Espiota can basically perform two functions. On the one hand, it can manage the power supply of electronic devices, and on the other hand, it can enable automated payments without an intermediary. These two operating modes are called “Pay-for-Time” and “Pay-For-Action”. Pay-for-Time works in such a way that an electrical device is available to a paying customer for a certain time, for example 24 hours. In the Pay-For-Action mode, the device connected to Espiota performs an action when a payment is made with IOTA.
Potential use cases for the device could be in industry, by automating machine payments according to consumption or other parameters, in smart cities or in the hotel industry for micro-payments for services such as power supply or even the mini-bar. Hotel guests could not pay a flat rate for electricity as is currently the case, but rather according to use.The new product video presented yesterday shows that, for example, a simple lamp can be connected to the Internet via Wi-Fi enabling the owner of the device to set the price per hour, minute or second via a simple user interface. The customer, for example the guest of an accommodation, can then activate the electricity according to his needs by paying IOTA using the Espiota box.
Author : Jake Simmons