Offline coin protocol

1. A computerized method for operating a first device to receive a coin having value from a second device while both the first device and the second device are offline, comprising:

receiving, by a first device running a digital wallet application over a local communication channel established with a second device running the same digital wallet application, information to confirm the validity of the second device;

receiving, by the first device over the local communication channel, a coin transfer message from the second device, the coin transfer message including coin information;

receiving, by the first device over a channel other than the local communication channel, a passcode from a user of the second device;

verifying, by the first device, information in the coin transfer message using the passcode;

generating, by the first device, a hash of the coin information using a PIN associated with the first device; and

initiating, by the first device, an online connection with a coin service provider to verify and update ownership information associated with the coin.

2. The computerized method of claim 1 , wherein the information to confirm the validity of the second device includes a hash of application executable code of the wallet application of the second device.

3. The computerized method of claim 2 , wherein the validity is confirmed when the first device generates the same hash using application executable code of the wallet application of the first device.

4. The computerized method of claim 3 , wherein the generating the same hash includes generating the hash using the current date as the key input to a hashing algorithm.

5. The computerized method of claim 1 , further comprising:

receiving, by the first device over the local communication channel, a private key of a public and private key pair associated with the second device.

6. The computerized method of claim 5 , wherein the coin transfer message is encrypted by a public key associated with the second device, the method further comprising:

decrypting, by the first device, the coin transfer message using the private key associated with the second device to obtain the coin information.

7. The computerized method of claim 1 , further comprising verifying, by the first device, the validity of the coin information.

8. The computerized method of claim 7 , wherein verifying the validity of the coin information further comprises:

verifying, by the first device, a hash value in the coin transfer message by regenerating the hash value using at least one of (i) a coin serial number, (ii) a user ID, and (iii) a date.

9. A non-transitory computer-readable medium storing instructions that, when executed by a processor of a first device that is offline, cause the processor to perform a value transfer method comprising:

receiving, over a local communication channel by a digital wallet application, information to confirm the validity of a second device running the same digital wallet application, wherein the second device is also offline;

receiving, over the local communication channel by the digital wallet application, a coin transfer message from the second device, the coin transfer message including coin information;

receiving, over a channel other than the local communication channel, a passcode from a user of the second device;

verifying information in the coin transfer message using the passcode;

generating a hash of the coin information using a PIN associated with the first device and

initiating an online connection with a coin service provider to verify and update ownership information associated with the coin.

10. The non-transitory computer-readable medium of claim 9 , wherein the information to confirm the validity of the second device includes a hash of application executable code of the wallet application of the second device.

11. The non-transitory computer-readable medium of claim 10 , wherein the validity is confirmed when the first device generates the same hash using application executable code of the wallet application of the first device.

12. The non-transitory computer-readable medium of claim 11 , wherein the generating of the same hash includes generating the hash using the current date as the key input to a hashing algorithm.

13. The non-transitory computer-readable medium of claim 9 , further comprising:

receiving, over the local communication channel, a private key of a public and private key pair associated with the second device.

14. The non-transitory computer-readable medium of claim 13 , wherein the coin transfer message is encrypted by a public key associated with the second device, the method further comprising:

decrypting the coin transfer message using the private key associated with the second device to obtain the coin information.

15. The non-transitory computer-readable medium of claim 9 , further comprising verifying the validity of the coin information.

16. The non-transitory computer-readable medium of claim 15 , wherein verifying the validity of the coin information further comprises:

verifying a hash value in the coin transfer message by regenerating the hash value using at least one of (i) a coin serial number, (ii) a user ID, and (iii) a date.