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Author Topic: Zero-signature sim allows Bitcoin by SMS -- seems really cool, but why?  (Read 1091 times)
LadyLuck
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April 20, 2015, 09:43:45 AM
 #1

https://www.youtube.com/watch?v=MNTObCr4gnM

Can someone explain why this is needed?  Why can't you do bitcoin transactions by SMS without this sim?
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Enzyme
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April 20, 2015, 09:59:08 AM
 #2

I don't understand this either, there are services which allow transactions.

Maybe this SIM translates SMS's into TX's and has a hard-coded address.
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April 20, 2015, 02:40:21 PM
 #3

I think it is like a hardware wallet so it signs your transactions securely.

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April 20, 2015, 03:20:54 PM
 #4

The circuits are not mechanically isolated, yet it is considered secure because they use proprietary technology. I'm thinking this is a bad direction to be going.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 21, 2015, 08:40:56 AM
 #5

The circuits are not mechanically isolated, yet it is considered secure because they use proprietary technology. I'm thinking this is a bad direction to be going.

Maybe they will open-source the hardware design in future?
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April 21, 2015, 02:35:54 PM
 #6

I'm not sure what this is as I went to the website and it was all big words with little meaning to me at least.

If you could run tx signing in some form off the sim as opposed to a smartphone app there is some advantages to use it in places where feature phones are more common than smartphones (or where data services are not available or not available at the right price). 


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April 21, 2015, 04:52:02 PM
 #7

https://www.youtube.com/watch?v=MNTObCr4gnM

Can someone explain why this is needed?  Why can't you do bitcoin transactions by SMS without this sim?

Transaction signing by SMS is possible, if the receiving end pushes the transaction onto the bitcoin network.
An sms is up to 160 characters in length, a transaction signing message is shorter than that.   The format of a transaction with one input and one is described on the https://en.bitcoin.it/wiki/Transaction.  You can encode bitcoin transactions in many forms as long as the receiving end pushes them onto the bitcoin network, this is by no means limited by broadcast method or encoding. That said, typing the transaction into the phone is not a very user friendly process, you probably want an app to do that for you.

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May 07, 2015, 10:53:16 AM
 #8

MMS has a size limitation of around 300KB. That is more than enough to handle transactions.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 07, 2015, 04:38:23 PM
 #9

It looks like a full sized sim card though so this won't work on most modern phones that use the nano or micro sim? So is this more or less for dummy phones and allowing them to use bitcoin still?














 

 

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May 07, 2015, 07:26:42 PM
 #10

I would rush to pointing out the potential flaws and concerns, but when you consider how much of the world especially Africa has mobile devices now but otherwise no internet access, and the currency needs there... Im sure everyone's aware of phone minutes being used as currency there.... Might actually be something to this ;p


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kingcolex
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May 07, 2015, 07:33:34 PM
 #11

I would rush to pointing out the potential flaws and concerns, but when you consider how much of the world especially Africa has mobile devices now but otherwise no internet access, and the currency needs there... Im sure everyone's aware of phone minutes being used as currency there.... Might actually be something to this ;p
I wasn't aware about minutes being used as currency, I was aware that there is a pretty common issue with fiat failing and currency needing an overhaul there.














 

 

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altcoinex
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May 07, 2015, 07:53:37 PM
 #12

I would rush to pointing out the potential flaws and concerns, but when you consider how much of the world especially Africa has mobile devices now but otherwise no internet access, and the currency needs there... Im sure everyone's aware of phone minutes being used as currency there.... Might actually be something to this ;p
I wasn't aware about minutes being used as currency, I was aware that there is a pretty common issue with fiat failing and currency needing an overhaul there.

Not only this, but it makes up giant amounts of some African countries GDP. Literally ONE HALF of kenyas GDP is cell phone minutes.
http://en.wikipedia.org/wiki/M-Pesa


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