IOTA Launches New Burner Wallet To Compete With Ethereum (ETH)

Today’s cryptocurrency news show that IOTA launches a new burner wallet named Spark, mainly to help users “burn” their small amounts of funds for short periods of times. This web wallet can be literally set up in seconds and erased in the same amount of time.

As IOTA told the media, “The idea is that you use the wallet for small amounts of funds, for a short period of time, and then you “burn” it, wiping the seed and transaction history.”

Spark will focus on privacy. As IOTA launches new burner wallet, we can clearly see that the team is focused on privacy. Whenever a Spark is burned, its transaction history will be gone forever. Still, burning won’t remove data from IOTA’s ledger but will remove data from the wallet itself. This ensures that anyone who uses your smartphone or laptop cannot see your transactions or steal your funds.

While IOTA launches new burner wallet to compete with Ethereum’s similar app, the wallet interface of Spark includes basic features which are found in most of the mobile wallets. One screen, for instance, allows payments to be sent to another address through a QR code or a hyperlink. Similarly, Spark offers a request form for users who are interested in receiving funds.

There is a Settings page which lets users switch between currencies and languages. This feature is especially nifty and viral in the IOTA news because it lets users back up Spark’s wallet balance and restore it to IOTA’s main Trinity wallet. The main feature is there too – an option to destroy the wallet which is conveniently colour-coded red to prevent accidental deletion.

As IOTA launches Spark, the main idea is for it to be used for real spending. However, the team agreed that the project is also experimental and came with an official announcement in which it said:

 “IOTA Labs is a new project within the IOTA Foundation to funnel our experimentation into something tangible. Spark is the first app to be released under IOTA Labs and has served as a testing ground for some new ideas and tools.”

Most importantly, Spark offers a simplified way to work with single-use addresses, which is based on the JavaScript account model that the network uses. This ensures that no funds will mistakenly arrive in an address that has been used to spend funds. With all of this, Spark directly competes with Ethereum’s larger ecosystem which integrates xDai for price stability, offers dApp plugins and has a built-in ERC-20 token swap.