Spacecoin Reveals First Blockchain in Space
01 Nov, 2024 ● Coin news
Spacecoin XYZ, a crypto satellite startup, has introduced a new approach for establishing an extraterrestrial blockchain network, which could support a future “space economy” and potentially endure beyond humanity in an apocalyptic scenario.
In its November 1 Blue Paper, Spacecoin describes plans to create a decentralized physical infrastructure network (DePIN) using a fleet of nanosatellites.
Co-founder Daniel Bar stated that this network would set the stage for a “native space economy.”
Bar envisions satellites and space-faring humans using this blockchain as an interstellar marketplace and application layer, emphasizing the need to preserve blockchain technology—and the privacy and security it ensures—beyond Earth’s limitations.
“In the undesirable case that we have some kind of nuclear conflict or armageddon scenario, it's important to safeguard the future of blockchains—or more generally free market capitalism—as a layer that can potentially outlast any state actors that try to attack it,” Bar stated.
Although the vision may seem ambitious, Bar argues that planning for a space economy must start now, especially given Elon Musk’s goal of sending humans to Mars within the next two years.
Bar added, “We’re laying the foundations for what we believe will become the expansion of the free market economy beyond the bounds of planet Earth.”
Spacecoin has launched three satellites for initial testing in partnership with Aptos Orbital.
Besides creating a resilient space economy, Spacecoin adviser Dahlia Malkhi, a computer science professor at the University of California Santa Barbara, emphasized that building a blockchain network in space has immediate advantages.
She identified potential applications such as a marketplace for “celestial services,” a secure co-processor for confidential computation, and a hyper-secure data custodian.
Currently, Spacecoin’s primary goal is to establish itself as a space data center, providing unparalleled security not feasible on Earth.
“You can think of it as a trusted hardware platform, which is really leakproof once you deploy it safely and securely. Nobody can tamper with the hardware on a satellite, not even us,” Malkhi explained.
Sources:
https://github.com/spacecoinxyz/research/blob/main/publications/Blue-Paper-Spacecoinxyz.pdf
