GoByte have collaborated with iVendpay to distribute smart vending machines that will have the capacity to process cryptocurrency payments throughout Israel and Malaysia. During a recent interview that was highlighted by CCN, the founder of iVendPay, Sergey Danilov revealed that the two companies were motivated to work together due to the high demand for secure and reliable universal payment services.
The vending machines will give millions of clients an opportunity to pay for both goods and services that they require everyday using their preferred cryptocurrencies. Sergey also went ahead to reveal that they choose to collaborate with GoByte due to its current peculiarities related to digital currencies. Basically, the system is designed to facilitate instant payments with a small transaction fee. Using GoByte to make payment on any of the smart vending machines that will be made available before the end of this year will only take 3 seconds.
Details about GoByte
GoByte is part of Dash cryptocurrency and is aimed at making it possible for individual clients and companies to process merchant transactions securely. GoByte team is of the idea that this is an improvement on the original Dash digital currency. The additional payment infrastructure will make it possible for clients to make cryptocurrency payments at a low fee.
The CEO Hisyam Nasir also confirmed reports that the smart vending machines have the capacity to process payments in less than three seconds. He also went ahead to state that GoByte premier Pay web platform is already active and is designed for web hosting commerce as well as mobile applications modules. The web platform will ensure that phone to iVendPay machine transactions are done fast and smoothly.
Existence of Other Smart Vending Machines in the Market
Even though these news smart vending machines will be running on the latest technology, they are definitely not the first in the market. In 2015, a vending machine was installed in Seattle to allow people to use Bitcoin to purchase marijuana. This year, Civic, a startup company, introduced a prototype of a vending machine that has the capacity to verify if a customers’ has attained the age of 21 years before dispensing beer. This beer vending machine is designed to accept payments in Bitcoin.
Cryptocurrency experts are of the idea that even though Bitcoin surpass other cryptocurrencies in terms of trade volumes and brand awareness, it is not the best cryptocurrency for doing micro transactions especially on vending machines. This is due to the long wait times, high fees, and high-energy consumption required to process just one transaction.
Lighting Network scaling solution is yet to make it possible for projects similar to GoByte and iVendPay to use Bitcoin for small transactions.
Closing Remarks
iVendPay and GoByte project to distribute vending machines throughout Israel and Malaysia will give millions of people who prefer cryptocurrencies to use it to access goods and services. Even a small thing such as allowing a customers’ to use his or her phone to buy a cup of coffee from a smart vending machine using their preferred crypto currency is a major positive step in the right direction.
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