SatoshiPay is a company that processes micropayment transactions (which they call "nanopayments") usually in the form of bitcoins (or smaller Bitcoin units called, "satoshis"). The company is currently developing a two-way payment platform that will allow content providers to charge consumers a small fee (as low as one satoshi or a fraction of a cent) to read, watch, or listen to content.
The service allows you to make payments in size to one cent and even less in the company of this payment format called "nanoplates". This is possible thanks to the blockchain technology that underlies the payment system. The service can provide a greater frequency of transactions, that is, for one second, the user can make multiple payments. Micro-payments open up new opportunities for monetization of digital content and increase of income of online platforms.
The service allows you to enter payment not even for the whole article, and for their individual parts. Moreover, payment for digital content: articles, videos, music can be carried out in one click. This is one of the main advantages of the bitcoin system: the ability to conduct micro-payments, practically, with zero Commission load.
- Country: United Kingdom
- Headquarter: London
- Type: Financial Services
- Round: Seed
- Cost: $0.39 million
- Date: 25-Jan-2016
- Investors: Coinsilium, FastForward Innovations
The service provides several options for setting up content payment: from manual pink to automatic mode. The balance of the user's wallet is displayed in a floating widget SatoshiPay, publishers can embed the functionality of the application directly in the form of a plugin in WordPress.
In fact, the platform is a simple version of the smart contract system, which fixes the format of cooperation between the content publisher and the user.
Established in Berlin and now based in London, SatoshiPay blockchain startup is known for its development of solutions for cryptocurrency "nanoplates"-microscopic, up to one Satoshi, transactions. In January last year, the company received a seed investment of 360 million euros, and in early 2017, has attracted new funding of £700 thousand.
SatoshiPay and IOTA
The blog reported that working with bitcoin in 2015 the company SatoshiPay partnered with the nonprofit organization IOTA Foundation. Thus, the company intends to gradually replace the possibility of micro-payments in bitcoins in favor of the innovative cryptocurrency IOTA.
The peculiarity of the latter is that it is based on a unique method of consensus Tangle, which implies the absence of miners, as well as commissions for transactions — the latter mutually confirmed by the network nodes.
The solution is caused by the continuous growth of commissions for transactions in the bitcoin network. Thus, according to the State of Blockchain report from CoinDesk, during the second quarter of this year, the average value of commissions in the bitcoin network was $2.41 (for comparison, in 2015, the same figure was about $0.02).