Is Iota ready for small Business Transactions.


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zyngalu
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Transactions Conformation seems to happen  in 2 stages.

First, when you send an iota one wallet says Sending and the other will say Receiving.

At this stage I would believe there is no way of canceling the transaction. Am I right?

If I am right that would mean that iota is ready to be used in a small business setting like a cafe.  Because this happens very quickly. And if something did go wrong the loss would be acceptable.

The second stage is when the transaction is completed.

What are your thoughts

Edited 5 Months Ago by zyngalu
Alexa
Alexa
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Hi @zyngalu,
you are right.
The first stage of sending is that your bundle gets constructed, your transactions get signed and you do PoW and confirm two previous transactions. After this point, nobody can change or cancel any transaction. 
The second stage is the confirmation of your transaction, which might happen fast or sometimes slow and maybe require reattaching (as you experienced yourself Wink.
It is possible though to create invalid transaction bundles, which will complete stage one but then never complete stage two.
One example is Oups' case here: https://forum.helloiota.com/19160/480-Mi-lost-in-Tangle

That's one reason why it's important to improve confirmation times and hopefully get rid of the need to reattach.
And then, something that could prevent a valid transaction from confirming after stage one has been completed the coordinator being switched off.
No coo, no confirmations. So for now, businesses (any everyone else) has to trust the coo.  
That's just a few reasons why IOTA is not fully production ready yet, but all these things are being worked on.
Coordicide will be a huge step to finalizing the protocol and it will be very exciting to see how things proceed!


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JacobFredrickson
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There are already a handful of online shops that allow Iota as payment. I think it is only a matter of time that you will see it being used more often, especially with your reasoning.
Alexa
Alexa
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JacobFredrickson - 2 Jul 2019
There are already a handful of online shops that allow Iota as payment. I think it is only a matter of time that you will see it being used more often, especially with your reasoning.

Hi Jacob,
thanks for your post and welcome to Hello IOTA!
Some shops are listed here: https://www.iotashops.com/pay-with-iota/, which proves that IOTA is indeed already working as a feel-less payment solution for small values. You could buy some eggs or merchandise or even pay a criminal defense lawyer if you screw up somehow... BigGrin
It's really cool that IOTA can not only be used for M2M interactions and I hope that we'll see more shops accepting IOTA over time...


I wouldn't be able to help anyone without thetangle.org-explorer. If you feel like you want to support its developer Mathieu Viossat in maintaining his service, please consider a donation to the address shown here: https://thetangle.org/about. Thank you!
GO

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