Blockchain-based nanopayments firm SatoshiPay has revealed it will work with the IOTA Foundation to develop a platform that will replace bitcoin for the company's settlement network. The company is working on an open source blockchain solution called IOTA, which aims to provide a more efficient and secure way of sending payments across the internet. IOTA, which offers unlimited zero-fee transactions, will work with SatoshiPay on a proof-of-concept set to be unveiled in August.
Blockchain-based nanopayments firm SatoshiPay has revealed it will work with the IOTA Foundation to develop a platform that will replace bitcoin for the company's settlement network. Congestion caused by scalability issues, coupled with bitcoin's rising popularity, prompted SatoshiPay to look elsewhere for a more suitable distributed ledger technology. IOTA, which offers unlimited zero-fee transactions, will work with SatoshiPay on a proof-of-concept set to be unveiled in August.