OffCoin: Making Offline Bitcoin Transactions Possible?

OffCoin: Making Offline Bitcoin Transactions Possible?

Most bitcoin transactions these days require users to be online in order to input their public and private keys before accessing their funds and authorizing transfers. OffCoin proposes to make offline bitcoin transactions possible by allowing keys to be stored in microSD cards in mobile phones in order to transmit private keys without going online.

With that, OffCoin can be able to move bitcoin between mobile phones even without needing to pay the costs associated with accessing the blockchain. This could allow bitcoin transactions to take place through Bluetooth, NFC, or QR codes.

Offline Bitcoin Transactions

Romanian mobile payments provider Netopia mobilPay backed this proposal, saying that it can enable users to end and receive bitcoin without paying fees for sending funds over the bitcoin blockchain. According to CEO Antonio Eram, this project is still in an experimental stage for now.

“Decentralised bitcoin for offline usage is a reality with our solution. As I have presented, there is only positive impact on the public ledger. We’ve just created a trusted offline, off-blockchain infrastructure,” said Eram.

Netopia has noted that this system already works for Android OS version 4.1 or higher that accept microSD cards. “We have an USB

Read more ... source: TheBitcoinNews