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IOTA wants to facilitate transfers of cryptocurrencies via direct messages

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Sending cryptocurrencies to a person should be as easy as sending a direct message. Apparently, the IOTA Foundation sees this as well and has recently announced that it intends to adapt its crypto wallet Trinity accordingly. This would make it easy to send your own cryptocurrency.

IOTA is known for the Internet of Things and uses a system that is different from a traditional blockchain. So IOTA does not create blocks from the transactions, but uses the devices in its network as nodes of a decentralized ledger. These nodes are connected by overlapping paths, much like a spider web. The IOTA Foundation calls this network “Tangle”. The developers claim that this setup allows for 1,000 transactions per second. At the same time, there are no fees. This puts IOTA in stark contrast to Bitcoin, whose blockchain allows only about 7 transactions per second. In addition, Bitcoin transactions are sometimes expensive and can cost a little over $ 50.

The power of the IOTA network theoretically opens up many opportunities for dApps in the Internet of Things. Initially, IOTA apparently wants to focus on making its cryptocurrency easier to transfer. Users should be given the opportunity to transmit the crypto currency via the in-house messaging app MAM (Masked Authenticated Messaging). This would make the app work much like Tencent's Chinese app WeChat. This app already accounts for 30 percent of all mobile device payments in China.

IOTA Wallet Available in Beta

The Trinity Wallet by IOTA is currently available in beta. In the wallet, users can keep their private keys and their MIOTA, the native cryptocurrency of IOTA. Also transactions with the cryptocurrency are possible over the Wallet. The IOTA Foundation has announced an update of the wallet, but has not specified a fixed date. The update is designed to allow Wallet users to send mutually agreed MIOTA amounts through MAM. This should be just as easy as the previously possible sending of pictures and other files via direct messages.

Andrew Brough, a senior designer for the user experience and user interface at the IOTA Foundation, said one benefit of this solution. So the wallet takes the addressing, which makes it easier to send, because many users would have trouble.

One of the limitations of the solution, of course, is that the apps can only be used by users and businesses that accept MIOTA. That's why IOTA has already positioned itself as a business-friendly platform. For example, it has entered into several research and development partnerships, including with Bosch, Volkswagen and Fujitsu. IOTA hopes to expand its network and gain even more users.

Sources: DecryptMedia, IOTA Blog, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/iota-will-transfers-von-kryptowaehrungen-ueber-direktnachrichten-ermoeglichen/

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