We are extremely happy to announce that we received seed funding from the IOTA project. Besides this initial seed-funding, Bytes looks forward to partner with some of the fantastic projects of the IOTA ecosystem.
A great thing about IOTA is its “tangle” architecture. It overcomes some of Bitcoin’s main limitations such as the huge fixed fees, the mining and the long confirmation time. IOTA’s focus on IoT also makes it a particularly attractive platform for Bytes.
IOTA is by all accounts the largest crypto project in Europe. Besides a market cap of over $1.5 Billion, IOTA partnered with companies such as Audi, Fujitsu, and Bosch.
Bytes offers a platform for last mile, distributed, Internet access trading. Last mile means we are not substituting ourselves to regular ISPs, and distributed means the trade is not intermediated. The absence of intermediation for the processing and the structuring of the transaction is made possible by the Blockchain.
Having a platform for last mile, distributed, Internet access trading can enable many things:
- Do away with roaming by enabling locals to sell their excess Internet access to travellers (we will make sure this is compliant) — when was the last time you used up your 100GB monthly limit?
- Enable machines (or “Things” in the IoT parlance) to transact with one another. Indeed, connecting billions of machines to the Internet is nearly impossible for today’s centralised offerings. A distributed, programmable payment stack is needed.