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Are Bitcoin Transfers Foreseeable For IOTA?

 
Are Bitcoin Transfers Foreseeable For IOTA?
Breaking News / Bitcoin / IOTA

In theory, when you send Bitcoin or any other cryptocurrencies to someone, it should be as easy as sending a text or posting a picture on Facebook. Well, this could soon be a reality as the IOTA Foundation has said that it’s planning to update its crypto software wallet Trinity in order to make this possible.

The Internet of Things - or IOTA - is a cryptocurrency which uses a drastically different model from a traditional blockchain. Instead of organising transactions in blocks, it sections IoT enabled devices into nodes on a decentralised ledger which is connected through overlapping paths such as a spiderweb. The IOTA Foundation have called this the ‘IOTA Tangle’. Developers at IOTA say that this approach offers the ability to conduct one thousand transactions every second without any fees being charged. This is in contrast to Bitcoins seven transactions every second with individual Bitcoin transaction fees sometimes going over $50.

With this kind of performance improvement, more opportunities could be opened to a wide range of Internet of Things dApps. For now, however, IOTA says that it is focused on a smaller but even so it would be an impressive milestone: integrating the chance to transfer crypto value through its already developed MAM messaging app in order to function in a similar way to the Tencent owned WeChat which accounts for 30 percent of mobile payments in China.

As reported by DecryptMedia:

“IOTA’s Trinity software wallet, currently available in a beta version, holds customer’s private keys and allows users to store and transact MIOTA, the native currency of IOTA. At its first official London meetup on Tuesday, the IOTA Foundation announced that the next Trinity update (which has no release date yet), will add functionality which will allow users to use MAM to send fixed amounts of MIOTA to one another in the same way they can currently exchange images and other files via direct messages.”

The Senior UX/UI designer at the IOTA Foundation, Andrew Brough has said that the wallet deals with the problem of cryptocurrency addressing being too complicated for the user base for being able to manage themselves by hiding the functionality behind the scenes of the MAM app.

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