SatoshiPay IOTA proof-of-concept Stage One successful

Good news, everyone! About six weeks ago we announced our partnership with the IOTA Foundation and started working on a demo website that looks almost exactly like the current SatoshiPay implementation, but features a completely new payment backend based on the fee-free IOTA network.

As of today, we have a working demo that supports initial funding of the SatoshiPay web wallet with IOTAs, nanopayments for individual content items and pay-outs to content publishers. As with the current SatoshiPay solution, no extra software needs to be downloaded by the consumer and there is no log-in. The consumer also never gives up control over their funds, because their private keys approving fund transfers is never shared with SatoshiPay.

Powered by Flash Network

The creation of the proof-of-concept website coincided with the announcement and early release of IOTA’s new Flash Network technology, which allows instantaneous payments by creating a layer on top of the IOTA ledger. Our demo features a fully browser-based implementation of the Flash Network and we are in close contact with IOTA’s core developers to exchange test feedback with them.

Screenshots: IOTA-powered SatoshiPay in action

Stage Two coming up

We will now focus on polishing the demo and on securing exclusive content from publishing partners for Stage Two, the public release of the proof-of-concept website, which is to be expected during September. Stay tuned, and follow us on Twitter @SatoshiPay! 😎

Meinhard Benn, CEO at SatoshiPay