Cryptosat launched the cryptocurrency satellite module, Crypto1 into orbit from Florida on the 25th of May. The Falcon9 rocket carried the satellite as part of SpaceX’s Transport 5 mission.
First Crypto Satellite To Increase Blockchain Usage
This new development marks the start of blockchain tech in space. The satellite will help to foster blockchain development from outer space.
Also, the satellite will make use of radiofrequency for communication. This will make it difficult for hackers and cybercriminals on Earth to hack.
Cryptosat is a company that wants to revolutionize the world of blockchain technology using satellites. The company’s mission is to manufacture satellites that can power ledger, cryptographic, and blockchain applications.
The official announcement from the firm states that;
“We know that satellites have wide coverage and can handle these tasks. As we have launched these recent technologies into space, it will unlock new computing opportunities. With this innovation, we can increase widespread adoption of blockchain technology.”
Yonatan Winetraub, Cryptosat’s co-founder, noted that the company is glad to be part of this development. He stated that taking blockchain and digital assets into space can open up new opportunities.
“SpaceX has sent several satellites into space for various reasons. We hope to use the Crypto1 satellite to provide cryptographic and blockchain services for our clients. Our service will not interfere with other satellites,” Winetraub added.
Satellite To Provide Cryptographic Service From Space
Yan Michalevsky, the co-founder of Ajuna security, stated that this development is the first of its kind.
According to Michalevsky, working with a satellite in space is different compared to when it is done on Earth. If something is not right, opening up the terminal and fixing it is easier. However, this won’t be easy if the machine is in space.
He also stated that this cryptographic system is independent and will not depend on other satellites. For this purpose, the company will provide zero-knowledge-proof protocols to control it.
Zero-knowledge proof refers to an advanced cryptographic technology that can securely verify transaction details. Decentralized Autonomous Organizations (DAO) use it in their voting mechanisms.
“Several protocols, mostly in web3, have a smart contract and financial systems that require a high level of security to safeguard them from hackers. These digital legal documents depend on the security of the cryptography powering them. The Crypto1 will use radio frequency for communication, and nobody can hack it from Earth,” Michalevsky concluded.