IOTA Releases Spark, a Low-Security Burner Wallet

IOTA has released a low-security wallet to send small amounts of IOTA tokens. The wallet is intended for short-term use.

The team behind Trinity, a go-to wallet for most IOTA users is the one that developed this new wallet.

The concept of a burner wallet was first established by Austin Griffith of the Ethereum ecosystem. The idea behind this wallet is to use it for small amounts of funds. After a short period of time, you burn the wallet, wiping the seed and transaction history.

IOTA Foundation is filtering Trinity team’s experimentation under IOTA Labs and Spark is the first app released under this.

Spark is using the IOTA JavaScript account module and a payment request system for one-time use addresses. It specifies an expected amount and timeout to ensure funds do not arrive on a spent address.

“When you couple payment requests with a chat system you have a very smooth peer-to-peer transaction system.”

Meanwhile, the IOTA token is down 97% from its all-time high of $5.54. Currently, it is trading at $0.164, representing the loss of 54% on a year-to-date basis.

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