Spacecoin XYZ has announced plans for the first blockchain network in space

Spacecoin XYZ – crypto satellite startup – offers a new method to start an extra-terrestrial blockchain network for the future “space economy” and the superiority of the human race even in the event of an apocalypse.

In a November 1st blue paper, Spacecoin's Decentralized Physical Infrastructure Network (DePIN) outlines a new way to launch spaceships using nanosatellites — something co-founder Daniel Barr told Cointelegraph that lays the groundwork for a “birthplace.” The economy of the future.

Barr envisions a future where satellites and, in the near future, spacefarers will use the blockchain network as an interstellar marketplace and application layer.

He explains humanity's need to protect the integrity of blockchain technology and the privacy and security that comes with it – in a way that doesn't limit itself to just one planet.

“Unless we have some sort of nuclear conflict or Armageddon scenario, it's important to secure the future of blockchain — or free market capitalism in general — that can outlast any government actors trying to attack it.”

While it may seem like a lofty goal at the moment, SpaceX CEO Elon Musk says the economy of SpaceX needs to be planned and built, following his recent goal of sending humans to Mars within the next two years. Added bar:

“We are laying the groundwork for what we believe will happen, the expansion of the free market economy beyond the borders of planet Earth.”

So far, Spacecoin has launched three satellites for its first test with its infrastructure partner Aptos Orbital.

Why launch DePIN in outer space?

Aside from promoting an Armageddon-proof space economy, there are several pressing reasons why building a blockchain network in outer space is critical for now, Spacecoin consultant Dahlia Malki told Cointelegraph.

Malki — a professor of computer science at the University of California, Santa Barbara — outlined key potential use cases for the “commercial marketplace of cloud services,” including a secure co-processor and highly secure data custodian. .

Now, Spacecoin's main goal is to build itself as a space data center, providing security levels that simply aren't possible here on Earth.

“You can think of it as a trusted hardware platform that, once you've deployed it safely and securely, can be flown. No one can tamper with the hardware on the satellite, not even us,” Malki said. “

This addresses most of the security vulnerabilities here on earth that even trusted hardware platforms like Intel SGX and other companies don't have answers for.

Speaking of additional use cases, Malki added that Earth's orbit is already “getting very busy” — citing the rapid development of satellite-based services such as Musk's Starlink, imaging and communications providers.

“All these services will benefit from having a platform that enables the marketplace to make payments, micro-payments, any kind of trade, any kind of enforceable agreements or contracts without having to touch the earth. Melki said.

“To do this properly, you need a decentralized infrastructure that no one controls.”

How does Spacecoin work?

Malki explained that Spacecoin is supporting a novel two-tier design built on a layer-1 network deployed in space and layer-2 state chains based here on Earth.

Related: Decentralized Network Uplink Leads to 40,000 Routers, Reduces Internet Costs

The extraterrestrial layer-1 is called the “celestial chain”, and the terrestrial layer-2 is called the “unprotected” network.

“The celestial chain is the outer authority. After all, this is what records an immutable story that may eventually outlast our lives on Earth,” Malki explained.

“We expect and prepare for the case where satellites are sometimes in the dark and it takes a few seconds to a few minutes to find them at first. And so we're building the Uncelestial layer that hinges on the authority here on Earth and the finality of L1 on the space coin,” she added.

But unlike current scaling solutions in the crypto ecosystem — rollups, indoor rollups, ZK-rollups — Malki said the team wants to provide an earth-based layer-2 solid with the ultimate fast latency.

Disclaimer: Spacecoin XYZ is not to be confused with an unrelated project called Spacecoin.org.

AI AI: A strange cult is growing around AI-created memecoin ‘religions'