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By leveraging off-the-shelf components, a small satellite bigger than a coffee mug can be used to protect blockchains and other Web3 protocols.

 

SpaceX plans to launch a crypto satellite into low Earth orbit with its SpaceX rocket on Wednesday, paving the way for blockchain cryptography in space.

 

What is SpaceX?

This company launches satellites and people into space, including NASA astronauts, to the International Space Station (ISS). Hawthorne, California-based Space Exploration Technologies Corp. manufactures and transports satellites into orbit, provides communications services, and designs satellites. Elon Musk founded SpaceX company in 2002 to reduce the cost of space transportation and enable the colonization of Mars. 

SpaceX is also launching its cryptocurrency soon, and the investor is waiting to invest in that currency for future goles.

Now further comes on, Cryptosat launched its first satellite movement. 

According to its name, Cryptosat is the company that built Crypto, a crypto satellite that flew aboard SpaceX’s Transporter 5 mission. On the International Space Station, blockchain technology has already been tested.

 

Also read: How to Earn Interest on Crypto Even While You Sleep

 

Yonatan Winetraub, the co-founder of Cryptosat, told Cointelegraph, “We are essentially joining the Uber of spaceflight.” He said that everyone goes into the same orbit, and we are a passenger.

We intend to use our satellite to provide cryptographic services for our customers here on Earth without interfering with other satellites,” he added. “SpaceX launch many satellites, each of them doing something else. It doesn’t matter for us, and we hope to use our satellite to provide cryptographic services for our customers.”

Using over-the-counter components, the Crypto satellite has the size of a coffee mug. Using it in space, developers will be able to launch blockchain and ledger applications on an unreachable and tamper-proof platform.

As Michalevsky said, it is the first system to provide an off-world “root of trust,” a pattern of assurance that is always trustworthy within a cryptographic system that “does not depend on other satellites provided by other companies” provides the hardware on orbit.

 

Also read: Stocks trading against stablecoins to be launched by FTX US

 

A fascinating application of the module is setting up zero-knowledge proof protocols, which Michaelalevsky adds are increasingly used for decisions in decentralized autonomous organizations (DAOs) without revealing individual votes.  

A limitation of the module could be the deployment of an entire blockchain, making it impossible for attackers to access the ledger. This would potentially make crypto mining obsolete since multiple validators would no longer be necessary for decentralization.

A fascinating application of the module is setting up zero-knowledge proof protocols, which Michaelalevsky adds are increasingly used for decisions in decentralized autonomous organizations (DAOs) without revealing individual votes.  

A limitation of the module could be the deployment of an entire blockchain, making it impossible for attackers to access the ledger. This would potentially make crypto mining obsolete since multiple validators would no longer be necessary for decentralization.

 An attacker can gain access to Earth-based modules, so a trusted module in space is essential. Satellites, however, are not capable of being captured and tampered with.

“Another unique feature is that the radio frequency communication makes it impossible to hide and make attacks,” Winetraub added, “anyone with an antenna will see what you’re doing if you secretly attack:”

Since blockchain technology exploded in the last decade, we have been able to provide these services in s-pace. We hope to be able to offer modules to the blockchain industry that everyone can count on with a level of security previously unprecedented.

Whenever any organization has an asset in orbit, they face a problem with satellite communication, as uploading data to Earth is slow. The Space Age is not a trivial place to conduct internet communication. Winetraub said.

He said that working with a space asset and working on the ground are not the same; you open a terminal and debug it on the floor. When it happens in space, that’s not always available:”

The object goes around the Earth, we debug it, we discover the issue, now we need to wait an hour and a half until it returns.

Earlier this year, the firm conducted a series of experiments on the International Space Station (ISS) designed to bridge the gap between fast internet communication and space constraints.

 On the International Space Station, the Cryptosat satellite participated in several experiments, and one of them produced cryptographic signatures using keys kept in space. Cryptosat Twitter accounts mentioning the account formed the certificate in response to the mention. 

 

 

In response to Michalevsky’s comments, he said that the experiments provided us with “intriguing use cases” in the space:

We ran code on both the ground and in space and had them work together.” This was our way of practising various operations on our end, such as contacting space, working with space agencies and running code on the ground and in space.

Michael Michalevsky, CEO of Cryptosat, talked about the next steps after the launch:

There’s a lot to do, such as continuing to update the software platform. We’re already planning our next satellite, hoping to launch by the end of the year.

Initially, it’s our goal to have a few modules in orbit,” he said. “But we will likely need at least 12 modules to provide continuous availability while orbiting the Earth.”

The firm is also looking to expand its ground network to communicate with the orbiting modules, Michalevsky said, adding that the objective is to have at least one satellite visible from the ground.

 

Also read: The Indian government considers a ‘reverse charge’ tax on foreign crypto platforms.

 

Michalevsky is also interested in developing consumer-facing products since Web3 users don’t have a straightforward experience in the space industry.

We’d like to build cool APIs to sign NFTs in space, offer useful things for companies and consumers, and then be enabled to build financial infrastructure on top of this constellation of trusted satellites.

According to him, “We will study the blockchain space in-depth and create a lot of ground infrastructure compatible with the different blockchain protocols.”