SpacecoinXYZ Reveals Plan to Establish Blockchain System Independent of Earth’s Stability
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SpacecoinXYZ, a crypto satellite startup, has revealed plans to establish the first-ever decentralized Physical infrastructure Network (DePIN) with nanosatellites in space. This infrastructure, referred to as the ‘celestial chain,’ aims to secure a future interstellar economy and to preserve blockchain technology in case of catastrophic Earth events.
In its blue paper, Spacecoin’s data center has promised unmatched security as a tamper-proof platform by supporting commerce, securing data custody, and transacting for satellite-based services.
With three test satellites already in orbit, spacecoinXYZ sees its ledger system promoting an expanding free-market economy beyond Earth’s system.
Blockchain Infrastructure and Space Dual-Tier Network Design
The crypto satellite start-up company has set plans for first space blockchain network called the ‘celestial chain’ using nanosatellites.
This ambitious project will create a two-part network: first, a space layer, which is the main celestial part that records. Second, an Earth layer—the ‘uncelestial’ network for fast, low-latency transactions.
In accordance with the plan, the Earth layer will rely on the space layer’s authority to ensure secured and authenticated transactions. However, together, these layers will create a network that will expand ledger capabilities in the space.
On the other hand, SpacecoinXYZ has put the dual-tier design in place to solve communication delays and other related issues rather than waiting for Earth-based solutions. This approach ensures transactions while maintaining a tamper-proof and secured space ledger.
To this end, this setup will pave the way for a future space economy for satellites and potentially space-loving humans.
Benefits of the New Space Economy
Spacecoin’s space-based network will bring major security benefits. However, with hardware in space, these satellite-based data centers will become free from potential interference. On this note, Spacecoin adviser Dahlia Malkhi notes that the setup will securely store data and support applications like secret computations. Also, as Earth is filled with satellite services, for example, SpaceX’s Starlink. Spacecoin’s Blockchain network could streamline satellite communications by providing a secure and autonomous marketplace.
In the same vein, co-founder Daniel Bar has emphasized that the space-based ledger will be essential in protecting the free-market principles from Earth-bound possible risks like nuclear conflicts.
In conclusion, Spacecoin’s infrastructure is said to ensure blockchain’s integrity, privacy, and security even in extreme conditions. However, with initial satellite tests already in progress, SpacecoinXYZ is moving closer to producing a space-enabled ledger economy. This will potentially transform satellite services and decentralized technology for the future.
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