Opinions

Blockstream Takes the Bitcoin Blockchain to Space

Bitcoin is taking over our satellites! And there is absolutely nothing to worry about really; it’s not like a hostage situation. In fact it is the hallmark for a new age of Bitcoin, as users around the world will be freed from the constant need of Internet for the purpose of spending their cryptocurrency on daily transactions.

The blockchain development firm, Blockstream, which managed to raise a whooping  $101 million from Khosla Ventures and others, has expanded its network of satellite service and is now streaming the entire Bitcoin blockchain, so that it can reach major landmasses.

Initially the startup had only four satellites that were broadcasting to the regions of  North America, South America, Europe, and Africa. Now with the addition of the fifth satellite, the coverage will significantly expand and cater to the Asia Pacific region as well.

The new application programming interface (API), has quite a lot to offer its users. First off, users have the power to send encrypted messages to each other, even if they are in some of the remotest regions. And they can pay actually pay for those messages in Bitcoin via the Lightening Network.

Moreover, in addition to providing its users with a cost efficient way to send smaller Bitcoin payments, the recently integrated Lightening Network also facilitates per-kilobyte micro-transactions and “onion-routing” technology, which protects the sender, receiver and the content as well from any third-party observation.

Furthermore, the new API has also touched upon the area of data transmission. Initially the data being transmitted was just the information about the final blocks of transactions. Now, the new API expands that to include all Bitcoin transactions.

The main aim behind this rather ambitious space initiative is to free the crypto usage from its dependency on access to the Internet, all the while strengthening the Bitcoin network to the maximum.

We see the increased robustness of the bitcoin network and the lower cost of participation contributing to helping businesses rely on the service for backup, and for emerging markets to use as their primary access to the bitcoin network at a lower cost.

Said the Blockstream CEO Adam Back.

With this latest expansion of the satellite network, Blockstream literally covers the entire globe, except the regions of Greenland and Antarctica.

Who knows, maybe with time Blockstream does in fact achieve global domination. Till then, stay tuned to BlockPublisher for more details.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.