All hope for the silver cryptocurrency to overthrow the Bitcoin supremacy went to dust during the last few weeks. In terms of price, ETH might not be headed for the moon. However, with the help of the Singaporean blockchain project SpaceChain, it would go to space in real-time. The Ethereum enabled payload was launched into orbit from NASA with the help of the SpaceX Falcon 9 rocket.
The cargo traveled thousands of miles from Kennedy Space Center to the International Space Station (ISS) module called Harmony. Reports of successful docking were confirmed on June 3, 2021. The 22nd SpaceX cargo named Dragon was autonomously deployed into orbit after 13 minutes. SpaceChain started in 2017 to create an independent New Age Space Economy with the help of blockchain technology.
Blockchain Technology would Allow the Mainstream Users to Invest in the Space-based Projects
The vision of SpaceChain is to enable the common users to take part in different space-based projects and participate with the help of blockchain technology. With the help of the Space-as-a-service initiative, any business entity could gain more knowledge and collaborate on space and blockchain technology integrated projects.
As mentioned in the SpaceChain official blogs, the fourth blockchain payload was launched into space with the assistance of Nanorocks and the NASA Space Act Agreement. It should be noted that Nanorocks is a Houston-based space technology company that specializes in agile space stations or outpost technology that could be crucial for upcoming space missions in the future. Nexus Inc., a blockchain startup based in Melbourne, has the honor of becoming the first client of the project.
Zee Zheng, CEO of SpaceChain, told media that the company was able to send a Bitcoin payload in 2019, and just two years it has sent an Ethereum based delegate into space. Both Bitcoin and Ethereum are considered to be the biggest ecosystems in the crypto space. According to him, the second-generation payload has smart contracts capabilities that would enable the project to secure the relevant applications and fortify the transactions conducted on the blockchain.
With Ethereum nodes going live in space, the business enterprise would be able to develop the fintech use cases through orbital multi-signature immutability services. The transaction data on the blockchain could be directly uploaded and downloaded from a space-based encrypted network. This new development has been favored by the likes of Tim Draper. Draper, a well-known venture capitalist, tweeted that the multisig ETH payload would create better corporations and commercial fintech application adoption opportunities.