Open your digital wallet
ㆍSpaceChain, headquartered in Singapore, is developing the world’s first space platform that can be used by any cryptocurrency by combining space and blockchain technology.
ㆍThe new space economy will eliminate national boundaries and provide opportunities for individuals to participate.
ㆍAnyone can launch a blockchain satellite and increase their crypto assets.
The Emergence of the Space Economy
If humans end up living in space in the future, the question arises: what kind of currency will they use? It is predicted that blockchain-based cryptocurrencies will dominate the space economy. Interestingly, space and blockchain share some similarities, such as being ownerless and infinitely scalable. This is why space needs a new monetary system that is different from the state-driven economic system, and blockchain seems to be the answer.
SpaceChain is a company that focuses on developing an open-source satellite network based on blockchain technology. In June 2021, the company launched a payload with its blockchain hardware wallet technology to the International Space Station (ISS) using a SpaceX Falcon 9 rocket. This was SpaceChain’s fourth blockchain payload launch, and it was the first to successfully settle an Ethereum network payload. Additionally, in partnership with the European Space Agency, they successfully sent Bitcoin to a multi-signature blockchain hardware on a satellite. Their ambition is to create the world’s first and largest space network.
What can we expect?
What if blockchain-based cryptocurrencies could be utilized in space? The security provided by blockchain cryptography ensures that the information stored within it cannot be tampered with. By using satellites in space as nodes to scale a blockchain network, the network’s security increases as the number of nodes increases. This could lead to the creation of a new space economy, propelled by a vast number of participants linked through blockchain technology. The integration of blockchain in space has the potential to revolutionize the future of space and our lives.
1. Network infrastructure: SpaceChain aims to create a network infrastructure by integrating blockchain nodes on satellites. To achieve this, it plans to launch multiple satellites with Cubesats, which are tiny satellites the size of a briefcase. This will make the blockchain system accessible from anywhere in space, similar to how internet access is available around the world today.
2. Decentralization: Their goal is to decentralize space resources, which are currently controlled by states and large private companies. To achieve this, SpaceChain is working on creating open source standards for satellite hardware, software, and communication protocols. The SpaceChain operating system uses QuantumCoin technology and enables the functionality of blockchain nodes.
3. Non-fungible tokens: Users of SpaceChain will have the ability to purchase applications using SpaceCoin (SPC). These tokens will enable both developers and users to use applications and store data on the blockchain. Blockchain nodes in space will be capable of executing various operations such as non-fungible tokens, Defi, smart contracts, and multi-signature transactions.
Grow your space assets
Imagine a world where SpaceChain’s blockchain project is successful. In this world, tiny satellites connected via the Internet of Things and blockchain could be launched by anyone in the world using drones. These satellites, spacecraft, and hardware would be linked together using open source technology created by SpaceChain. The network of low-orbit satellites will become the next generation of decentralized monetary systems in space. Users will be able to develop, use, and monetize applications in space, such as buying and selling cryptocurrencies, as well as play-to-earn (P2E) through VR, metaverses, or games. For example, you could play an XR game where you mine helium-3 on the surface of the moon, and the goods and items you earn become your property. This opens up a universe of possibilities that we’ve never imagined before.
