Spacecoin XYZ wants to launch the first blockchain network in space

Crypto startup Spacecoin XYZ has announced plans to launch the first blockchain network in space using a fleet of nanosatellites.

According to Spacecoin XYZ’s whitepaper published on November 1, the blockchain system will leverage the Iridium distributed satellite network. Spacecoin announced that satellites are more resilient to DoS attacks and censorship attempts compared to earth-based networks.

“Spacecoin nodes operate within orbiting satellite cubes that are impervious to physical tampering by any administrator or powerful actor and are not affected by side-channel leaks common here on Earth,” the authors of the Spacecoin XYZ white paper wrote.

Spacecoin will be operated by a network of nodes deployed on cubesats and managed by separate administrative entities, making it completely decentralized. In some cases, organizations will be able to fully control and launch their own cubesats to participate in the operation of Spacecoin.

For now, the authors claim that the Spacecoin system is not yet tamper-proof because they will have to rely on Iridium terminals to communicate with and use Spacecoin from Earth. The Iridium terminal is an interface that allows users to establish a global communications network by connecting to satellite constellations from the ground.

The whitepaper notes that Iridium terminals are still vulnerable to attacks, which could cause Spacecoin to become unusable. However, in the future, they plan to use direct consumer device communication with satellites without the need for third parties.

The authors touch on two potential uses of the Spacecoin blockchain. The first of these is Spacecoin as a celestial trading market. According to the whitepaper, Spacecoin can facilitate payments and other market infrastructure tools to serve other applications operating in orbit.

In addition, he will need to communicate with Earth very rarely, as it will be considered one of the “celestial practices”.

“We want to use a blockchain for such a market in orbit for several reasons. The first is this
Smart contracts enable software upgrades and customization while making all changes transparent. This
It allows the platform to evolve while deterring and detecting any fraudulent software updates,” the authors said.

The second use of Spacecoin will be to provide security services. Due to the tamper-proof nature of blockchain, the decentralized platform will be expected to ensure data compliance and protect sensitive information such as trade secrets.

“In many cases, decentralized applications and services can use Spacecoin to implement critical security components and take security to new heights with tamper-proof guarantees,” the authors explained.

Although a potential launch date has not been announced, the team stated that the goal of building this off-world blockchain is to eliminate dependence on Earth-based intermediaries and continue to improve the performance of Layer1 technology.