This week’s Magical Crypto Conference in New York is bringing some good technology news to the cryptocurrency industry. One of such news is the collaboration between Blockstream Satellites and technology startup GoTenna to make the transfer of Bitcoin between wallets possible.
This is in a bid to make offline transfer of digital assets possible for security or other reasons that may necessitate offline transactions. GoTenna has been experimenting with offline transactions already since last year, but the transfer was only possible in close range. The company in a statement said:
“What this means for users is that they will be able to receive blockchain data via a satellite and send signed bitcoin transactions out via the goTenna Mesh network without a direct internet connection.”
With the collaboration with Blockstream however, GoTenna users can transfer Bitcoins over longer distances via the TxTenna tool without internet connection, all they need is to have a satellite receiver with Blockstream Satellite’s specific software installed on their devices.
Decentralized applications engineer at GoTenna Richard Myers in an interview with CoinDesk said this collaboration also provides the easiest way to send Bitcoins offline that fits even less knowledgeable persons in other parts of the world.
“The goTenna app is that it lets you send signed bitcoin transactions over our mesh network. If you’re local provider is censoring you or your connection is down for some reason, maybe due to a natural disaster, you can still get it to the internet.”
“The need for this technology might not be in New York City, but other parts of the world. It could be useful there instead of centralized internet providers,” he added.
Blockstream satellites are built to allow download of full Bitcoin nodes without the need for internet. The company Blockstream has contributed immensely to technological innovation in the blockchain industry including c-lightning, Liquid blockchain and Green Wallet, all as improvements on the existing Bitcoin infrastructure.
GoTenna like Blockstream is out to make transfer of Bitcoin between wallets without internet possible. This shared interest will work best by the collaboration between the two as the satellites will help scale up GoTenna’s connection capability.
Now Bitcoin users in more remote areas with little to no internet can finally carry out Bitcoin transactions and this is good for Bitcoin mass adoption. The question is, will this technology eventually remove the need for internet services in cryptocurrency transactions?
— Bitcoin Exchange Guide