Micro-payment company SatoshiPay abandoned bit currency, switch to IOTA embrace


nnnAt the time of the runaway, SatoshiPay, a chain-chain payment company, announced that it would abandon the Bitcoin network and work with the IOTA Foundation to use its more advanced distributed book technology. SatoshiPay made this decision mainly because the Bitcoin network now has some problems, not suitable for its future development needs. This also shows to some extent that if the expansion of Bitcoin can not be resolved as soon as possible, it may lose more supporters.n
nnTranslated by: Inan
nSatoshiPay, a block-chain micro-payment company, announced that it would work with the IOTA Foundation to use IOTA to replace Bitcoin as its clearing network.n
nThe company said it wanted to replace the chain-chain network because the network was faced with a series of problems due to its expansion, such as network congestion and higher fees. The company also added that its business model is based on frequent micro-payments and is considering the use of more appropriate distributed book technology.n
nSatoshiPay Chief Executive Officer Meinhard Benn said:n
nn”We appreciate the pioneering role of Bitcoin in our industry, but some of the block-chain networks that are inspired by it are growing faster than it is, so we decided to adopt more advanced technology.”n
nnThe IOTA network has unique features, including zero-fee transactions and unlimited number of transactions per second, making it ideal for SatoshiPay’s future needs. The Foundation and SatoshiPay will conduct a conceptual verification project supported by the IOTA Ecosystem Fund through this partnership to combine SatoshiPay’s non-compliant content payment interface with IOTA’s scalable book technology. The results of this validation concept are expected to be announced next month.n
nIOTA Foundation founder David Sonstebo said:n
nn”SatoshiPay has created a micro-payment business model, and IOTA provides the technology to make it a reality, so this cooperation is perfect.”n
nnSatoshiPay further said that the upcoming project site users will receive free IOTA tokens, you can try for video, images or downloads and other digital content for immediate payment.n
nBenn said:n
nn”Working with the IOTA Foundation, we can clearly focus on scalability and explore cutting edge technology, and we are very excited to see new opportunities for display and opening.”n

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