Blockstream Satellite: Beaming Bitcoin from Space Down To Earth
Another day, another revolutionizing blockchain innovation.
Blockchain already has the immense potential to change the world - it is the foundation of cryptocurrencies and enables transparent and secure transactions.
Apart from that, there are also countless use cases for Blockchain technology outside of the financial sector - for example tracking the supply chain, distributing aid to those in need, or even help fight climate change.
But now, there seems to be a new innovation:
Using satellites to enable people all over the world to get access to blockchain technology!
Blockstream Satellite is the world’s first service that broadcasts real-time Bitcoin transactions and blocks from a group of satellites in space. With the service, everyone will have free access to the Bitcoin network, in any corner of the world, including the estimated four billion people not currently connected to the Internet, due to lack of availability or affordability.
The Problem
4 billion people worldwide don't have access to the internet. Especially in remote areas of Africa and Asia, reliable internet access is still a privilege. And being able to interact with Bitcoin could potentially revolutionize millions of people's lives.
In the whole of north and west Africa for example, there are currently only 5 full nodes running.
This shows another bottleneck of centralization, the internet service providers.
Especially in 3rd world countries and remote areas where banking is centralized, issues like inflation, volatility and corruption are an everyday occurance.
In these economies, Bitcoin could provide not only a decentralized payment method but also a way to send and receive money globally with low fees.
As the internet has revolutionized communication, commerce, publishing, and other industries, Bitcoin is revolutionizing money and the transfer of value. Built on peer-to-peer technologies, it is inherently digital, free from central control, and permissionless. It will empower and globally connect users, equalizing opportunity and access, and turbo-charge economic ecosystems held back by stalled currencies, and build enduring long-term value.
The Solution
Blockstream aims to solve this problem by providing access to the Bitcoin Blockchain through a satellite network.
Right now, Blockstream Satellite is already available across 2/3 of the Earth's landmass, and they plan to extend this to global coverage until the end of 2017.
Currently, there are 3 geosynchronous satellites up and running.
How does it work?
The system makes use of radio signals. Node operators in rural areas will use those signals to download and verify blocks.
Running a full node is the only way to verify every transaction, and these nodes are the backbone of the network.
But setting up and maintaining a node requires about 160GB of storage space, which can be a huge issue to people without reliable internet connection.
Teleports, which are ground stations, will uplink the public blockchain data to the satellites of the network, which can then broadcast it to a much larger area across the world.
Blockstream Satellite uses GNU Radio, an open-source software development platform for Software-Defined Radio (SDR), expected to reduce costs and streamline development by eliminating the need for specialized hardware. Blockstream Satellite utilizes the Fast Internet Bitcoin Relay Engine (FIBRE), an open-source protocol backed by several years of history operating and studying the Bitcoin Relay Network. Anyone can receive the signal with a small satellite dish (similar to a consumer satellite TV dish) and a USB SDR (software-defined radio) interface. The software is free. The software interface is the open-source GNU Radio software, which is the receiver. GNU Radio will send data to the FIBRE protocol, which is the Bitcoin process and is where the blocks reside.”
Future Outlook
Since the announcement of Blockstream Satellite 2 days ago, the crypto-world has been been very excited about this new kind of bitcoin revolution.
Blockstream already has the ability to supply 2/3 of the earth's landmass with their technology, but they aim to achieve full global coverage until next year.
Imagine the effect that it could have if the Blockstream technology really enables people from all over the world access to Bitcoin - it would change the lives of millions of unbanked people and allow the Bitcoin network to grow even more and become more secure and innovative.
The transition to the future of finance – one that is decentralized, permissionless, and secure – won’t be quick and easy. But, as with all transformative and revolutionary ideas and technologies, it will be worth it. The Internet was not built in a day.
For Bitcoin to be truly transformative, it must be everywhere, available for everyone to use, and that’s what we’re helping to make possible with Blockstream Satellite’s radically lower cost of Bitcoin network access — a necessary building block and level-up for the mass adoption of Bitcoin.
What's your opinion about this technology - innovative or too futuristic and not realistic?
© Sirwinchester
Very cool!
3 billion people are still not connected to the Internet. This will be the race of the century, getting all those people connected, not only to the internet but to digital banking (aka crypto currencies). It's gonna be epic!
Literally to the moon!!!
This is basically just a more complicated internet isn't it? Wouldn't less developed countries benefit more from basic resources rather than such complicated technology?
Wow can't believe they will already have access around the globe.. Fantastic. Great posts @sirwinchester following.
Who's funding the project?
Yes I think this is future.
This revolution will most likely to continue until the end. :D
Checkout 1st and third position.
wow and more wow. to the moon!
Bitcoin - each day is a new development.