IOTA Payments Prototype Espiota Continues The Progress

The IOTA payments prototype Espiota which is developed by a member of the IOTA community continues to progress with the launch of the official website and a new product video. Espiota has the power to turn any electrical device into a smart device and to perform certain tasks when an IOTA payment is made. Let’s read further in the IOTA news today.

The developer Christian Oosting based in Hamburg, Germany, developed the IOTA payments prototype device which specializes in sending and receiving IOTA and allows any electrical device to trigger a specification when an IOTA payment is conducted. As Oosting reported, the project is making further progress as the new official website was launched alongside a product video. Espiota perfectly fits with the IOTA concept as the cryptocurrency is designed as the foundation of the Internet of Things and is intended to serve as the base for machine-to-machine transactions.

With the help of this prototype, any electrical device can be upgraded by plugging the Espiota box between the electrical device and the power socket to start action after payment has been made with the IOTA token. Espiota can perform two functions and it can manage the power supply of the electronic devices but also enable automated payments without an intermediary. These models are called Pay for Action and Pay for Time. Time works when an electrical device is available to paying customers a certain time, while the other mode works when a device is connected to Espiota and gets the action done when the payment is made with IOTA.

Other uses cases for this device could be automating machine payments, hotel industry for micropayments, power supply, or automotive industry. The video about the platform was presented yesterday and it shows how simple it is to connect a lamp to the Internet via Wi-Fi enabling. The customers can activate the electricity according to their needs by paying IOTA while using the Espiota box. Espiota also multiple setting options such as negative balance, or a pause option. The payment can be made using the IOTA Trinity wallet by scanning the QR code on the Espiota display and completing the payment in a few seconds for free.