How You Could Soon Trade Bitcoin (BTC) Without The Internet
Creators of the Samuria Wallet have partnered with a decentralized startup known as goTenna, to come up with an app that allows users to trade Bitcoin (BTC) when not connected to the web. Well, the actual process does involve some internet access in the mid-stages of the transactions as shall be explained.
The team at Samourai Wallet went ahead to include goTenna in their MuleTools initiative that encourages more alternative Bitcoin transaction broadcast methods. The initiative was inspired by an earlier proposed method of transmitting transactions using shortwave radio to bypass possible internet censorship in the future by governments or individuals opposed to the crypto industry. The shortwave method is yet to gather traction as it is still in the prototype phase and requires some more research and development.
The goTenna team used their Software Development Kit (SDK) to build an app for offline bitcoin transactions on the goTenna Mesh devices. The Samourai team took this idea and helped develop the TxTenna app that does just that.
The transaction in the app works as follows:
The user on the Samourai Wallet app initiates a standard BTC transaction while offline
The Samourai Wallet app passes the transaction to the TxTenna App
TxTenna broadcasts it to nearby mesh nodes via a paired goTenna mesh device
Other devices in the mesh relay the transaction until an internet connected goTenna node, also running TxTenna, receives it
The goTenna node forwards it to the Bitcoin Network
In conclusion, the user side of the transaction is entirely offline. The only part that connects to the net, is the goTenna node later on in the transaction.
To remind ourselves on how a Mesh network operates, it simply connects devices together in manner where there is no hierarchy or dependency on one device for it to function. The Mesh network organizes and configures itself as participants are connected to it.
With respect to market performance, Bitcoin (BTC) has shown some considerable improvement from levels of $7,990 witnessed last Friday. The King of Crypto is currently trading at $8,500 and up 1.94%. This value is also a 6.4% increment from the value witnessed on Friday. With the new week ahead, traders hope that there will be no more FUD or news to shake the stability of the crypto-market.