatoshiPay, expected to rise to 31% subject to completion of its latest investment.
“Working with the IOTA Foundation allows SatoshiPay to explore new technology with a clear focus on scalability of its business,” said Tony Fabrizi, chief executive of Blue Star. “We are excited about the potential new opportunities that could open up from this initiative and that SatoshiPay is taking steps to optimise its business model.”