Because of Delion API, it’s now possible to send and receive IOTA payment through email. No doubt, this breakthrough clearly demonstrates how the blockchain ecosystem is quickly evolving to address pain points improving user experience in the process. But, from an ordinary enthusiast point of view, what does this mean? Are the innovation flood gates now open allowing for payment of goods and services via SMS? What are the possibilities?
What is Delion API?
Delion API is a channel through which developers and start ups can create business models on IOTA’s tangle. Tangle by itself is a blockless DLT technology where users can do proof of work on their own transactions for consensus but with a centralized Coordinator allowing for high throughput and infinite scalability. The network is feeless and energy efficient but there are claims that their hashing algorithm Curl-P is prone to collision and pre-image attacks according to security audits done by MIT’s Digital Currency Initiative. The IOTA Foundation has since refuted those allegations.
Benefits of Delion API
With Delion API, developers can interact directly with Tangle allowing them to work on projects without necessarily delving deeper into Tangle work technicalities. This way, there is reduction of time-to-market saving costs. Besides, thanks to Delion API, developers can reduce latency common with proof of work systems. This is because they can open multiple parallel queues multiple enabling asynchronous transactions to be sent to the Tangle. Simply put, Delion API is a convenient Tangle-as-a-service.
Send and Receive IOTA Payments using Email
From their description, Delion API wants to go the PayPal way. As such, the service is only applicable for Delion users and that’s why registration is important. Through the Instant Payment method, a user registers, logs in, fund his/her Delion wallet and input the receiver’s email address. They then input the amount they wish to send and press the send button. Delion API says they provide a “highly scalable” back end for transaction confirmation and therein lies the problem.
What you sacrifice for Using Delion API
The community is concerned that this new service is but centralized despite saving the hustle of generating and publishing new IOTA addresses when moving funds from one end to another. Besides, it’s pretty hard to move your IOTA coins out of the Delion ecosystem because while there is an option of sending IOTA to external addresses, the option has been disabled.
Source: Read Full Article