A well-known cryptocurrency enthusiast has suggested “sending” the Bitcoin network into space. Why would that be necessary?
Adam Back is the co-founder of Blockstream, a cryptographer and one of the people whose name is mentioned in the Bitcoin Whitepaper. He was the originator of the Proof-of-Work algorithm, which now powers the main cryptocurrency and many other blockchain projects. He was recently a guest at the Bitcoin Amsterdam cryptoconference, where he shared his views on needed innovations in the industry. One of them, Beck believes, is the placement of BTC network nodes in Earth’s orbit, something that could supposedly benefit the digital asset industry. The expert’s point of view is discussed in more detail.
It should be noted that Adam Beck’s name is indeed in the Bitcoin Whitepaper, with which the anonymous developer of the first cryptocurrency, Satoshi Nakamoto, explained the concept of its operation. We’re talking about a fourth section called “Proof-of-Work,” which explains the features of the proof-of-work consensus algorithm.
Mention of Adam Beck’s name in the Bitcoin Whitepaper
The full document is available at the link. We recommend reading it if you are just starting your journey in the world of cryptocurrency or just want a closer understanding of BTC.
Why Bitcoin is needed in the space
In an interview with Cointelegraph journalists, the cryptographer argued his idea with the following quote.
There are several reasons for setting up a node network in space. It’s cool and it can be implemented. Also, you will be able to receive data anonymously because it is broadcast from space and no one can tell exactly what you are receiving. This is good for privacy.
Note that conducting Bitcoin transactions in the absence of the internet is not a new feature. In particular, we looked at the topic of using radio for this back in March 2019. Read more about the innovation in a separate piece.
Adam Beck (right) during an interview with Cointelegraph
“The Space Crypto Network could help many companies that actively interact with the Bitcoin blockchain. It will be another link in decentralising the cryptocurrency ecosystem, so that even shutting down nodes on Earth in a relatively large region won’t hurt the functioning of BTC. The issue is indeed relevant, as the blockchain community already has precedents of sanctions against large crypto platforms.
For example, the previous day it was revealed that a significant portion of Etherium blocks were censored due to the use of the Flashbots platform. In other words, transactions related to cryptomixer Tornado Cash may trivially fail to pass because companies don't want to violate sanctions and legal restrictions.
Beck also shared his prediction on Bitcoin’s price – in his opinion, the cryptocurrency has every chance of rising tenfold in the next five years. He described it as conservative, which means that he has little doubt that BTC will appreciate to $200,000 by 2027.
The red line is the predicted Bitcoin price in five years on the scale of a logarithmic chart of BTC
The cryptographer’s idea is already being implemented by his company Blokcstream – right now there are several satellites in orbit that support Bitcoin blockchain streaming services even without internet access. The coverage does not yet reach all countries around the world, but Back clearly intends to work towards that goal.
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In another positive piece of decentralised asset news, a new Crypto Source programme has been announced by payments company Mastercard. The initiative is designed to allow users to buy, hold and sell cryptocurrencies, complemented by Mastercard’s proprietary Crypto Secure solution for added security and anti-money laundering compliance.
Mastercard
The new tool is being launched in collaboration with Paxos, Mastercard’s partner in new cryptocurrency developments. The project is rumoured to be released before the end of this year. As part of the partnership, Paxos will provide crypto asset trading and storage services on behalf of banks, while Mastercard will implement its technology to integrate crypto trading into banks’ interfaces.
We believe that such an initiative would really benefit Bitcoin. Without it, however, the cryptocurrency network is still secure. Still, there are thousands of copies of the full BTC blockchain, and the network's hash rate is regularly setting records lately, which speaks for its reliability. So even if the idea is implemented slowly or in low volumes, it will not make the first cryptocurrency less secure.
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