Im just amazed with this news that an exchange on Venezuela can now send crypto without internet and only via sms text messages. To be honest this is a major step up but of course we cant deny that risk is associated with this method.
You can now send crypto without the internet in Venezuela, a local exchange has revealed. The exchange enables users to send crypto through a simple Short Massaging Service (SMS). This is a strategy to spur adoption.
The revolutionary SMS based crypto payment has been developed by Criptolago exchange. This is a strategy to grow crypto adoption in a country where internet penetration is still a nightmare. Transactions do not need users to be connected to the internet.
The exchange says the innovation came amid calls from Nicholas Maduro, the President for local firms to come up with solutions to alternative payment methods. The President’s vision was for a country where users can transact using offline payments ecosystems that are also compatible with the local currency; Petro.
With this innovation, Im thinking it still has risk for users though this advancement is truly revolutionized in the blockchain. For example cases like these:
- Mobile got stolen by someone who knows its working on their country
- SMS is probably vulnerable somehow, what if hackers can bypass the system of sending message through another reciepient?
- With the system, probably blockchain isnt gonna move faster than using traditional address to address as it uses an encrypted text messages and might got some error.
Anyways, lets just think of it as starter and those flaws might be solved with additional security protocol in the future.
Source:
https://www.cryptopolitan.com/send-crypto-without-internet Using short message service for the transaction will make people aware for the result. By using this, people should more careful because it can be hack by wrong people. If we insist to use it, we must be brave to take the risk.
