SpaceChain to investigate satellite-based blockchain

Robert Hoogendoorn
Sep 19, 2019 · 2 min read

People could soon be sending bitcoin or other cryptocurrencies to space. The European Space Agency has awarded blockchain startup SpaceChain with a 60 thousand euro grant. The blockchain company will investigate use-cases for their satellite-based blockchain wallet system. This is part of the space agency’s Kick-start Activity Program to motivate companies to develop business potential using space assets and data.

SpaceChain’s satellite blockchain technology brings more security to the transmission of digital currencies and smart contracts by using a distributed satellite network and multi-signature transactions. Until now SpaceChain has developed an open-source operating system, and launched two blockchain nodes into space in the past 12 months. Earlier this year they did their first blockchain transmission in space.

SpaceChain is a community-based space platform that combines space and blockchain technologies to build an open-source blockchain-based satellite network. This network allows users to develop and run decentralized applications that also work in space.

Still low volumes for decentralized apps

Developing a blockchain in space is a very brave endeavor, especially if you do it with the intention of running commercial applications in space. Currently decentralized applications aren’t seeing much volume in terms of users. The most popular dApp of this moment is Dice, a gamling game on the EOS blockchain. According to DappRadar it had 3600 users in the past 24 hours. Followed by the game Prospectors with 2800 users, and EOS Dynasty with 2700 users.

Despite the low number of users per dApp, we are talking about a big numbers in terms of money. Gambling app WINk on the Tron blockchain had 7.3 million dollars in trading volume in the past 24 hours. According to DappRadar almost the entire Top 50 apps in trading volume are about gambling or financial services. The only game is on the fiftieth spot, and is called Gods Unchained. This battle card game did $26.700 in volume in the past 24 hours.

Originally published at NEDEROB.

Robert Hoogendoorn

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Content Optimization Expert & Copywriter. Learning about blockchain every day, sharing my knowledge and my passion with you.

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