The proposal is for a system that allows microSD cards in mobile phones to generate, store, transmit and delete Bitcoin private keys.
In effect, OffCoin would be capable of moving digital currency between mobile phones without requiring users to be connected to the internet or needing to pay the cost of using the Bitcoin blockchain. By transacting with NFC, Bluetooth, QR codes or a combination of these technologies, Netopia suggests it can allow users to send and receive Bitcoin without paying fees for sending funds over the Bitcoin blockchain.
Project developers argue that the system is decentralized, since there is no central entity that guarantees the funds. Further, parts of the transaction process are segregated, as the Bitcoin wallet would only have part of the private key, to be completed by the microSD cards.
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