SpaceChain is a blockchain for space industry. Blockstream is an open source software library that allows developers to integrate blockchain technology into their applications. Cryptosat is the blockchain based satellite communications service provider.
Cryptocurrency is a very powerful technology, but it is also a very volatile one. It is worth noting that the price of Bitcoin is fluctuating around $13,500, with some experts even talking about the possibility of another crash to $6,000. In a period where the crypto market appears to be slowing down, we asked three experts about their views on how this sector can succeed in the long term.
Blockchain-based space projects are becoming more popular. The idea is to create a blockchain-based system that can run on the moon and all the satellites. This can lead to many changes in the future.. Read more about best cryptocurrency magazine and let us know what you think.
Timothy C. May, an engineer, novelist, and cypherpunk, foresaw a social and economic revolution facilitated by technical advances such as high-speed networks, personal computers, and satellites in his 1988 “Crypto Anarchist Manifesto.” Jeff Garzik, a former Bitcoin core developer who now works at SpaceChain, and others are working to make this vision a reality. SpaceChain, Blockstream, Cryptosat, and other private crypto businesses are sending satellites into orbit at breakneck speed to provide blockchain validation, multisignature wallets, and verified time-delay functionality from space.
The stakes for blockchain protocols are rising as the bitcoin market continues its general upward trend. Not only must blockchains retain their technological security, but they must also be able to survive legislative setbacks. If governments pose a danger to the dreams of unstoppable, decentralized networks on Earth, placing blockchain validator nodes in space serves as a “backup.”
Garzik, SpaceChain’s co-founder and chief technical officer, claims that putting nodes in space, beyond of human reach, “may assist solve security and vulnerability problems faced by centralized land-based servers on Earth, and open new and exciting possibilities for additional commercial use cases.”
This implies that even if nodes fail, are hacked, or shut down — or even if the internet is switched out — a verified copy of the blockchain will remain in space, enhancing the technology’s “immutability” and resistance to censorship. “Space is for everyone now,” Garzik declares.
More businesses are figuring out how to offer blockchain-based “space-as-a-service” at a lower cost. Cryptosat, headquartered in San Francisco, is “interested in utilizing the characteristics of space to promote blockchain,” according to its co-founders. They’re using premade components to launch miniature, coffee-mug-sized “cubesats” and simple on-ground infrastructure hosted by enterprise cloud-web providers to create an end-to-end system that allows anyone to assemble, launch, and communicate with a satellite that provides blockchain nodes in space.
Space infrastructure opens us a whole new world of modular, decentralized infrastructure. In addition to nodes, SpaceChain and Cryptosat are looking at a variety of use cases, such as randomness beacons and “verifiable delay functions” (VDFs). Randomness beacons are a key component in producing an unexpected outcome since they offer reliable sources of entropy.
In cryptography, for example, a source of randomness is required for the first trustworthy establishment of key pairs. For transactions or smart contract functions, VDFs perform functions when a specified amount of time has elapsed. These cryptographically signed timestamps may be derived by orbits around the Earth and sent from space via satellites. Gil Shotan, co-founder of Cryptosat, tells Magazine, “It’s essentially like a trustworthy clock in space.” For safe in-orbit multisignature transactions, they connect with software interfaces for business customers such as digital asset management firm Nexus Inc. and cryptocurrency exchange Biteeu.
While SpaceChain and Cryptosat are blockchain-agnostic space integrators, Blockstream, which was co-founded by Adam Back, one of the original cypherpunks and the inventor of “Hashcash,” a proof-of-work precursor mentioned in the Bitcoin white paper, is focused on using space to expand the capabilities of the Bitcoin network.
The Blockstream Satellite network distributes the Bitcoin blockchain across the globe, 24 hours a day, seven days a week, to provide continuous access to the Bitcoin network and reduce the risk of network outages or IP tracing. To see these blocks and verify their node is in sync, anybody may buy a tiny satellite antenna and USB receiver.
What is the best way to go “to space”?
It’s not as tough as you may imagine to get your node into space.
On each mission, the United States National Aeronautics and Space Administration, or NASA, reserves slots for commercial launches. SpaceChain, which was established in 2017, was the first blockchain business to start with NASA, based on a proposal that highlighted the security use case for blockchains.
SpaceChain launched its first payload (cargo) delivering a node to the International Space Station in 2019 with the aim of providing “open and neutral” space infrastructure. In 2021, it launched its fourth node, an Ethereum validator, from NASA’s Kennedy Space Center on a SpaceX Falcon 9 rocket. This enables a worldwide, universal record of blockchain transactions to be created, enhancing the functioning of decentralized apps in space.
While one would assume that the International Space Station (ISS) or a satellite would be easy targets for anybody who doesn’t like blockchains, SpaceChain believes the reverse is true.
“It will bounce back as long as it isn’t killed,” says SpaceChain co-founder and CEO Zee Zheng. Because space infrastructure is openly and continuously monitored by every space agency in the stratosphere, it has improved security characteristics. While this still doesn’t address the intractable issue of hardware support chain trust, if it’s modified with after it’s been released, everyone will know. In fact, governments are keen to promote blockchain technology in space.
In space, who pays?
Putting blockchains into space is often framed as an idealistic pursuit of decentralization, keeping them out of the grasp of untrustworthy middlemen. Nonetheless, space infrastructure is a highly sought-after service that is often both publicly financed and privately supplied. The business case for space is quite strong.
For its first payload, SpaceChain received approximately $60,000 from the European Space Agency, and it recently received 440,000 British pounds ($605,000) from Enterprise Singapore and Innovate UK to develop “Decentralized Satellite Infrastructure” (DSI), a real-time blockchain-operated network of satellites.
“Space is not about the dollars,” according to SpaceChain’s Garzik, since decentralized currencies have replaced the need for terrestrial money. Money is a consideration for others, such as Cryptosat and Loft Orbital. Loft Orbital transports payloads for businesses, including the recently launched Ethereum node for SpaceChain, and just received $13 million in a Series A investment round. Yonatan Winetraub, co-founder of Cryptosat, tells Magazine, “There is still money to be earned on earth.”
Space governance and politics
Space governance may take a variety of forms. The entanglement of interests between state and commercial entities has made space a hotbed for geopolitical rivalry.
A “constellation” of SpaceChain’s low-Earth-orbit satellites is managed by various partners in multiple countries. It will provide a collaborative paradigm in which infrastructure is non-territorial and open to business and government users. While SpaceChain believes that its architecture would facilitate collaboration between a variety of nations and businesses, trying to build robust, decentralized networks may potentially introduce new risks.
New rivalries may emerge when commercial interests collide with competing actors, like as Elon Musk’s ambition to put “actual Dogecoin on the literal moon.” In response to crypto exchange Bitmex’s promise to beat Dogecoin to the moon using Bitcoin, Musk announced on Twitter in June that “a new space race has started!”
On Twitter, Garzik expressed gratitude to Musk and SpaceX, but said that SpaceChain “has ALREADY rode your rockets to space,” and that SpaceChain “is an integrator, and gladly takes BTC ETH SPC and now DOGE” for client space flights.
Maybe the next DAO, or decentralized autonomous organization, will be in space?
Some believe that the future will include a multispecies population of multiplanetary systems with various digital currencies. “Space is closer to us than you think,” Winetraub tells Magazine, whether blockchain skills improve space or space enhances blockchain here on Earth.
The first of August, Blockstream CEO Adam Back and SpaceChain CEO and co-founder Michael Chin, believe CryptoSat is a significant step-up in the space as it enables the application of blockchain technology to provide the flexibility of the Internet of Things to small satellites. SpaceChain will be the first distributed satellite network to use this new blockchain technology enabling both IoT (and other blockchains) and traditional applications on its platform.. Read more about bitcoin magazine pdf and let us know what you think.
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