Bitcoin In Space: Blockchain Satellite Confirms First Bitcoin Transaction

Blockchain Technology In Space – First Bitcoin Satellite Transaction Confirmed

Not too long ago Blockstream, one of the leading blockchain companies, had announced Blockchain Satellite with the vision to let everyone participate in Bitcoin. Now, the latest Blockchain news is that the Blockstream’s Blockchain Technology Satellite has confirmed the first successful Bitcoin transaction. The company’s CEO Adam Back has confirmed this news on Twitter.

( Read: Sending Bitcoins Without Internet Now Possible ByUsing Satellite Technology)

Back did so while quoting Grubles – the creator of BitcoinVPS – whose satellite node received first successful Blockchain transaction on a computer with disabled networking.

Now it can be concluded that Bitcoin and Blockchain Technology has also made space their home.

Only a week earlier to the big event, Blockstream had announced about leasing satellites to broadcast Bitcoin’s Blockchain Network all across the globe. Regions where people use company’s beta can download a fully functional Bitcoin node. First regions able to do so are: ->Europe,

->Africa,

->South America,

->And North America.

Blockstream envisions of making Bitcoin accessible to users from countries that have poor internet infrastructure and unstable currencies.

As of now, with the speed connection of 64kbit/sec, the system:

“provides adequate bandwidth to reliably maintain synchronization with the network with modest delay,” as per Back.

Users will be able to track the development if they have access to a 45-centimeter satellite dish or a TV satellite, and a personal computer or dedicated hardware like a Raspberry Pi.

Open-source software like GNU Radio can be used to establish the radio connection. Even at this stage, an internet connection is required to make a transaction, but Back is sure that SMS would do the purpose.

Back has also revealed that for developers and companies to be able to send data through satellite in exchange for a small fee, Blockstream is all set to release an API.

Jeff Garzik, former Bitcoin Core developer, has similar plans with a project named BitSat, in 2014, but he dropped it. In a discussion led on Reddit, he argued that Blockstream’s satellite means centralization on company’s version of the Blockchain. He said:

“It’s cheap to write a check to another satellite provider to do a broadcast for you. It’s a centralized data service, with a centralized [satellite] provider, and carries plenty of shutdown and censorship risk.

It’s also a great way to centralize everybody on Blockstream’s version of the Blockchain, as it appears that Blockstream are the only ones transmitting (uplinking) to the satellite.”

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