Another Bitcoin node has been sent to outer space, this time by the blockchain startup SpaceChain. The startup received 60,000 euros in funding from the European Space Agency.
This is not the first time that a Bitcoin node has been sent into outer space. The primary benefit of this activity is that the Bitcoin blockchain will still survive and run even if the internet goes down or a calamity occurs. Bitcoin is here to stay.
Over the course of the next 12 months, the node will send multi-signature transactions. While it is not especially fast, it is secure. This is very important in light of the many exchange hacks that have taken place, even if these exchanges are far more secure now than they were even a couple of years ago. CEO Zee Zheng stated:
“We really want to slow it down. We see so many crypto-exchanges hacked and within two minutes the funds – millions of dollars – are being transferred. By using this channel, we can […] secure transactions.“
SpaceChain has already sent 2 Bitcoin nodes to outer space from China. The first company to send BTC to space was Blockstream, a much bigger organization that is more widely known for a variety of different crypto-related projects. All it takes to connect to these nodes is roughly $100 in equipment. That’s a small price to pay to secure blockchain records, especially when dealing with large transactions.
One of the most common (and unsubstantiated) fears is that an EMP pulse will disrupt all electronic activity and plunge the world into chaos. The chances of this happening are next to nothing.
But even if it does occur, the fears are overblown. It is possible for transactions to be recorded on offline hardware blockchain ledgers. Once the internet is restored, all transactions can be updated. This can be done with cryptocurrencies, but cannot be done with fiat, as people would be unable to pay with fiat credit cards if there is no internet. CryptoFuse is a company that offers offline wallets to store blockchain transactions.
And with nodes in outer space, there will always be a permanent record of the Bitcoin blockchain. In nearly all ways, Bitcoin and other cryptocurrencies are far superior to existing monetary systems. Over the coming years, such technologies may take over from fiat, and the sooner, the better.
In the meantime, Bitcoin and other cryptos have a lot of work to do. The Bitcoin price is currently stagnant, at around the $7,200 mark. It is now understood that Bitcoin futures are used to manipulate the Bitcoin price. However, 2020 is expected to be a volatile year when the Bitcoin price will skyrocket and adoption rates will explode.