Mini Demo Service for Invoices
Currently it is hard for buyers and also sellers to identify the price value of a product, when only the MIOTA currency is being displayed. To lessen this effect, for the time being, it becomes necessary or essential to convert the price in a reliable way to the Euro. For this we developed the multisource MAM price Ticker
A seller can define a fixed value in either Euro or MIOTA and get the conversion to either currency. Of course is it essential that a seller defines the final currency in which he wants to get paid and uses the tool as a conversion mechanism or solely for informational purposes.
How does it work
The magic behind this demo happens on the server side shelli.io/services. Since each “crypto”-exchange has a slightly different MIOTA price, we take the average from several exchanges to eliminate outliers. Afterwards we provide the “new” price in a public MAM channel. (it must be mentioned that this price is neither the worst exchange price nor the best)
MAM stands for Masked Authenticated Messaging, which runs on the second layer of the IOTA protocol. In such a channel, the publisher can publish new messages to the channel and subscribers can read it. In our case, these messages are data with the calculated average price. So you can get the price data directly from the tangle, from everywhere. All the data is immutable and stored persistently through permanodes.
The image shows the IOTA MAM Explorer (https://mam-explorer.firebaseapp.com/) with two MAM Messages with the price data and a timestamp.
As seen in the recent Chain Link Oracle failure https://twitter.com/BAND_Jedi/status/1238159760291061760 it become neccessary to have a quorum based price ticker to eliminate risks and dependancies.
As always, please get in contact with us if you want to know more about Us and Invoicing. It is now to define new business processing models (more to this soon) on the basis of IOTA.
Thank you very much for reading! in the upcoming weeks will further define our Vision and Goals!