Satoshi Pay have revealed stage two of their collaboration with IOTA, with the public release of the proof-of-concept demo site.
Flash channels provide a way to transact for free in high frequency without computing PoW constantly. This reduces the transaction overhead to a negligible level by creating transactions off network. The resulting channels free up users to transact securely and instantly.
SatoshiPay Live Demo
visit https://satoshipay.tangle.works/ to explore the demo
To begin with click the orange circle in the bottom right corner of the website. This is your IOTA wallet that is loaded with IOTA for demo purposes.
First fund the channel.
Your browser performs proof of work then you are credited with 400 Iota that you can use to explore how this demo works.
Click out of the wallet scroll down the site and explore some of the other blog posts there. The content is hidden behind IOTA paywalls. just click on the orange circle and access the content. It works for images, video, text etc.
TEXT PAYWALL CONTENT
As you view the content on the site your wallet balance is deducted, you can see your channel transactions at any time by clicking on the wallet in the bottom corner of your screen.
At any time you can close out the channel and the transactions are then written to the IOTA testnet.
Pay on Demand for Content Providers
This combination reveals the potential of a nanopayment paywall system for content sites, newspapers, blogs, video sharing sites etc.
Channels are necessary, because cryptocurrency ledgers take some time to settle transactions. This can vary between a few seconds and a few hours, depending on the underlying ledger or cryptocurrency. In some situations instant or near-instant settlements are needed, and payment channels allow for this to happen by aggregating payments before they get settled on the ledger. The settlement of funds closes a channel.
Flash Channels are payment channels on IOTA’s tangle. SatoshiPay’s current production system was one of the first Bitcoin-based micropayment channel implementations on the web.
A full discussion and further instructions can be found here:
You can follow the discussion about this new system on Reddit here: