World’s first offline system for transacting cryptocurrencies!

[shoreno]

i think i have heard simillar news like this before but thier idea was it was like a wifi hotspot where users can connect and transact even if no internet is available as long as they are  near on the coverage area  .

 idea like this are great and must be introduced on the countries or to those places that internet is not really accesible or out of coverage area   even if its only work like an extension but still this will greatly help people to experience the use of cryptos   .

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[Broly46]

All these offline transactions are just another piece of sugarcoated gimmick, they’re some of the most notorious target for double spending attack. It’s all good when you try to spend offline within yourself and your own wallet, if you are receiving payment thru offline method, you better be sure to broadcast the signed hash as soon as possible before all the balance in the wallet being move to a new one, I’m talking about a matter of milli-seconds at the interval between receiving and broadcasting it. Imagine you receive the signed offline hash and when you try to broadcast it later due to laziness, and then realize the said wallet has zero balance left (or just moved recently) and the transaction will be immediately deem invalid, ( you should expect the broadcast to return error when there is no balance to transfer) so basically you receive a payment from scammer and get nothing in the end, why get yourself into this hassle just trying to be safe by being offline? It’s a big trap to scam all the less tech savvy miner, want to be safe? Follow the basic rule, use the core wallet and install full client, any service that promote safety are outright there to get their hand into your gullible crypto by exploiting your Opsec mistake.

[pundit]

Although offline transactions of cryptocurrencies is something difficult to accept but its possibility cannot be ruled out. When we do not have idea about anything it looks impossible to us but when the things come into existence, all of the sudden our mindset gets changed. Blockchain technology is a game of coding only, it needs some media to travel, it may be somewhere digital media like internet or may be other media like air, human mind or anything. Technology is evolving ,lets wait for their outcome, Israelis are worth believing.

[Decksperiment]

Let us assume that it could be done, but what for? For additional security? because I understand that even with that tech I don't think it will drastically lessen the chances of being compromised since most systems I believe "is as good only as its weakest link" and in this case, the human factor!

[Kakmakr]

“The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface” … “and a unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.”

offline signing. then carrier pigeon to another location to broadcast

I think too many people are pissing on innovation and we should be happy when a wide variety of unique services are developed to cater for everyone needs.    This might not be new or a groundbreaking innovation, but it might be a option that some people want. 

When 3rd party services started offering services in the Bitcoin scene, some people frowned on this, but in hindsight a lot of adoption was triggered from the convenience of services like this. Yes, it might not be the ideal solution and it comes with pros and cons... but it is also helpful to some people. 

[jrrsparkles]

This is good too for users because it will save them data for being on the internet. The technology is growing rapidly and I have been wondering if we could have something as that. Anyway, we keep an eye to see how it will turn in the future.

Data is too cheap so people need this just to save few cents?

And this is not really an offline transaction I guess,we can initiate the transaction in offline but it will get confirmed once we get connected to internet like that!

[Oceat]

This is good too for users because it will save them data for being on the internet. The technology is growing rapidly and I have been wondering if we could have something as that. Anyway, we keep an eye to see how it will turn in the future.

Data is too cheap so people need this just to save few cents?

And this is not really an offline transaction I guess,we can initiate the transaction in offline but it will get confirmed once we get connected to internet like that!

I guess someone is not a fan of reading articles, aren't they?

The article is kinda confusing technically since the transaction is not completely offline as what the title says. I guess this is how they do to attract curious people by making a bit of interesting title for the headlines.

I don't know if this kind of system is useful enough for people who like to send cryptocurrency to someone without a delay. Or for people who are trading in short term.

[squatter]

I don't see the point in having an offline system when basically everything today is online. What are we going back to the stone age?

This attitude will not end well for you.

The minimum bid to send data is 50 mSat/byte.

It's pretty gimmicky since no one is really sending data to the satellite. You upload or type the message/transaction here using a regular internet browser. Once you pay, Blockstream adds your transaction to the satellite queue to be broadcasted.

No wonder it's not popular at all, especially bid system where it could get expensive quickly.

If there was real demand for it maybe, but I think it's pretty easy to pay the minimum bid. You could broadcast a 250 byte transaction for 0.000000125 BTC = 0.05 satoshi/byte.

It's sort of cool, especially because it's payable with Lightning. But it doesn't add any real resiliency to the network. There are already lots of places you can broadcast transactions for free if you have internet access, so it's just an empty gimmick.

[DAVETUN]

The cryptocurrency space is powered or fuel through the internet, I doubt the possibility of an offline transaction of cryptocurrency, as we have several scammers in the space this day, you must ensure you secure your portfolio in order to avoid been scam, I feel there is realy no demand for an offline CRYPTO transaction.

[xamxam]

Recently, I was reading this news that Israeli cybersecurity startup GK8 has developed the first system that enable the blockchain transactions without the need for an Internet!! How can this be Possible?

Well the new system uses GK8’s proprietary cryptographic techniques that enables the transactions to get executed without Internet. The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint.

As reported by Globes, GK8’s new cryptographic techniques allowed the company to develop a cold wallet with “hot wallet functionalities,” securing user funds from hackers and cyberattacks.

GK8 is currently targeting financial institutions, custodians, exchanges and hedge funds which hold cryptocurrencies. GK8's custodian technology is already operational and helps to securely manage digital assets for clients such as eToro, a global multi-asset trading and investment platform.

Current custodian solutions used by financial institutions and state-owned enterprises do not meet institutional scale security standards. In addition to existing security protocols, digital assets based on blockchain technology need a higher security standard since signed transactions are irreversible. To meet this challenge, GK8 experts have developed this technique to provide a secure environment to sign blockchain transactions and execute automatic reconciliation confidently.

The company’s techniques, protected by five registered patents, can bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.


>> My question here - Is this technique is really secure than the current solutions? Is our funds are safe from hackers and cyberattacks?


Edit:

I gathered few more information where I found a Video by one of the board members of GK8, and one of the founding scientists of Zcash token, Prof. Eran Tromer explained that -

The company’s cold wallet offering has "unidirectional communication" from the wallet. It never accepts raw information back into the wallet from the outside. “This minimizes the attack surface and prevents attacks,” he said.

--> Check this Video by Prof. Eran Tromer


Also, a patent abstract associated with Lamesh described the technology as follows:

“The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface” … “and a unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.”

Source:
https://cointelegraph.com/news/israeli-startup-that-allows-offline-crypto-transactions-secures-4m
https://en.globes.co.il/en/article-blockchain-deals-without-internet-co-gk8-raises-4m-1001301213
https://www.coindesk.com/gk8-blockchain-wallet-offline
https://www.cryptonewsz.com/israeli-start-up-gk8-develops-offline-wallet-for-cryptocurrency-holds-online-transaction-capability/43398/

The articles is not realistic, how can they able to do that? I really feel about this crypto offline transaction.
I will support if they can create something better than the internet connection. We all know that in the entire world
the internet connection was too useful in any aspect of business. And internet nowadays can also big instant communication
in different places of the world now.

[Pinkris128]

Recently, I was reading this news that Israeli cybersecurity startup GK8 has developed the first system that enable the blockchain transactions without the need for an Internet!! How can this be Possible?

Well the new system uses GK8’s proprietary cryptographic techniques that enables the transactions to get executed without Internet. The company raised $4 million in a funding round led by Discount Capital, a venture arm of one of Israel’s three largest banks, Discount Bank, and Marius Nacht, a co-founder of cybersecurity giant Checkpoint.

As reported by Globes, GK8’s new cryptographic techniques allowed the company to develop a cold wallet with “hot wallet functionalities,” securing user funds from hackers and cyberattacks.

GK8 is currently targeting financial institutions, custodians, exchanges and hedge funds which hold cryptocurrencies. GK8's custodian technology is already operational and helps to securely manage digital assets for clients such as eToro, a global multi-asset trading and investment platform.

Current custodian solutions used by financial institutions and state-owned enterprises do not meet institutional scale security standards. In addition to existing security protocols, digital assets based on blockchain technology need a higher security standard since signed transactions are irreversible. To meet this challenge, GK8 experts have developed this technique to provide a secure environment to sign blockchain transactions and execute automatic reconciliation confidently.

The company’s techniques, protected by five registered patents, can bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.


>> My question here - Is this technique is really secure than the current solutions? Is our funds are safe from hackers and cyberattacks?


Edit:

I gathered few more information where I found a Video by one of the board members of GK8, and one of the founding scientists of Zcash token, Prof. Eran Tromer explained that -

The company’s cold wallet offering has "unidirectional communication" from the wallet. It never accepts raw information back into the wallet from the outside. “This minimizes the attack surface and prevents attacks,” he said.

--> Check this Video by Prof. Eran Tromer


Also, a patent abstract associated with Lamesh described the technology as follows:

“The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface” … “and a unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.”

Source:
https://cointelegraph.com/news/israeli-startup-that-allows-offline-crypto-transactions-secures-4m
https://en.globes.co.il/en/article-blockchain-deals-without-internet-co-gk8-raises-4m-1001301213
https://www.coindesk.com/gk8-blockchain-wallet-offline
https://www.cryptonewsz.com/israeli-start-up-gk8-develops-offline-wallet-for-cryptocurrency-holds-online-transaction-capability/43398/

This article is very unreliable for me, because as of now our world is full of internet connection. How they do some transactions without using internet connection? Are there things run and work without internet connection? i think fewer things right now are still working without internet. With this, our world is run by internet, everywhere there is internet.