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offline key signing and broadcasting later should be a simple thing although heavily misunderstood, this is built into cryptocurrencies since day 1 (many criti
by yieldcrv 1y ago
offline key signing and broadcasting later should be a simple thing
although heavily misunderstood, this is built into cryptocurrencies since day 1 (many critics have long thought crypto requires power and internet access, many proponents also don't know otherwise)
with card networks learning from competition and functionally being public-only keys, this should be even simpler to implement
- dboreham 1y agoYes, but the merchant has to have a way to check for double-spending, or otherwise verify that the signed txn they have been given represents money that can be "taken to the bank". Checking the signature on some blob that says "this be money" is not enough.
- throw219080123 1y agoTrue. But if the system is implemented by a country this could be implemented using the law system and insurances. For example, when each transaction is done, both parties might keep a cryptographic proof which they are required to submit once they are online again. Failing to submit could result in a small fine (to encourage submission) and double spending which can then be detected could result in a large fine (or even a prison sentence), for example. There is, perhaps, a privacy issue, just like with blockchain. But it's not more of an issue than online transactions.
- mosdl 1y agoYou don't need a blockchain for that, see how old credit cards worked without network access.
- throw219080123 1y agoI didn't say you need a blockchain. I just said a cryptographic protocol (mostly offline and unrelated to blockchain) would help to automatically and quickly detect and proof fraud. The offline credit card system does not proof fraud but just has insurance.
- cjbgkagh 1y agoI figure you can ‘solve’ it socially and legally by treating double spend while offline the same as writing a bad check. Recipients of offline transactions knowing the risk would limit it to small amounts and or emergencies.
- samus 1y agoCard networks have supported this mode of operation for a long time.
- ciupicri 1y agoWhat cryptocurrencies work offline without Internet access to the ledger?
- samus 1y agoAll of them? As long as eventually the connection is restored and the transaction can propagate over the network.
- thaumasiotes 1y agoThe point of the ledger is to prevent double-spending. Offline payment specifically allows double-spending. If you have offline payment, you don't need a ledger at all; you can just use PGP.
- samus 1y agoThose transactions simply won't be accepted. Sucks for the seller, but how to deal with that mess is an issue that has to be solved on an upper layer by ToS or laws.
- rjdj377dhabsn 1y agoDoesn't Solana require the hash of a recent (~ 1 minute) block before signing?
- jancsika 1y agoAlso, "all of them"-- as in, when you pay multiple parties offline with the same exact crypto-dollar, all of them will get paid. Even better, when you're back online the network will run a sanity check to protect against the evils of inflation. (Note: inflation-check fees will vary between 0 and 100% per payee.)
- Spooky23 1y agoThey do, but the payee accepts risk.
- unit149 1y ago[dead]