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The successful amalgamation of cryptocurrency and consumer Internet of Things(IoT) devices can pave the way for novel applications in machine-to-machineeconomy. However, the lack of scalability and heavy resource requirements ofinitial blockchain designs hinders the integration as they prioritizeddecentralization and security. Numerous solutions have been proposed since theemergence of Bitcoin to achieve this goal. However, none of them seem todominate and thus it is unclear how consumer devices will be adopting theseapproaches. Therefore, in this paper, we critically review the existingintegration approaches and cryptocurrency designs that strive to enablemicro-payments among consumer devices. We identify and discuss solutions underthree main categories; direct integration, payment channel network and newcryptocurrency design. The first approach utilizes a full node to interact withthe payment system. Offline channel payment is suggested as a second layersolution to solve the scalability issue and enable instant payment with lowfee. New designs converge to semi-centralized scheme and focuson lightweightconsensus protocol that does not require highcomputation power which might meanloosening the initial designchoices in favor of scalability. We evaluate thepros and cons ofeach of these approaches and then point out futureresearchchallenges. Our goal is to help researchers and practitioners tobetterfocus their efforts to facilitate micro-payment adoptions.

Cryptocurrency Solutions to Enable Micro-payments in Consumer IoT