IOTA releases Spark, a web-based wallet that can be set up in seconds and erased in the same amount of time.
IOTA explained that Spark’s main feature is privacy, which allows users to burn and wipe their seed and transaction history instantly.
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 data from the wallet itself.
This ensures that anyone who uses your smartphone or laptop cannot see your transactions or steal your funds.
Instant Wallets on the Rise?
Though Spark is not intended for use as a highly secure wallet, it is still important to avoid reusing IOTA addresses for security reasons.
IOTA is not the first project to offer this sort of app: Austin Griffith created Burner Wallet for Ethereum earlier this year, which offers a similar interface and features.
Austin’s burner wallet utilizes the xDai chain and token, which offers low transaction fees and fast transaction times. A side chain to ETH network, xDai, was developed through a partnership between POA Network and MakerDAO. As an additional advantage, the system also has a ‘low cognitive overhead’ as there are no price conversions; one DAI is equivalent to the US $1.
Non-custodial web wallets, such as ‘MyEtherWallet’ and ‘Guarda wallet’, are also similar; though they do not have a burn function, their data can be erased by wiping your browser cache and history.
It’s not clear whether other projects will follow the Spark burner model, but there seems to be demand for such fast and simple web wallets.
Is IOTA’s Spark even necessary?
Instant crypto wallets are likely to be used to bring in new means to tackle one-time use addresses in IOTA and other blockchains in the course of using a payment request system.
This is because it will now be possible to deter transferred funds from arriving at a spent address if the expected amount and timeout are specified on the payment request.
As it is done in Trinity V2, a coupling payment request with a chat system will result in a perfect P2P transaction system.
This means that new users will be able to use burner wallets to make easy purchases at their local coffee shop or other retail hubs using crypto.