IOTA Donations simplified
IOTA is the technology of the future that will turn technology, the economy and thus the entire world upside down in the coming years. With its unique features, it offers an almost infinite number of use cases. Despite the innovative technology, there are unfortunately a few limitations. For example the “Reusable Address Problem”.
At IOTA, addresses should only be used once for payouts. This circumstance makes the otherwise so powerful and intuitive protocol a bit cumbersome for the user. However, every outgoing payment from your IOTA address requires two transactions to be created at the same time. A payment to your desired destination address with the entered amount of IOTA tokens. Another payment must transfer the remaining amount of your IOTA address to a new address of your wallet.
The protocol owes this fact to its unique architecture, which makes it quantum safe, but negatively influences the UX of the protocol. Because with every outgoing payment, a small part of your “seed” (https://blog.iota.org/one-seed-to-sow-your-key-s-f074f1bb6714) is published. With multiple payments from the same IOTA address, more and more of your seeds would become public, significantly affecting the security of your wallet. You can read more about this in this article: https://iotasupport.com/how-addresses-are-used-in-IOTA.shtml.
The Trinity Wallet solves this problem for you by doing all these steps for you in the background. However, it is important to note that this is only the case for outgoing payments. Incoming payments can theoretically be made an infinite number of times without compromising security.
Therefore a small problem with donation addresses exists that should not be underestimated. When publishing an IOTA address to receive donations, this address can register as many incoming transactions as you want. But as soon as something is to be sent from this donation address, this well known donation address becomes insecure for further payments (or if IOTA tokens are paid into this address again afterwards, you have to initiate a second outgoing transaction from the address, which again influences the security of the “seed”!).
The solution to the problem, in turn, seems very simple. Only for each new donation a new address has to be generated, which receives the IOTA token. From this address, the amount is sent to the most current IOTA address of the wallet after incoming payment. This way only one payment is made from each address and the final amount can be found on one address.
This very simple sounding solution is not as easy to implement as it sounds. It takes some instance to generate these IOTA addresses, wait for the deposit and then send it to a collection address. Each time a payment is made, a new collective address must be generated to which all subsequent payments are sent. And this is exactly what our new service tangleMesh (https://tangle-mesh.io/) does for you. Our product “Donation button” enables you to receive IOTA donations easily and without great effort. However, you can make withdrawals at any time to cover your costs or for other purposes. Without any risk of not receiving current or old donations.
To embed our Donation button into your website or blog, all you have to do is embed a small JavaScript:
<script type=”module” src=”https://cdn.tangle-mesh.io/donation-button.min.js”></script>
Then you can insert and configure the “tm-donation-button” as HTML component at the desired position.
<tm-donation-button label=”Donate with IOTA” user-identifier=”your-id” channel-identifier=”your-channel-id” title=”Thank you for your IOTA donation!”/>
This simple use is made possible by web components. (You can find out more about this topic here: https://developer.mozilla.org/de/docs/Web/Web_Components)
Afterwards you will find a new button on your website with which you can easily donate IOTA’s like in the following example.
Clicking on the “Donation button” generates a unique IOTA address with a QR code for mobile wallets, an IOTA address for manual entry and a smart link to automatically enter the configured values into the wallet. The transaction will then be processed via the tangle and after successful payment you will immediately see the amount received on our website! You can also transfer this amount to your wallet immediately. Each transaction is always processed via the tangle in order to guarantee maximum transparency.
With each incoming payment to an address generated by us, a small percentage amount (approx. 0.8%, no fixed fees) is automatically deducted from the payment. This way we want to cover our servers and running costs. We do not charge any fees for outgoing payments. So you can transfer as many IOTAs to your wallet as you want at any time.
If you are interested in our service, please join our Discrod server (https://discordapp.com/invite/EXSaBM3), follow our Twitter account (https://twitter.com/tangleMesh) or visit our website: https://tangle-mesh.io!
