IOTpay: Continuous, Variable-Rate, High-Res, Device-to-Device Payment System

A payment system called IOTpay comprising a payor device and a payee device, designed to enable effective payment between them, and meet the following requirements:

• (i) instant payment, (ii) variable payment rate, (iii) high-resolution payment, (iv) fast transaction time, (v) at-will payment anonymity, and (vi) payment with no administrative tail,
• by effecting payment from the payor device to the payee device in response to a billing requirement sent from the payee device to the payor device, doing so through a flow of bits from the payor device to the payee device, wherein each bit regardless of its {0,1} identity carries an agreed upon monetary value, V ($/bit), so that the number M, of bits flowing from the payor device to the payee device, from time point t1 to time point t2 amount to payment of the amount $VM, where the average rate of the payment is SVM/(t2−t1),
• and where the payee device bills the payor device at a rate B(t) from time point t1 to time point t2, and the payor device adjusts the money bit flow of Δm bits over a time interval ΔT to a rate Δm/Δt=B(t)/V such that:
• $VM=∫V(Δm/Δt)*dt . . . from t1 to t2
• and where the bit identities {0,1} of the bits flowing from the payor device to the payee device represent the identity of the transacted value, which the payee device subsequently validates by submitting these bits for validation before the mint that minted them;
• this payment system is being kicked off instantaneously, supports variable billing rates by the payee device, features high as desired resolution, by adjusting the value V of $/bit;
• is as fast as the electronic flow of bits;
• payment is carried out without the payee device having information about the owner of the payor device, and since billing is instantly satisfied, there is no subsequent invoice, nor any administrative tail.