SpaceChain: The Technology Of The Future, Partnership with Biteeu, Replies To The Questions, Sticker
Biweekly update 11th June — 25th June
There is an opinion that to achieve true decentralization, two things need to happen — the network has to be in outer space and blockchain technology has to be in place. Clearly, Space plays a crucial role in furthering the principle of decentralization. Moreover, Tim Draper, an American venture capital investor, said “Bussineses are wide open and global. It’s just politicians that are still trying to claim to that geographic borders.” So, The project before us today tries to make our world less centralized by the Space BlockChain implementation. Exciting news abounds this week. First of all, Biteeu, Global virtual currency exchange, partners with SpaceChain to back up its data on the space node. Secondly, Co-founders Jeff Garzik and Zee Zheng answered some of the community’s questions. Additionally, the tech team is working on migrating the space node transport layer to Ethernet. Chief Commercial Officer & SpaceChain UK Director Nick Trudgen attends the 9th Recent Advances in Space Technologies (RAST) forum in Istanbul, Turkey. Must admit, the tech team has completed the first joint debugging of the new generation space node and the server.
Since we are presenting the review of Storj for the first 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 is moving the transport layer of the software code on the space node to Ethereum network.
- The transmission layer of the on-satellite software is replaced by the Ethernet transmission mode, including data transmission and modification of the instruction triggering mode. Thus, making it suitable for other high data bandwidth transmission applications.
- The team is also reconfiguring the other logical layers of the on-satellite code to improve modularization, thus providing great convenience for the future modification of a single logical layer correspondence protocol.
- The reconfiguration of the current code is in progress.
- Co-founders Jeff Garzik and Zee Zheng did a video to answer a few of the questions from the community.
In this Ask-Me-Anything video, Jeff and Zee covered everything from Bitcoin and Ethereum integration, updates on GitHub, SpaceChain CubeSats, the future of space economy, tokenomics and more!
- The 9th Recent Advances in Space Tecnologies
From June 11 to 14, SpaceChain UK Director Nick Trudgen attended the 9th Recent Advances in Space Technologies (RAST) that focuses on UN’s goals for sustainable development in space. Held in Istanbul, the conference provides a forum for the presentation and review of developments of space and space technology, as well as how it achieves the “Sustainable Development Goals 2030”.
- Houston, we have a winner
Earlier this month, SpaceChain got the community to design a SpaceChain sticker. After going through all the entries, the team has selected this one as the winning design. We love its simplicity and cool motif. The winner walked away with 10,000 SPC tokens. That’s not all. The design will also be printed as part of our SPC swag.
To thank the community for their efforts, SpaceChain decided to give away a bonus prize to all the content participants.
- 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.