One is experimenting with the utility of offline transactions in the crypto world, potentially usable even by those communities that do not have access to financial services provided by banks.
This approach would bring significant advantages to the so-called “unbanked”, who do not have access to ATMs, credit cards, mortgages, and investment products.
What would happen, furthermore, if in the future the internet were no longer a certainty for humanity?
Probably the price of Bitcoin would plummet as shown in the movie “Falla Girare 2- Offline” directed by Giampaolo Morelli, where the world stops being connected to a virtual connection.
On, however, would probably continue to exist, thanks especially to this last inventiveness.
Let’s see all the details below.
On the blockchain: offline crypto transactions to offer financial services to communities excluded by banks
The Sui project is tackling the nightmare of a hypothetical world disconnected from internet, proposing crypto transactions “offline” that can also reach communities forgotten by banks.
Adeniyi Abiodun, one of the co-founders of Mysten Labs, the company behind Sui, discussed this fantastic innovation in a recent interview.
According to the expert, the basic idea is to use mobile networks, or rather radio waves, to send encrypted texts when the Internet is down.
His cryptographic team has already completed research that allows tapping into offline transactions, using only electromagnetic waves.
This is what was literally reported to Abiodun:
“We can actually allow you to transmit transactions using multiple communication channels without the Internet as a relay. This is important when emergency recovery issues occur, when you have outages, or when you only have areas with low connectivity.”
Although the hypothesis of a world without the internet does not scare the most daring, as such a scenario would mark the end of contemporary society, the idea of Sui solves another great problem.
Let’s talk about the financial situation of the communities of the so-called unbanked, where the money services typically offered by banks are completely inactive.
In the poorest areas of the world, hundreds of thousands of people cannot use those services that for us are taken for granted, such as a carta di credito.
With the offline crypto transactions of Sui, value could be added to those cities abandoned by the banks.
Abiodun stated that this could be a “very powerful” development in the crypto space, particularly with regard to unilateral payments.
“We call it transactions without Internet.”
The future of crypto is marked by DePin
As stated by the spokesperson of the Sui blockchain, the offline service in crypto that replicates the role of banks is already “functional”, but it needs to be integrated with emerging DePin devices,
By DePin we mean decentralized physical infrastructures that allow the sharing of a good or service through a shared application. Often DePin networks are anchored to a token that acts as an economic incentive for those users who need to develop fundamental hardware for the integration between the parts.
Abiodun described the idea behind DePin as “very natural”, where there is a typical component of game theory. User participation collectively contributes to the public infrastructure, benefiting the general public while they earn rewards over time.
This is what was reported in the interview by the co-founder of Sui:
“It is a way to effectively finance public infrastructure without a huge economic outbreak. We did it with consumer devices. You could also cancel it for large enterprises as well.”
In a scenario without internet, the idea of Sui is to use mesh networks to forward messages between users and achieve crypto transactions without a connection.
Some DePin projects are already operational, such as Helium Mobile, which is working to create a decentralized mobile and wireless network.
Many similar DePin projects are working to bring data access even where there is poverty and banks are not present.
Abiodun stated that financial access is a public good, while the Sui team seeks to break down entry barriers by reducing the cost of the underlying technology.
To take advantage of the “non-banking offline” world, Sui is working with Chip Wireless, a Canadian mobile service provider, to test expansion in target markets such as Africa.
“If there is a way to use technology to bridge that gap and do it for free for the people who need it, then look, it is a great effort as a whole.”
Analysis of the price of the crypto SUI
While the blockchain of Sui seeks to solve the inability of banks to offer financial services worldwide, its own crypto must face other challenges.
The eponymous coin of the SUI project must indeed contend with the bear market that is characterizing the broader trend of the entire cryptographic industry.
The token, after being launched in May 2023 with a valuation of 670 million dollars, went through an initial bear phase of quotations.
Subsequently from October until May of the following year, it saw a price increase of almost 500%, highlighting the success of the L1 product.
After reaching the top at 2.2 dollars, the crypto SUI has however retraced its steps, falling by 65% in 5 months to the current value of 0.77 dollars.
Now the coin is just below the EMA 50 on the weekly time frame, in a condition of graphical weakness.
Traders are inclined towards a bearish continuation while the broader sector outlook suggests a slight recovery in the last months of the year.
Substantially SUI is in a zone of uncertainty, waiting for BTC and the most capitalized assets to make the decisive move in the market.
Therefore, for the moment we remain bear until proven otherwise, with the target level of 1 dollar which, if broken, could reverse the ongoing trend.
In case of continuation of the bull market in 2025, we expect a new all-time high for this emerging crypto.
