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.
#IOTA released Spark, a web wallet that can be both set up and erased in seconds. Spark’s main feature is privacy. Whenever a Spark wallet is burned, its transaction history is gone forever. Burning doesn’t remove data from IOTA’s ledger, but it does remove it from the wallet.
— Weiss Crypto Ratings (@WeissCrypto) December 21, 2019
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.
“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.