Timothy C. May, cypherpunk expert and author of the 1988 'Crypto Anarchist Manifesto,' predicted that the socioeconomic values and advancements of the future would be run by innovative technologies such as satellites, super-computers, and ultra-fast networks. This prediction is now being embraced by the former Bitcoin developer Jeff Garzik, who is now part of SpaceChain as reported by Cointelegraph Magazine.
Today, Garzik and experts from other firms such as Blockstream, Cryptostat, and SpaceChain have collaborated to push this prophetic vision from the 80s, as they believe that launching satellites would give a faster, safer, and reliable process of cryptocurrency exchange.
Blockchains in Space and the Cryptocurrency Market
The cryptocurrency market is on the brink of downfall if the blockchain protocols are not protected, however, blockchains can't be secured if they can't go through traditional, established regulations. The crypto experts believe that governments in every country would have a vested interest in the crypto exchange in the near future, and by piling up the crypto market with rules, they won't be able to operate for their 'independent currency.'
Cypherpunks think that evading these regulations set up by governments could lessen their painstaking maintenance for the currency. Blasting blockchain fail-safes out into space gives them confidence and assurance that the cryptocurrency they developed won't be touched and scarred by groups, such as the centralized networks, traditional currency investors, and even the government that desire to infiltrate and disrupt the cryptocurrency.
Garzik said that putting blockchain nodes into the unreachable space is beneficial for the cryptocurrency, as it will protect the core process of crypto from nuisance activities and vulnerabilities down here on the surface. Experts are also looking forward to the service these nodes on space will provide for the future of commercialization.
Crypto Blockchains in Space, Fail-Safe Procedure, and Currency Security
Blockchains in space are a great concept for protecting the cryptocurrency market. It will be protected out of our reach, even if the Internet goes offline, traditional currency drops, or nodes shut down. Utilizing space is essential for the crypto market and will always be secured regardless of the calamities and catastrophic events the planet would face.
Setting blockchains up in space has many potentials to offer. It could theoretically end the decentralization of the cryptocurrency and repel inconsistent partners from disrupting the cycle. But according to the Cointelegraph Magazine, the possibility of having blockchains in space is quite pricey.
SpaceChain previously received funding from the European Space Agency, with an estimate of $60,000. Along with it, they are also tasked to develop a real-time blockchain satellite, also known as the Decentralized Satellite Infrastructure, DSI, with a staggering $605,000 from Enterprise Singapore and Innovate UK.
One of the biggest obstacles to pushing this project forward is with other space firms, which cypherpunks see as a threat to the development of blockchains in space. Nevertheless, SpaceChain has already set up low orbit satellites in space that is non-territorial and could be accessible to any commercial and government entities.
The crypto community admits that additional measures to secure blockchains, like any other improvements, produce new vulnerabilities, but the experts behind the space blockchains are willing to compete in terms of decentralizing the currency and having a great spot for the blockchains in space.
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