European Space Agency has provided a grant to the SpaceChain blockchain project
Since 2017 of the year SpaceChain is developing an open satellite network using blockchain that will enable users develop and run decentralized applications in space. This is supposed to be the solution will be differ increased reliability and safety by compared with ordinary blockchain-networks. The SpaceChain system uses a three-signature mechanism, where two signatures are generated on Earth, and the third is on orbit. Implementation of any transactions requires at least two signatures.
SpaceChain CEO Zi Zheng claims that the Internet is an weak link of blockchain networks and suggests using a satellite signal for data transmission.
“We do not need access to the Internet to carry out such transactions. Thanks to this we get rid of from many potential risks of hacking, – stated is he. – We are talking about market, on which Last year was stolen $ 1 billion in cryptocurrency. In our system, make this it will be much more difficult “.
European Space Agency Grant is he considers in quality opportunities acquaint cryptocurrency community with application blockchain in space, noting at this, that the developers already demonstrate significant interest in the security benefits of the proposed solutions.