Bitcoin is a digital currency that relies on the Internet

As we all know, as a digital currency that relies on the Internet, users of Bitcoin usually need to conduct transactions online or print out private keys for transactions.

However, Romanian mobile payment provider Netopia mobilPay has now launched an off-chain Bitcoin transaction system called "OffCoin", which generates, stores, transfers and deletes Bitcoin private keys by installing a microSD card (a micro SD card is a removable flash memory card used to store information) on a mobile phone.

In fact, OffCoin's predecessor was OtherCoin. This concept was proposed as early as the end of 2013, and it also attracted well-known Bitcoin developers Greg Maxwell, Adam Back, Mike Hearn and Peter Todd, who all gave their own ideas about OtherCoin. Maxwell called it an "unparalleled concept", but also pointed out that if the issuer of the microSD card makes changes to the system, there will be problems. Hearn also believes that with the increasingly advanced connectivity of smartphones and the Internet in the future, this OffCoin solution will no longer be necessary.

After Othercoin was renamed OffCoin, it was the Romanian developer Razvan Dragomirescu who personally researched the project. Later, the project was spotted by Netopia, which plans to invest in and launch the project this year. Iram is very confident in the project and believes that it can be successful and popularized. Especially with the recent ongoing debate on the issue of block expansion, OffCoin can just solve people's concerns.

In fact, OffCoin allows users to trade digital currencies through their mobile phones without connecting to the Internet or paying for using the blockchain. Digital currency transactions are carried out through near-field wireless communication technology, Bluetooth, QR codes, or a combination of these technologies. Netopia said that they can enable users to send and receive Bitcoin without paying transaction fees.

Antonio Eram, CEO of Netopia, said the company recently launched the OffCoin project to experiment with bitcoin, which also includes a new bitcoin trading platform BTKO.in, which debuted at a Silicon Valley trade show. Netopia claims to have about 24 million customers and has established partnerships with telecom giants T-Mobile and Vodafone.

Ilam explained why his company was interested in experimenting with Bitcoin:

“We think we can make Bitcoin decentralized and use it offline. And I’ve said that this project will only have a positive impact on the public ledger. Because we have just created an infrastructure that is trustworthy and offline.”

The developers of the OffCoin project believe that the system is decentralized because there is no central authority that manages funds. In addition, the transaction process is also broken down and is not completed in one go, because the Bitcoin wallet only has part of the private key, and the entire transaction must be completed through the microSD card.

Netopia says OffCoin can now be integrated with most Android phones running version 4.1 or higher that can accept microSD cards, and the company is working to expand OffCoin’s capabilities.

"We have a USB version available for trial, and it will be compatible with iPhone soon," said Iram. "Of course, we designed the OffCoin system to be compatible with any mobile phone system, not just high-end phones. Our goal is to popularize offline Bitcoin transactions so that people all over the world can conduct offline transactions, including those in areas where mobile phone systems are not advanced."

Netopia said it is currently looking for the “best opportunities” for the project. Iram said it may launch the project together with Btko.in.