Cryptocoin online and offline - possible?

NeuroticFish

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I guess that the path of this will lead to actual Bitcoin paper wallets, in a way or another. "Physical Bitcoin".
Those can have holograms protecting the actual bitcoins (or, for better use, some mBTC indeed).
There is a small trust issue, but as long as the issuer is OKay and the seal is not broken, there you are, you have your "offline" Bitcoin

Of course, you will not get change back from your transaction, which may be a problem, and your transactions will stay off chain (at least until the seal is broken) since you transfer the ownership to a wallet, not the actual Bitcoin.

...And I started with "I don't think it's possible" LOL! Never say never.
I think that this is the approach as close as possible to what you need.

maeusi

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Quote from: panju1 on August 11, 2017, 02:17:11 PM

Quote from: maeusi on August 11, 2017, 07:30:17 AM

Cryptocurrencies are great innovation. However, there are some, who worry about, what could happen, if the internet would not work for an extended period of time.
Therfore my thoughts: Would it be possible to develop a cryptocoin, which would work both offline and online and still remain decentralized? Perhaps it would in the offline time work with bonus cards with reserved codes or keys, which can be read or edited via special offline apps?

What about physical bitcoins? They work reasonably well, if you can rely on the hologram not being broken as a sign that the bitcoins haven't been spent. Of course, there is a risk of counterfeiting.

Yes, that's it

So our bitcoin is already secure in worst case and we will not need a new technology for bitcoin and other cryptocurrencies.

panju1

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Quote from: maeusi on August 11, 2017, 07:30:17 AM

Cryptocurrencies are great innovation. However, there are some, who worry about, what could happen, if the internet would not work for an extended period of time.
Therfore my thoughts: Would it be possible to develop a cryptocoin, which would work both offline and online and still remain decentralized? Perhaps it would in the offline time work with bonus cards with reserved codes or keys, which can be read or edited via special offline apps?

What about physical bitcoins? They work reasonably well, if you can rely on the hologram not being broken as a sign that the bitcoins haven't been spent. Of course, there is a risk of counterfeiting.

maeusi

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Activity: 462

Merit: 254

Quote from: NeuroticFish on August 11, 2017, 02:03:10 PM

Quote from: maeusi on August 11, 2017, 07:44:00 AM

Quote from: NeuroticFish on August 11, 2017, 07:37:19 AM

I don't think so. I see no way to have this and I'll explain why.
A cryptocoin needs to have means to get transferred (spent) in a way or another. For a transfer to take place "correctly" some others have to confirm that the sender was indeed the owner of that money and have to notify everybody that the new wallet has money (so the new owner can spend them).

For this, as you see, you need "others". You and a couple of such "others" have to communicate (transfer some data) for all this to happen.
And for this reason all this has to happen online. If you are offline, your transaction (which you made while you were offline) doesn't exist and you cannot help others to confirm transactions. Period.

Edit: small clarification.

Maybe only handover wallets from one user to another, that can be read out offline during non internet phasis?

Would you trust somebody else to give him your wallet (meaning too much info about your money)?
What if that 3rd party does a malicious edit on that before hand it forward?
That's why normally everything goes on a live network: the others can vouch for that - they've got the same unaltered info directly from you.

Yes, that could be a problem, but maybe it is not unsolvable. The wallets could have small amounts like bonus cards. I mean it this way: The buyer or a shop wants 0.001 Bitcoin and he gets a wallet worth of 0.001 Bitcoin. So maybe a new coin is not needed to bypass internet problems.

NeuroticFish

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Quote from: maeusi on August 11, 2017, 07:44:00 AM

Quote from: NeuroticFish on August 11, 2017, 07:37:19 AM

I don't think so. I see no way to have this and I'll explain why.
A cryptocoin needs to have means to get transferred (spent) in a way or another. For a transfer to take place "correctly" some others have to confirm that the sender was indeed the owner of that money and have to notify everybody that the new wallet has money (so the new owner can spend them).

For this, as you see, you need "others". You and a couple of such "others" have to communicate (transfer some data) for all this to happen.
And for this reason all this has to happen online. If you are offline, your transaction (which you made while you were offline) doesn't exist and you cannot help others to confirm transactions. Period.

Edit: small clarification.

Maybe only handover wallets from one user to another, that can be read out offline during non internet phasis?

Would you trust somebody else to give him your wallet (meaning too much info about your money)?
What if that 3rd party does a malicious edit on that before hand it forward?
That's why normally everything goes on a live network: the others can vouch for that - they've got the same unaltered info directly from you.

maeusi

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Activity: 462

Merit: 254

Quote from: NeuroticFish on August 11, 2017, 07:37:19 AM

I don't think so. I see no way to have this and I'll explain why.
A cryptocoin needs to have means to get transferred (spent) in a way or another. For a transfer to take place "correctly" some others have to confirm that the sender was indeed the owner of that money and have to notify everybody that the new wallet has money (so the new owner can spend them).

For this, as you see, you need "others". You and a couple of such "others" have to communicate (transfer some data) for all this to happen.
And for this reason all this has to happen online. If you are offline, your transaction (which you made while you were offline) doesn't exist and you cannot help others to confirm transactions. Period.

Edit: small clarification.

Maybe only handover wallets from one user to another, that can be read out offline during non internet phasis?

Quote from: tsaroz on August 11, 2017, 07:39:28 AM

Such thing might be possible but we can't call that a cryptocurrency. Cryptocurrency needs constant interactions about blocks, supply and wallets.
And everything is based on internet. The miners gets the blocks to solve via internet.
Internet has no other option for this time. But we would see some parallel Internets in the future.

You are right. It is more likely, that parallel internet is being developed than that it would fail completely.

tsaroz

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Such thing might be possible but we can't call that a cryptocurrency. Cryptocurrency needs constant interactions about blocks, supply and wallets.
And everything is based on internet. The miners gets the blocks to solve via internet.
Internet has no other option for this time. But we would see some parallel Internets in the future.

NeuroticFish

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Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

I don't think so. I see no way to have this and I'll explain why.
A cryptocoin needs to have means to get transferred (spent) in a way or another. For a transfer to take place "correctly" some others have to confirm that the sender was indeed the owner of that money and have to notify everybody that the new wallet has money (so the new owner can spend them).

For this, as you see, you need "others". You and a couple of such "others" have to communicate (transfer some data) for all this to happen.
And for this reason all this has to happen online. If you are offline, your transaction (which you made while you were offline) doesn't exist and you cannot help others to confirm transactions. Period.

Edit: small clarification.

maeusi

sr. member

Activity: 462

Merit: 254

Cryptocurrencies are great innovation. However, there are some, who worry about, what could happen, if the internet would not work for an extended period of time.
Therfore my thoughts: Would it be possible to develop a cryptocoin, which would work both offline and online and still remain decentralized? Perhaps it would in the offline time work with bonus cards with reserved codes or keys, which can be read or edited via special offline apps?

Topic: Cryptocoin online and offline - possible? (Read 268 times)