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SpaceChain completes the first Qtum transaction in Earth's low orbit

SpaceChain today reported having completed the first Qtum – a hybrid blockcoin platform of Bitcoin and Ethereum – space transactions.

The startup blockchain and space aims to build the first open source satellite network in the world that works on blockchain nodes that are hosted in CubeSats.

During the test, the node signal was detected and the transaction data was uploaded to the node to complete the signature.

This signal was then downloaded via the SpaceChain groundstation, before being checked on the blockchain network. Here you can see the details of the 340-byte transaction.

Why blockchain in space?

SpaceChain states that the main advantage of a blockchain satellite network is maximum security. While the blockchain is often praised for its (almost) immutable ledger, the servers on Earth that host blockchain technology may be vulnerable to hacking.

And space nodes will also be safe from Internet interrupters or governments that are opposed to blockchain technology.

Presumably, the only dangers that the nodes will have to deal with are solar flares and space debris – but considering that CubeSats measures only 10x10x10 cm, this is unlikely to happen.

SpaceChain's co-founder and Chief Technology Officer, Jeff Garzik, said SpaceChain could also benefit from cyber security for the blockchain industry.

"This multi-signature cold wallet service – an application developed by SpaceChain engineers to test the space node – shows evidence of technology to be a potential IT security solution for the blockchain industry," He said.

"SpaceChain has implemented and tested the space-based multi-signature transaction that opens up new possibilities for space security models."

The company adds that it could improve blockchain-based supply chains by providing additional satellite coverage to more remote parts of the world.

However, with only two nodes currently in space, SpaceChain is very far from being able to provide this level of coverage.

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Why Qtum?

Combining the Bitcoin and Ethereum platforms, Qtum (pronoun pronoun) exploits the storage capacity of Bitcoin values ​​on the Ethereum smart-contract platform.

The SpaceChain node is integrated with its intelligent operating system, SpaceChain OS. It can perform functions such as the execution of intelligent and multi-signature contracts.

The knot was launched in space on October 25, 2018 after having toured a CZ-4B Y34 rocket from the Taiyuan satellite launch center in Xinzhou, China.

Following is the first launch of the blockchain node of SpaceChain on February 2, 2018. While it is able to process existing blockchain data, it has remained offline and therefore it has not been possible to process new transactions.

The race to the blockchain space

Even if Blockchain still has to colonize the Earth, it is already doing business in space.

In April 2018, for example, NASA awarded a grant of $ 330,000 for the development of a stand-alone blockchain spacecraft.

The equivalent of NASA, ESA, also explored how the blockchain can benefit from some of its administrative processes on Earth.

And there are some companies that believe that blockchain has the potential to democratize space exploration, with the launch of SpaceBit that promotes the tokenisation of commercial space missions.

Many of these projects, including SpaceChain, are somehow out of phase, though.

"It often takes months and years to build the system and to start the hardware in the space as it is necessary to ensure the opportunity to launch, obtain permits, obtain the frequency and make sure that there is support from the ground station. "said co-founder and SpaceChain chief executive Zee Zheng.

"We are proud to have launched two nodes in our first year of operation, taking us one step closer to creating a network of blockchain-based satellites in space."

Read more: Nanosatellitic innovation "completely changes the costs of space exploration"

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