Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
SpaceChain to Deploy Commercial Blockchain Tech With SpaceX Launches in June
Coindesk | Daniel Palmer | May 25, 2021
The blockchain infrastructure provider said having an Ethereum node in space brings physical security when transacting in crypto assets.
Decentralized infrastructure provider SpaceChain is expecting to send a number of commercial services into orbit next month.
On Tuesday, the firm announced two missions aboard SpaceX Falcon 9 rockets that are both expected to take place in June. The first, slated for June 3 and made possible by a relationship with space solutions firm Nanoracks, will see SpaceChain’s “space node” launched and ultimately installed at the International Space Station (ISS). That will act as a first demonstration of Ethereum technology on SpaceChain’s existing hardware aboard the ISS.
See: What are all the proliferating Cryptocoins for?
The development is just the latest in the crypto sector’s long fascination with space travel. Earlier this week, for example, UMA and Opium teamed up to provide decentralized insurance cover for SpaceX flights.
The firm said having an Ethereum node in space brings physical security when transacting in crypto assets.
“The security of space infrastructures also ensures the independence of Ethereum contract operation from centralized terrestrial servers, thus providing more efficient smart contract operation and greater application scenarios,” the firm said in a statement.
The node will later enable the company’s client, digital asset manager Nexus Inc., to develop additional blockchain capabilities for enterprise business applications.
The second launch, expected June 24, will bring about the installation of Bitcoin nodes created for cryptocurrency exchange Biteeu and Nexus Inc. on a YAM-2 satellite. This mission will be carried by a Falcon 9 rocket under the SpaceX’s Rideshare program. and will be operated by Loft Orbital.
See: Ethereum cryptocurrency to slash carbon emissions
These nodes will enable services such as a Bitcoin hardware wallet allowing Nexus to provide “ultra-secure” multisignature transactions for clients, and highly secure bitcoin transactions and data back-up for Biteeu.
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