Altcoin News: The European Space Agency Has Provided a Grant to the Blockchain Project

September 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Blockchain startup SpaceChain received a grant of 60,000 euros from the European Space Agency to explore the possibilities of creating a satellite system of blockchain wallets.

Since 2017, SpaceChain has been developing an open satellite network using the blockchain, which will allow users to develop and launch decentralized applications in space. It is assumed that such a solution will be characterized by increased reliability and security compared to conventional blockchain networks. The SpaceChain system uses a three-signature mechanism, where two signatures are generated on Earth, and the third in orbit. Any transaction requires at least two signatures.

SpaceChain CEO Zee Zheng claims that the Internet is a weak link in blockchain networks and suggests using a satellite signal to transmit data.

“We don’t need internet access to perform this kind of transaction, which eliminates a lot of potential risks for hacking,” he said. — “We are looking at a market that last year saw $1 billion in crypto stolen. That will be much much more difficult for hackers [on our system]”.

He considers the grant of the European Space Agency as an opportunity to introduce the cryptocurrency community to the use of blockchain in space, noting that the developers already demonstrate a significant interest in the security benefits of the proposed solution.

Last November, SpaceChain launched the Qtum node in space. Over the next 18 months, the project expects to carry out three launches.

Author: Marko Vidrih