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 version available for testing and soon one that is compatible with iPhone. This was designed to be universally acceptable and not a solution for high end phones,” said Eram. “Our vision is to enable offline bitcoin transactions anywhere in the world, including the areas where phones are not exactly high end.”
OffCoin attracted the attention of notable bitcoin developers such as Gregory Maxwell, Adam Back, Mike Hearn and Peter Todd. However, this idea could still face a lot of challenges in case the issuers of microSD cards compromise the system. OffCoin can able to maintain the security of
Originally appeared at: http://www.newsbtc.com/2015/07/01/offcoin-making-offline-bitcoin-transactions-possible/
OffCoin: Making Offline Bitcoin Transactions Possible? is a story from: BitcoinWarrior.net