SpaceChain, a decentralized community-driven space platform, announces the success of the first ever blockchain transaction being carried out in space on the Qtum network. Co-founder and chief technology officer Jeff Garzik, states “This multi-signature cold wallet service – an application developed by SpaceChain engineers to test the space node – shows proof of technology of being a potential cyber security solution for the blockchain industry.”
Blockchain Technology and Nodes in Space
The first fully functional Qtum blockchain node was launched into space on October 25th, 2018. Prior to that, at the Taiyuan Satellite Launch Centre in Xinzhou, China, SpaceChain launched their first blockchain space node. While the launch in October featured a fully functioning node, the former was equipped with RaspberryPi hardware, blockchain software and had limited functionality, as well as being offline and the first ever node in Earth’s orbit.
In continuation of his statement, Jeff Garzik also noted “SpaceChain deployed and tested the space-based multi signature transaction which opens up brand new possibilities in space security models” in regard to the rigorous testing that underwent after the nodes launch in October. For the preparations and the launch, itself, SpaceChain used the expertise of Tibet Zezheng Information Technology Co. Ltd. And Beijing Xihua Science and Technology Co. Ltd.
Garzik further states, that even though it takes months and years to even build such a system and to launch the hardware into space along with all the permissions and opportunity to launch, they feel proud to have been able to launch not one, but two nodes into space. This is a great leap forward towards their goal of creating a blockchain based satellite network.
What is SpaceChain
SpaceChain is a community-based space platform with the goal to merge space with blockchain technology. It was founded in 2017 and it currently aims to create the first open-source satellite network using blockchain, allowing users to create and manage their own dApps in space. Its operating system will be widely available so anyone can get it anywhere in the world, while retaining security and immutability through the blockchain cryptography.
What is Qtum
QTUM, or pronounced quantum, is a Singapore-based blockchain project that brings the smart contracts of Ethereum and the stable blockchain of Bitcoin together. The main goal of the network is to make it easier for businesses to integrate the blockchain technology, build and execute their own smart contracts.