30s Summary

Spacecoin, a cryptocurrency startup, plans to launch a blockchain network in space through a network of tiny satellites, according to a company “Blue Paper”. Spacecoin co-founder Daniel Bar believes the concept could provide the foundation for a future space economy. The firm has already dispatched three satellites for preliminary tests. Computer science professor and Spacecoin advisor Dahlia Malki suggests potential uses include ultra-secure data storage and a marketplace for celestial services. Spacecoin’s strategy involves a primary blockchain network in space and an earth-based secondary network.

Full Article

Spacecoin XYZ, a cool startup in the crypto and satellite industry, has innovative plans for launching a unique blockchain network in outer space. Imagine a blockchain economy beyond the Earth that could survive even if humanity doesn’t!

On Nov 1, Spacecoin published a “Blue Paper” explaining its unique plan. The idea is to launch a decentralized physical infrastructure network (DePIN) using a bunch of tiny satellites in outer space. Daniel Bar, co-founder of Spacecoin, chatted with Cointelegraph, and he believes this could really set the groundwork for a future “space economy.”

Bar sees a cool future where humans and satellites in space can use a blockchain network as a kind of starside marketplace. He thinks it’s really important that we protect the great features of blockchain technology — like its security and privacy — and make sure it isn’t just stuck on one planet.

Bar said, “Imagine if there’s some kind of huge disaster or even nuclear conflict, it’s important to protect blockchains as a system that could survive any group or force trying to destroy it.” Sounds like the plot of a sci-fi movie, right?

While it might sound far-fetched, Bar believes a space economy needs to be planned for now, especially considering that SpaceX CEO Elon Musk has plans for humans to journey to Mars in the next two years. So far, Spacecoin has sent off three satellites for initial tests with their partner, Aptos Orbital.

Why do we need to establish a blockchain network in orbit? Aside from making it apocalypse-proof, there are some pretty urgent reasons, according to Spacecoin adviser Dahlia Malki.

Dahlia, who is also a computer science professor at the University of California Santa Barbara, talked about some potential uses for a space-based blockchain network. This could include a commerce marketplace for “celestial services,” safer computations, and super-secure data storage.

At the moment, Spacecoin is trying to become a space data center, which could offer levels of security that we can’t get on Earth. “Think of it as a trustworthy hardware platform, practically leakproof once you get it out there safely and securely. Since it’s a satellite in space, no one can mess with it, not even us,” said Dahlia.

Having this kind of secure infrastructure in orbit can solve many of the security issues we face on Earth. Also, with more satellite-based services emerging like Musk’s Starlink and others for imaging and communication, Earth’s orbit is getting crowded. These services will find it advantageous having a platform that runs a marketplace, so they don’t have to contact Earth for payments or contracts.

How does Spacecoin work? Dahlia explained that Spacecoin uses a novel, two-step design that includes a primary network deployed in outer space and a secondary network that operates here on Earth. The outer-space network is called the “Celestial Chain,” while the Earth-based network is called the “Uncelestial” network.

“The Celestial chain is the boss in the end. It records an unchangeable history that might outlast life on Earth,” Dahlia explained. To handle times when satellites aren’t available, the Uncelestial layer on Earth will act like a backup, relying on the Celestial Chain for ultimate authority.

Spacecoin’s plan is to provide hard finality with fast latency for the Earth-based layer, unlike some current crypto solutions.

Please note that Spacecoin XYZ isn’t related to another project called Spacecoin.org.

Source: Cointelegraph