SpaceChain: The Space Node Secure Payment Service, Partnership with Biteeu Exchange
Biweekly update 25th June — 9th July
Good day. We are happy to write about SpaceChain, a community-based space platform that combines space and blockchain technologies to build the world’s first open-source blockchain-based satellite network, again. To start with, development is ongoing. As we know, the team combed the interaction process of the space node secure payment service. It includes creating a wallet through the client, an initiating and cancelling a transaction and so forth. The tech team is working on the development of the space node batch file processing module. In our view, we should tell you about social activity in terms of company development. First, Biteeu Exchange co-founders discuss a partnership with SpaceChain. They also discussed the future of space in Kazakhstan and what the partnership with SpaceChain means for the industry. Second, there will be Space Tide 2019, event which gathers keyspace stakeholders, such as start-ups, corporations, government agencies, investors and researchers, to discuss the frontiers of rising space technologies and service. So, as part of this event, SpaceChain CEO Zee Zheng will be among the space entrepreneurs who will congregate in Tokyo and provide various perspectives and angles on space becoming a full-fledged business field. To conclude, the project is growing, but unfortunately, not so much as wanted.
Since we are presenting the review of Storj for the second time, there is an introduction in SpaceChain.
Founded in 2017, SpaceChain is a community-based space platform that combines space and blockchain technologies to build the world’s first open-source blockchain-based satellite network, allowing users to develop and run decentralized applications in space.
The SpaceChain operating system will be available to anyone, anywhere in the world, all while remaining secure and immutable through proven blockchain cryptography. In doing so, SpaceChain’s vision is to remove barriers and allow a global community to access and collaborate in space.
How does it work?
SpaceChain launched its first Low Earth Orbit (LEO) satellite into space on Feb 2, 2018, and it is more cost efficient than its geo-stationary (GEO) counterparts. The satellites are used as blockchain nodes for data processing, transmission, in-space data storage and application development. SpaceChain also integrates with Qtum to provide the basic service API for smart contracts and blockchain application.
Built upon that, SpaceChain’s open-source operating system (SpaceChain OS) provides the main blockchain application sandbox for developers to utilise for rapid and secure development, testing and deployment of space-based applications — similar to a mobile app development platform.
Companies that wish to develop their own space-based applications will no longer need to launch their own satellite. They can tap on SpaceChain’s satellite network instead. This maximises investment and resources by making space-app development more cost-efficient.
Developer activity (from Coinlib.io):
The team combed the interaction process of the space node secure payment service which included:
- Creating a wallet through the client
- Initiating a transaction
- Cancelling the transaction
- Entering the confirmation password by the server administrator
- Uploading the transaction file
- Downloading the signature result file
- Connecting to the space node by the ground station administrator
- Posting the transaction file
- Starting the space node signature task
- Transmitting the message
- Signing the result file
- The next generation of space node batch file processing module is under development.
- The batch file processing module is responsible for counting and analyzing all currently uploaded transaction files. It generates a transaction file processing order and passes the index of the next file that is required to be processed to the signature module.
- After the batch file processing module is added, the space node can complete the signature task automatically according to the rules without specifying the file. It can also continue to execute the last unfinished task when user starts the system again.
- The module is currently being tested. It will be incorporated into the space node software upon completion of the test.
- On June 27, SpaceChain CEO Zee Zheng participated in the Start-up Networking Session in Singapore. It was organized by Singapore Space and Technology Association (SSTA), SpaceIL and Flex. During the event, a panel of space leaders discussed the obstacles space start-ups usually face and how to overcome them.
- Zee chats with Biteeu co-founders Talgat Dossanov and Shukhrat Ibragimov about the story behind their virtually currency exchange and why it was important to take time in creating a completely reliable exchange. The co-founders also discussed the future of space in Kazakhstan and what the partnership with SpaceChain means for the industry.
- Already in its fourth year, Space Tide 2019 gathers key space stakeholders, such as start-ups, corporations, government agencies, investors and researchers, to discuss the frontiers of rising space technologies and services.
SpaceChain CEO Zee Zheng will be among the space entrepreneurs who will congregate in Tokyo, Japan, and provide various perspectives and angles on space becoming a full-fledged business field.
- Unfortunately, SpaceChain has not published its new roadmap.
Partnerships and team members
Open-source blockchain-focused company SpaceChain has signed a partnership with Biteeu DCX OÜ (Biteeu), the Global Virtual Currency Exchange powered by Bittrex. The partnership focuses on enhancing the security and data protection through space-based storage solutions.
Biteeu is a fully licensed and compliant cryptocurrency exchange in the European Union that views data integrity and security as top priorities for their clientele. Aiming to be on the cutting edge of securing user funds, Biteeu will be backing up their data on SpaceChain’s blockchain-enabled satellite payloads, making them the first cryptocurrency exchange to do so.
To avoid ever-increasing cybersecurity threats, enterprises, governments and the public are looking for the most secure and reliable technology providing maximum protection against privacy breaches.
“Never before has space been so close and accessible. But, thanks to SpaceChain’s out-of-scope vision and breakthrough technology, Biteeu aims to become the first cryptocurrency exchange in the world to backup daily operational and clientele data in low earth orbit. The partnership with SpaceChain will mark a new era of enhanced data protection for Biteeu virtual currency exchange and will set new standards for other players on the market,” said Shukhrat Ibragimov, chairman of Biteeu.
SpaceChain launched two blockchain-enabled satellite payloads in 2018 and completed the first Qtum space transaction in early 2019. They have been focusing on increasing the security of public blockchain with multi-signature transaction creation and decreasing the likelihood of physical attack vectors by placing blockchain-enabled satellite payloads into low earth orbit. As part of the partnership, Biteeu is utilizing SpaceChain satellite capabilities to back up all its data and upgrade security for its customers.
“We are excited to work with Biteeu on adapting our technology with theirs so as to provide enhanced security and data protection for their customers. We believe that this is a new beginning for the cryptocurrency and space industry, opening doors to more partnerships and exploration of utilizing our blockchain-enabled satellite payloads,” said Zee Zheng, chief executive officer and co-founder of SpaceChain.
In addition to data backups, SpaceChain’s multivariate space nodes are capable of processing transactions on multiple blockchains and performing multi-signature transactions. Plus, they are deployed on custom-built, open-sourced, flight-tested hardware to enable the new space economy. In April 2019, SpaceChain expanded its operations to the United Kingdom to leverage Europe’s advanced space technologies and engage in further business development in the European Union. SpaceChain UK Limited is based in Oxfordshire at the Satellite Applications Catapult, an independent innovation and technology company created by Innovate UK.
Social media metrics
Social media activity:
The graph above shows the dynamics of changes in the number of Twitter followers. The information is taken from Coingecko.com.