Technological advancement has almost never been stagnant, always breaking limits, setting more goals and breaking them also. This need for continued advancement has been continuously discussed for many years and is probably the origin of the concept known as the Internet of Things or IoT.
IoT is a very interesting concept that describes an intricate system that seeks to spread internet connection to many other seemingly unrelated electronic devices and tools.
The IoT is predicated on the ability of these devices to send and receive data without the need for any human input whatsoever and it’s only a matter of time, based on the IoT’s framework, that crypto is enmeshed with this.
It is for the improvement of the IoT that Nayuta, a Japanese startup which has spent some time trying to add Lightning transactions to the IoT to increase its efficiency, will release its first project for the exact same purpose – connecting devices over a network and using Lightning to ensure that the connection also includes Bitcoin’s live network so BTC can be easily transacted.
With this project called Ptarmigan, Nayuta joins other startups who have successfully released tech on the official Bitcoin mainnet. Other start-ups to do this include Acinq, Lightning Labs and Blockstream.
According to Nayuta, micropayments are an important and almost compulsory part of an effectively-run Internet of Things. This is a premise that’s not very unpopular especially considering the fact that quite a few firms are putting in a lot of time and resources to try to figure out how blockchain can be used to improve on the IoT.
At the moment, one of the hard questions being asked is how exactly blockchain would positively affect the IoT and many stakeholders are busy trying to figure that out.
Generally, the premise is that at some point in the near future, some of these interconnected devices on the IoT would be able to make certain transactions among themselves, conducting small payments. Nayuta is now trying to make sure that these payments could be done with Bitcoin.
Speaking on this, a Nayuta co-founder, Kenichi Kurimoto, said:
“The lightning network has the following promising characteristics: (a) small transaction amounts, or “micropayments” (b) borderless and cross-domain payments (c) real-time payments (d) large transaction per second (TPS) potential. Especially the combination (a) & (b) has the potential to create a whole new market. Because humans do not want to make payment-action many times, it is required to link with other actions performed by many people or with some kind of autonomous actions.”
A press release by Nayuta also explained that:
“Our long-term goal is to make Ptarmigan the small-footprint lightning network software that operates on small hardware. This mainnet version experimentally implements an SPV wallet mode with which it operates on an independent node on Raspberry Pi Zero.”
Other Nayuta Projects
In March of 2018, Nayuta officially entered a partnership with the third largest electricity provider in Japan, Chubu Electric Power Co. This partnership was forged basically to test the possibility of using lightning payments to charge electric cars. However, this one might take a minute or two because Bitcoin might not be very well equipped for micropayments.
Also, a device called the Lightning Shield is being developed by Nayuta to provide technology needed by creators and engineers, for the production of better suited IoT devices.
- Source: First Appeared Here
- Published Time: 2019-04-30 20:08:29
The views and opinions expressed in the article Japanese Crypto Project Nayuta Creates ‘Ptarmigan’ Lightning Network Technology for IoT Devices do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.. Connect with 48coins on Facebook and share your thoughts about the post Japanese Crypto Project Nayuta Creates ‘Ptarmigan’ Lightning Network Technology for IoT Devices Here are some top prominent words: lightning network; using lightning.
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