The cryptocurrency firm Spacecoin XYZ has made public its ambitious intentions to use nanosatellites to create the first blockchain network in space. The goal of this space-based blockchain system is to transform applications in both space and on Earth by offering improved security and decentralized operations.
Using Nanosatellites to Secure Blockchains
The recently published whitepaper from Spacecoin XYZ states that its blockchain network would make use of the Iridium constellation, a dispersed network of satellites. An obvious benefit over terrestrial networks is the improved defense against censorship attempts and distributed denial of service (DDoS) assaults provided by this special satellite deployment.
“Spacecoin nodes run within satellite cubes in orbit, making them physically tamper-proof and resistant to side-channel leaks commonly found on Earth,” according to the whitepaper.
Centralized Management Using Cube Satellites
The blockchain of Spacecoin XYZ will function across a network of cube satellites, with several administrative organizations handling governance. In addition to improving security, this decentralized strategy enables these organizations to autonomously manage and launch their satellites, adding to the blockchain’s strong autonomy.
Dependency on Iridium Terminals at the Moment
At the moment, Iridium terminals are used by the Spacecoin system to enable communication between the satellite network and Earth. By connecting to the satellite constellation, these terminals allow users to create a worldwide network. This dependence, however, creates risks because these terminals are still vulnerable to intrusions that can impair Spacecoin’s operation.
Plans for Direct Satellite Communication in the Future
In order to address these issues, Spacecoin XYZ sees a time when consumer electronics will be able to speak with satellites directly, eliminating the need for third parties. This development would improve Spacecoin’s network’s accessibility and resilience, especially for applications that need a high level of security.
Possible Uses for the Blockchain Technology of Spacecoin
Marketplace for Celestial Commerce
Providing a platform for a “celestial commerce marketplace” will be one of Spacecoin’s main uses. Payments and infrastructure technologies designed for space-based applications will be supported by this orbiting marketplace. Through smart contracts, the platform’s blockchain core provides openness and flexibility, enabling smooth software updates and protecting against unwanted modifications.
“Software modification and upgrades are made possible by smart contracts, which also make all changes transparent. According to Spacecoin, this enables the platform to develop while discouraging malicious software updates.
Services for Data Protection and Security
Improving data security is another expected application of the Spacecoin network. Spacecoin’s tamper-proof design makes it the perfect way to protect private data, including compliance information and trade secrets, while offering a higher level of protection for decentralized applications.
“Spacecoin can support critical security components, offering tamper-proof guarantees and taking security to new heights,” according to the whitepaper.
An Earth-Independent Blockchain Network Vision
The team at Spacecoin highlights the long-term goal of creating an autonomous blockchain in orbit, even though a precise launch date has not yet been established. Spacecoin XYZ wants to open the door for a time when space-based technology will be a safe basis for international operations by decreasing dependency on Earth-based middlemen and developing Layer 1 technology.
The growing desire in the technology and cryptocurrency industries to venture beyond Earth and investigate the possibilities of decentralized, impenetrable networks in orbit is reflected in Spacecoin’s entry into the space-based blockchain domain.
