A new project is underway to transfer cryptocurrency offline. Cryptofuse is a California based company who are providing hardware to enable users to transfer cryptocurrency offline, regardless of the levels of internet connectivity. Cryptofuse is claiming to be the worlds first offline blockchain hardware providers. Currently, the only way to transfer cryptocurrency is online.
Transfer Cryptocurrency Offline with CryptoFuse
CryptoFuse offers Three hardware devices. ShortFuse transfers the data without internet connectivity. CryptoFuse uploads the data to the internet once a connection is made available. And QuickFuse enables CryptoFuse and ShortFuse to connect to other devices via NFC and Bluetooth. Essentially, the hardware devices can be likened to preloaded cryptocurrency wallets that are highly secure, fast and portable.
CryptoFuse uses the CryptoByte (CBT) cryptocurrency. The upcoming ByteBase exchange will be the first that allows both online and offline transfers of cryptocurrencies. CryptoFuse appeared in the London Blockchain Summit 2018. The website launched in April and the pre-sale is currently open to the public. The CryptoByte wallet is launching this July and the ByteBase exchange test network is launching this August. CryptoFuse currently has three patents pending in relation to mining, the validity of cryptocurrency transactions and devices.
The Worlds First Offline Blockchain – Use Cases
There are numerous use cases for the worlds first offline blockchain. It will have particular application for those who are traveling via plane or train, where internet is intermittent or non-existent. The cryptocurrencies are transacted via hardware devices, and the transactions are uploaded to the internet when it becomes available. Another use case would be street vendors in poorer Asian countries. If supplied with a ShortFuse terminal then the cryptocurrency transfer can be made and uploaded to the blockchain later. The use cases are almost endless, as it enables cryptocurrency transfer without an internet connection. Large corporations can also benefit instead of having to rely on an intermittent internet connection. The biggest vulnerability is the connection to outside networks, the internet being the biggest. CryptoFuse has vast security advantages.
According to CryptoFuse CEO Andrew Couch, we are currently only operating at 50%, and it should be possible to make cryptocurrency transactions both offline and online. It will further encourage adoption of cryptocurrency where people can transact without an internet connection. This is especially important for third world regions with a lack of internet infrastructure. But Couch believes that his new ByteBlock protocol is even better than what is currently used by credit card networks when no internet is available. He states that the ByteBlock protocol is the –
“only protocol in the world that can keep currency offline and allow it to move offline both left and right as part of an online connected public ledger.”
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.