Prototype for IOTA micro-payments: Espiota makes further progress

By April 4, 2020Altcoins
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  • The “Espiota” project, which is being developed by a member of the IOTA community, continues to make progress with the launch of an official website and a product video.
  • Espiota can turn any electrical device into a smart device to trigger certain actions when an IOTA payment is made.

Crypto News Flash already reported on the “Espiota” project in mid-December last year. Christian Oosting, a developer based in Hamburg, Germany, has developed a prototype micro-payment device that specializes in receiving and sending IOTA and allows any electrically powered device to trigger a specific action when an IOTA payment is made. As Oosting recently reported via Twitter, the project is making further progress. An official website and a product video have been published.

Espiota turns “old” into smart devices

Espiota fits perfectly into the concept of IOTA, as the cryptocurrency is designed as the backbone of the Internet of Things (IoT) and is intended to serve as the basis for machine-to-machine transactions. With Espiota, any electrical device can be upgraded simply by plugging the Espiota box between the power socket and the electrical device to automatically trigger an action after a payment has been made using an IOTA token.

Espiota can basically perform two functions. On the one hand, it can manage the power supply of electronic devices, and on the other hand, it can enable automated payments without an intermediary. These two operating modes are called “Pay-for-Time” and “Pay-For-Action”. Pay-for-Time works in such a way that an electrical device is available to a paying customer for a certain time, for example 24 hours. In the Pay-For-Action mode, the device connected to Espiota performs an action when a payment is made with IOTA.

Potential use cases for the device could be in industry, by automating machine payments according to consumption or other parameters, in smart cities or in the hotel industry for micro-payments for services such as power supply or even the mini-bar. Hotel guests could not pay a flat rate for electricity as is currently the case, but rather according to use.

The new product video presented yesterday shows that, for example, a simple lamp can be connected to the Internet via Wi-Fi enabling the owner of the device to set the price per hour, minute or second via a simple user interface. The customer, for example the guest of an accommodation, can then activate the electricity according to his needs by paying IOTA using the Espiota box.

Espiota also offers the owner of the accommodation various other setting options, such as allowing a negative balance or pausing in case of a bad signal. The payment can be made using the IOTA Trinity wallets by scanning the QR code on the Espiota display and then completing the payment within a few seconds free of charge.

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