Blue Star's SatoshiPay opens IOTA demo to public

New technologies-focussed investment company Blue Star Capital announced on Monday that, further to its update on 29 September regarding SatoshiPay's proof-of-concept project with the IOTA Foundation, SatoshiPay has now released the proof-of-concept demo site to the public.

The AIM-traded firm said SatoshiPay was exploring the replacement of Bitcoin with an alternative cryptocurrency, IOTA, as its settlement network to allow instantaneous fee-free micropayments.

It said the demonstration website featured a fully browser-based implementation of IOTA's new ‘Flash Network’ technology, which allowed instantaneous payments by creating a layer on top of the IOTA ledger.

Users could test the website by clicking the orange button on the screen and clicking ‘Fund the Channel’ to be given 400 Testnet IOTAs.

“We are pleased to see launch of this test website which demonstrates SatoshiPay's business model and which enables website publishers a working platform to see the ease with which they could monetise their content whilst allowing consumers to view paid-for content at the click of a button,” said Blue Star CEO Tony Fabrizi.

Meinhard Benn, CEO of SatoshiPay, said the release of the proof-of concept with IOTA was an “exciting” step forward.

“When combined with the rapid pace at which blockchain technology is evolving, for example with unique distributed ledgers like IOTA's Tangle, the scale and efficiency with which SatoshiPay's business model can be rolled out is significantly improved.”