min to read

2019-09-18 13:33:20




News

The SpaceChain received a grant from the European Space Agency to launch a satellite blockchain network

Blockchain in the space

min to read

2019-09-18 13:33:20

The European Space Agency has allocated a grant of 60 thousand euros to the SpaceChain startup to research the cryptocurrency wallet satellite system.

The European Space Agency has allocated a grant of 60 thousand euros to the SpaceChain startup to research the cryptocurrency wallet satellite system. It is reported by Coindesk.

 

The SpaceChain will use the received funds to launch a secure satellite blockchain network onto the orbit. The technology uses a system with three digital signatures - two of them are to generate on Earth, and the third is to generate on the orbit. Each transaction will require at least two signatures.

 

The SpaceChain believes that due to the lack of an Internet connection, the satellite system is much more safer than ordinary blockchain networks.

 

“We do not need the Internet to carry out transactions, which eliminates a lot of hacking potential risks,” said the company CEO Zee Zheng.

 

Let us remind that last year, the SpaceChain sent into space a fully-functional Qtum blockchain node that is able to carry out multi-signature transactions and launch smart contracts.

 

Over the next 18 months, the company plans to carry out three more such launches.

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