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Category Archive: micropayments

Ethereum Micropayments: better than the Bitcoin ones?

Micropayments are one the most useful and important use-cases for bitcoin, but a similar system could arrive from Ethereum, a decentralized mining network and cryptocurrency created by Vitalik Buterin back in 2013.
Since the creation of Internet, micropayments have been impossible due to high fee costs and a lack of payment systems that could allow payments in decimals.
But with the invention of Bitcoin – so thanks to Satoshi Nakamoto – today there is a way to do micropayments, as the bitcoin has 8 decimals and payment fees are low; so it is now possibile to pay for digital contents and give a tip on the web.
In a study, the Wedbush Securities company predicted that bitcoin micropayments could be a $925bn market within the end of 2025.

Ethereum Micropayments

One of the first project to use the Ethereum network for micropayments was developed by the Heiko Hees, already CEO of BrainBot, a German startup that works in the smart contract and blockchain consulting sector.
His new project is called Raiden Network and could increase the Ethereum capacity.
Hees explains that his “Raiden network will scale up the Ethereum network from 25 transactions per second to more than 1 million transactions”. 
According to him, in fact, Ethereum could be the biggest provider of micropayments because of its speed and because the transactions would cost less than with bitcoin.
A current problem for the bitcoin users is that blocks take up to 10 minutes to be processed.
Conversely, the Ethereum blockchain needs about 15 seconds for each block.

Bitcoin Lightning Network

In bitcoin there is a similar project called Lightning Network that was released in 2015 by Joseph Poon and Thaddeus Dryja – but this project is not live yet.
Thanks to off-chain transactions- the developers explained – Bitcoin could become easier to use and bring the technology’s capabilities to the next level – also it could be solve the blockchain scalability solve, they said.
However, users can move the off-chain transactions back to the blockchain anytime they want, giving them the ability to end every interaction.

Multicurrency Wallet

<img src="/images/ethereumwallet.jpg" alt="Ethereum Micropayments" height="264" width="350" />
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Amelia Tomasicchio