February 22, 2024

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Satellite building company, Cryptosat has successfully managed to launch a small satellite carrying blockchain technology, introducing cryptography around the earth’s orbit.

Crypto into Space

The latest development regarding cryptocurrencies has led the crypto industry to follow a completely new and unique path towards advancement, as globally recognized rocket construction company SpaceX, owned by famous billionaire Elon Musk, popularly known for its automatic landing rockets, recently delivered a small sized satellite carrying blockchain technology developed by Cryptosat into the planet’s orbit. The satellite was carried by SpaceX’s falcon 9 rocket, bringing crypto into outer space.

Co-Founder at Cryptosat, Yonatan Winetraub commented on the development stating that the firm has decided to enter the bandwagon towards spaceflight and since majority are going into the earth’s orbit, Cryptosat also wants to become a part of them. Yonatan continued by saying that they are aware that SpaceX has been launching many satellites into the orbit, but there will be no interference with them, as Cryptosat is only looking to utilize their satellite to enable cryptographic services for people on earth.

Independent Operation via Radio Frequency

Yan Michalevsky from Cryptosat also shared personal views regarding the project, saying that this launch will be marked in history as the world’s first ever independent crypto-powered satellite to be introduced into the earth’s orbit, with future enhancements such as zero-knowledge-proof protocols for verifying transaction information to arrive as the project progresses forwards in the coming times.

Michalevsky highlighted that the big advantage of this new system is that the communication between the satellite and the team at Cryptosat will be done through radio frequency, so hackers will not have a chance to interfere with the systems and exploit it.

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Furthermore, Yan emphasized that this is an essential requirement, and by looking into the future of the financial market, which will be focused towards Web3 and Smart contracts, the importance of secure cryptography services will be a crucial factor towards gaining the trust of users around the world.

However, Yan did mention one problem about the project related to maintenance, saying that working with space assets is very challenging compared to ground level assets and if something went wrong, then an immediate solution will be impossible and the issue will take time and effort to resolve. It is unlike the ground level assets which can be immediately fixed by accessing a terminal and applying a quick debug.

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