The first iteration of block chain was invented by Satoshi Nakamoto in 2008 and simultaneously introduced the first application of this technology with Bitcoin, a token intended to be used as a form of currency. The rise and success of Bitcoin during the last eight years proved the value of blockchain technology. However, this technology also has a number of drawbacks, which prevent it to be used as a one and only global platform for cryptocurrencies. Among these drawbacks, an especially notable one is the impossibility of making micro-payments, which have increased importance for the rapidly developing Internet-of-Things industry. Specifically, in the currently available systems one must pay a fee for making a transaction; so, transferring a very small amount just makes no sense since one would have also to pay the fee which is many times larger. On the other hand, it is not easy to get rid of the fees since they serve as an incentive for the creators of the blocks. It should be also observed that existing cryptocurrencies are heterogeneous systems with clear separation of roles (transaction issuers, transaction approvers).Such systems create unavoidable discrimination of some of their elements which in turn creates conflicts and makes all elements spend resources on conflict resolution.All this justifies a search for solutions essentially different from the blockchain technology, on which the Bitcoin and many other cryptocurrencies are based.
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