- Project Pagi’s first product is a firmware built with IOTA technology that allows monetizing any device.
- Multicurrency Payments in Pagi will be developed to receive payments in other currencies than MIOTA.
The project known as Espiota has been reinvented. As of October 28th, the project is called Pagi. Along with the change in its name, there is a new website to accompany it. The team behind Pagi has made an update on the solutions it introduces which are built on IOTA technology.
Pagi is a payment ecosystem to receive, negotiate, and issue refunds with any device. This is one of the changes that has implemented the project that was previously oriented to “custom hardware development”. The new approach allows use cases built on IOTA to be “more versatile and meet the existing demand”:
Our first product is a firmware running on a variety of IoT devices like switches, sockets, plugs, relay boards and valves to enable usage based payment schemes for electrical devices or resources like electricity, water and gas. Installation and configuration is straightforward and can be executed with little technological knowledge. Once installed Pagi controls the connected device or resource with a single output signal.
Pagi’s product is designed to increase efficiency in commercial or private spaces. Users will be able to gain total control over the costs of any electrical device. IOTA co-founder Dominik Schiener celebrated the introduction of Pagi to the IOTA ecosystem and published some use cases that can be applied with Pagi:
Another great project within the #IOTA Ecosystem! With Pagi we build an ecosystem that enables any device to receive payments, to negotiate prices, to issue refunds and to act as a mature economic operator.
Applications of Pagi’s products built on IOTA
The IOTA protocol allows Pagi products to use feeless and permissionless micro-transactions. That way, users can monetize even the smallest devices, even those that normally operate with less digitized currencies or payment methods that require more maintenance:
Why do we consider distributed ledger technologies superior over traditional payment providers like PayPal? Because first of all their APIs are not designed to deal with small resource-limited IoT devices. Additionally fees and commissions render them useless for many applications. And not to forget, using them requires a bank account.
Among Pagi applications, users will be able to enable the sale of resources even in small quantities such as electricity, water, or gas. For example, a company that rents electric bicycles will have a more effective way of charging its users. Another use case could be applied in laundries and hotels where it is estimated that there is a cost of up to 6% for the overuse of electronic devices. Making donations will also have a revolutionary approach with Pagi:
(…) enables donation of electricity, water or gas to people or institutions in need like schools, hospitals, refugee camps or individuals. This way donations can reach the recipient directly while also being tied to a specific purpose.
In April, the developer of the project, at that time called Espiota, Christian Oosting gave an interview to Crypto News Flash. As an independent software developer, Oosting developed the project with Felix Reichard, operator of IOTAShops. One of the aims of the project, which is still part of Pagi, is to enable even users with little technical knowledge to benefit from IOTA technology and to apply it in multiple use cases.