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 2015.
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.