On June 3, 2021, SpaceChain announced a blockchain-powered payload launched into space aboard a SpaceX Falcon 9 rocket. The launch represents the first demonstration of the Ethereum blockchain integration in space. In the past, they have launched various crypto-related payloads, including a crypto wallet. Once in space, the payload will be installed on the International Space Station (ISS).
Details Of The Launch
The launch took place at the Kennedy Space Center aboard a SpaceX rocket, a company whose CEO is Elon Musk, a major proponent of the crypto sector. It was all made possible by Nanoracks, which signed a Space Act agreement with NASA. It marks the fourth blockchain payload that has been launched into space and the first time it has involved the Ethereum blockchain integration into hardware on the ISS. According to the announcement, Nexus Inc. will be the first customer to use the SpaceChain service.
Once it is installed, tested, and activated, the space node will allow SpaceChain Customers to enhance their blockchain capabilities for fintech and business applications. Via the service, they can perform highly secure on-orbit Ethereum multisig transaction services. Data will be uplinked and downlinked directly via a dedicated space encrypted communication network.
The remoteness and security of the space infrastructure will ensure that the independence of Ethereum contract operation is maintained by avoiding centralized terrestrial servers. The result will be more efficient smart contraction operations and enhanced application use cases. The mission is fully commercialized. Its goal is to support the space-as-a-service adoption amongst organizations that wish to address land-based infrastructure concerns, which inhibit blockchain adoption.
What The Leaders Had To Say
According to the CEO of SpaceChain Zee Zhang, they were thrilled to be bringing Ethereum to space. He said that it would validate the creation of a decentralized satellite infrastructure, which will be crucial to realizing the full potential of the blockchain. Zhang said that they launched a payload for the Bitcoin blockchain in 2019. According to him, Ethereum and Bitcoin represent the two largest blockchain ecosystems. The CEO concluded his remarks by stating that:
“With Ethereum’s smart contract platform running in outer space, it enables us to fortify blockchain applications and transactions with enhanced security and immutability, and allows more users and developers to get involved with our technology.”
When discussing the launch, the co-founder and CTO of SpaceChain, Jeff Garzik said that running Ethereum in space would provide enhanced security and immutability for DApps and digital assets’ transactions. According to him, this was crucial to the adoption of Enterprise Ethereum amongst organizations. Garzik added that:
“Ethereum and blockchain technologies are decentralized by nature. The integration of technologies can help address security and vulnerability issues facing centralized land-based servers on Earth, and unfurl new and exciting opportunities for other commercial use cases.”
Nexus is a deep-tech digital asset management firm. Its focus is on the operation, development, and execution of financial technology. It also focuses on the Internet of Things and blockchain technology solutions for online platforms and firms globally.
SpaceChain – Community-based Space Platform
SpaceChain is a firm focused on the adoption of decentralized infrastructure for the New Space Economy. By combining blockchain and space technologies, the company is making it easier to develop space applications while making space more accessible. SpaceChain is a member of the Enterprise Ethereum Alliance (EEA), the largest open-source blockchain initiative globally. EEA is focused on the adoption of Ethereum technology by organizations in their daily operations.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.