Crypto startup Spacecoin XYZ has announced plans to launch the first blockchain network in outer space using a fleet of nanosatellites.

Introduction to Spacecoin XYZ’s Ambitious Project

According to Spacecoin XYZ’s whitepaper published on Nov. 1, the blockchain system will benefit from an Iridium distributed network of satellites. Spacecoin explained that satellites are more resistant to DoS attacks and censorship attempts compared to networks based on Earth.

“Spacecoin nodes run within satellite-cubes in orbit that are physically tamper-proof by any administrator or powerful actor and do not suffer from side-channel leaks that are prevalent here on Earth,” wrote the authors of the Spacecoin XYZ whitepaper.

Decentralized Operation and Governance

Spacecoin will be operated by a network of nodes deployed on cube satellites and governed by separate administrative entities, making it completely decentralized. In some cases, entities will be able to fully control and launch their own cube satellites to take part in Spacecoin’s operation.

Current Limitations and Future Plans

For now, the authors claim that the Spacecoin system is not tamper-proof yet, as they would have to rely on Iridium terminals to communicate and utilize Spacecoin from Earth. The Iridium terminal is an interface that allows users to connect to satellite constellations from Earth, establishing a global communication network.

The whitepaper states that Iridium terminals are still vulnerable to attacks and might cause Spacecoin to become unusable. In the future, they plan to employ direct consumer device communication to satellites without relying on third parties.

Potential Uses for Spacecoin Blockchain

The authors cite two potential uses for the Spacecoin blockchain:

  • Celestial Commerce Marketplace: Spacecoin aims to facilitate payments and other market infrastructure tools to serve other applications running in orbit. It will very rarely need to communicate with Earth, being considered one of the “celestial applications.”
  • Security Services: Due to the blockchain’s tamper-proof nature, the decentralized platform is expected to safeguard sensitive information such as data compliance and trade secrets.

“We want to employ a blockchain for such a marketplace in orbit for several reasons. The first is that smart contracts enable software upgrades and customization while making all changes transparent. This allows the platform to evolve while deterring and detecting any rogue software updates,” said the authors.

“In many cases, decentralized applications and services can utilize Spacecoin to implement critical security components, taking security to new heights with tamper-proof guarantees,” the authors explained.

Future Prospects

Although a potential launch date has not been revealed, the team stated that the purpose of building this extraterrestrial blockchain is to eliminate dependency on Earth-based intermediaries and continue to improve the performance of Layer1 technology.

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