Since Bitcoin was first developed back in 2009, the global payments industry is starting to look very different. Blockchain technology has paved the way for innovative developments that will change how we transact and store value in the very near future. One of the major issues currently with moving cryptocurrencies on the blockchain is the need to be ‘online’. Until now… Introducing the world’s first offline blockchain.
Why do we need an offline blockchain?
The present state of movement of cryptocurrency and blockchain is restricted by the user’s access to a reliable high-speed internet connection. This limitation restricts the use cases for blockchain and prevents larger market adoption. The reality is that in the global economy, fiat and data alike are transferred both online and offline. This forces users to rely on archaic and insecure methods when a high-speed internet connection is either unavailable or unreliable.
Right now in order to transact on the blockchain a user must have the specific cryptocurrency they wish to transact with, and they must be online. If a user is not online they simply cannot transact. Unfortunately in many parts of the world banking and being online is not something which can be taken for granted.
Blockchain technology and cryptocurrencies look as though they can provide a solution to the enormous unbanked population, but currently this requires being online. Which begs the question… why can we not transact with the convenience of blockchain whilst being offline?
CryptoFuse is ready to tackle this problem with a triple ‘patent-pending’ solution that uses a completely reimagined blockchain called “ByteChain” that is comprised of “ByteBlocks” that allows for data and currency to flow both online and offline without duplication or loss.
The Cryptofuse Solution
CryptoFuse approaches the transferring of cryptocurrencies in a profoundly different way. Unlike traditional cryptocurrencies that require a constant internet connection for operation, CryptoFuse allows cryptocurrencies to transfer both online and offline without duplication. This is a previously untapped market and being a very new company we decided we would contact the company to get an idea of how this actually works. This is what they got back to us with:
CryptoFuse utilises something called mesh networking, which is a technology that was originally designed for the military. Mesh networking allows nodes to connect directly and non-hierarchically in order to communicate with one another.
Using this technology within the three CryptoFuse products, the ecosystem is able to operate both online and offline. The three CryptoFuse products, which are currently in production will focus on a user friendly way to both send and receive cryptocurrency. As well as enabling a number of other features.
- ShortFuse – The ShortFuse is built to operate without an internet connection. By using the ShortFuse, anyone in the world would have the ability to transfer data back and forth, without an internet connection.
- QuickFuse – The QuickFuse allows the ShortFuse to communicate with other devices using Bluetooth and NFC. The exchange of digital currency between QuickFuse devices involves the same or similar steps as the ShortFuse device.
- CryptoFuse – The CryptoFuse device enables the data from the ShortFuse to be uploaded online. CryptoFuse devices can run a CryptoFuse operating system. For example, a computing device or a terminal may run a CryptoFuse operating system. As a feature of the CryptoFuse operating system, the screen will display and receive login information, balance information, account management information, and more.
These three products will act as hardware wallet to securely store and send cryptocurrencies. Finally CryptoFuse will utilise their own cryptocurrency, known as CryptoBytes (CBT). Although users may store other cryptocurrencies such as; Bitcoin, Ethereum and Litecoin, CBT coins will be used to transact, for which a small fee will be incurred to the user.
It is currently unclear how the token will be distributed currently. Their is no ICO and right now orders can be placed on the above 3 products which do include CBT coins with them. We will be sure to keep you updated once we know more on the token distribution as it may be something we eventually add into our cryptocurrency investment fund.
To track the progress of our live fund join our official Telegram channel.
If you would like more information on CryptoFuse, check out their website here.