Blog, Cryptocurrency

It’s Blockchain Satellite!

If you think blockchain technology is all about new layers and side chains to improve its usability, you will be surprise now that it has its own satellite communication. In fact, Bitcoin is launching its 5th satellite to cover Asia Pacific region. With that, the facility reaches all land masses except North and South pole region, which is populated with polar bears and Penguins.

Is there a fee to use this service?

The satellites are rented and paid by the protocol. Therefore, it is free for users.

Purpose

Why does Bitcoin need satelitte communication eventhough it has internet connection?

  • To lower network’s dependence from internet. This amplifies the objective of Bitcoin blockchain for decentralisation, censorship resistance and permissionless
  • Satellite ensures areas with poor internet infrastructure (e.g. third world country) will still be able to perform money transaction across world. In this part of the world, banking and 3rd party organisation is less reliable than those in developed nation. Having decentralisation of money transaction system will build confidence and ease transaction that will boast the less developed countries economy.
  • New satelitte API will be launched in Jan 2019, where users can send encrypted messages using lightning network.

 

Natural disaster notifications, secure personal messaging, and sending bitcoin market data to remote locations are just some of the exciting examples of the power of this service

By Chris Cook, head of the Blockstream Satellite project
Disclosure: I invested US$3,000 in Bitcoin and Bitcoin market price is S$ 4,050 when this article is written. Any information, commentary, recommendations or statements of opinion provided here are for general information purposes only. 

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