Cryptocurrency traders deal with unstable internet connections all the time and this can be frustrating. At other times, internet connection disappears completely making it impossible to carry out transactions. goTenna provides a way that allows crypto traders perform transactions offline.
goTenna is a New York-based startup that specializes in design and development of technologies for decentralized communications. They entered a partnership with Samourai Bitcoin Wallet to build an app that allows crypto traders trade bitcoins offline.
For the app to work, a goTenna mesh device is required to create a mesh network with other goTenna users. The mesh device allows a user to transmit information over long distances using UHF frequencies without internet connectivity.
The app called TxTenna helps create a channel between Samourai Bitcoin Wallet and the goTenna mesh device. This app thus allows users to create a standard Bitcoin transaction as they would normally only without an internet connection.
The working principle of the TxTenna app is simple. Transaction information is passed to the app which broadcasts it using the goTenna mesh device. The mesh device relays this information to other devices until it reaches one with internet access and the TxTenna app. The transaction information transferred from the paired device is sent to the Bitcoin network.
Advantages Of Offline Cryptocurrency Transactions
Intermediary mesh devices help users connect to the internet in remote locations.
Remote areas lack stable internet connectivity and so the mesh device comes in handy in such places or even when traveling.
Many persons express concern about how well the mesh device will be able to secure a user’s privacy. goTenna says the mesh device helps “obscure who you are and where you’re at when making these transactions,”
Blockstream launched a similar project last year that allows users have increased access to the Bitcoin network. It used broadcast satellites to achieve this so that people who do not have internet access can connect easily.
Cryptocurrency traders can now make transactions without internet access and from remote areas. This alternative method improves security and provides privacy for users.