A new blockchain project, Spacecoin.xyz, plans to launch the first blockchain network to operate entirely through satellites.
According to the project’s development team in a “blue paper” released on November 1, the network will leverage the Iridium satellite constellation to create a secure and resilient system that is less susceptible to the risks of “denial-of-service (DOS) attacks and censorship” that often affect earth-based blockchain networks.
Spacecoin’s network will be built on “Cryptosat”, an existing satellite infrastructure with specialized nodes that are physically protected from external interference. These satellite nodes, alongside a two-layer system design, allow Spacecoin to split some transaction processing to Earth-based systems (Layer 2), enhancing transaction speeds. This satellite-based setup is managed by decentralized administrative entities, ensuring that no single authority controls the network.
The “blue paper” outlines several innovative applications for Spacecoin’s blockchain. Two primary use cases stand out: “Celestial Marketplace in Orbit” and “Enhanced Data Security and Forward Secrecy.”
The project team envisioned an “in-orbit marketplace” where satellites can autonomously trade services like data storage and communications without relying on Earth-based connections. According to them, this unique setup allows for seamless software updates and customization through smart contracts while maintaining transparency and security.
Spacecoin aims to offer secure data handling with “forward secrecy,” a feature that protects sensitive data from future breaches and unauthorized access, preserving its confidentiality over time.
The team has not yet announced a launch date for the project. However, according to the roadmap on the project’s website, the first iteration of the proof-of-concept for its consensus mechanism will be implemented in January 2025.
Spacecoin’s satellite-based approach could offer a new level of security, addressing vulnerabilities inherent in the current blockchain systems. The importance of such resilience was highlighted by a recent security breach on the Base Layer 2 blockchain, where an exploit involving manipulated Wrapped Ether (WETH) contracts reportedly led to the theft of approximately $1 million on October 25.
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