First 'crypto satellite' launched on SpaceX rocket
The nanosatellite Crypto1 will be launched via a SpaceX rocket launch in Florida on Wednesday
By Shashank Bhardwaj
A file image of Falcon 9 rocket taking off. ‘Crypto1’ - the first crypto satellite will be launched by a Falcon 9 rocket for SpaceX’s Transporter 5 mission; Image: JOEL KOWSKY / NASA / AFP
The first crypto satellite will be blasted off into low Earth orbit by a SpaceX rocket launch in Florida on Wednesday. The launch will set the foundation for secure cryptography related to the blockchain in space.
Cryptosat is the company behind ‘Crypto1–the first crypto satellite–that will be launched by a Falcon 9 rocket for SpaceX’s Transporter 5 mission. The satellite, which is no bigger than a coffee mug, has been built using off-the-shelf parts. The satellite can prove vital as a tamper-proof platform for securing and launching blockchains and Web3 platforms. The platform would be physically unreachable. Trials related to blockchain satellite technology have already begun on the International Space Station.
“We’re basically joining the Uber of spaceflight. Everybody goes into the same orbit, and we’re one of the passengers,” said Yonatan Winetraub, the co-founder of Cryptosat.
Yonatan further added, “SpaceX launched a bunch of satellites, each one of them is doing something else. It doesn’t matter for our service. We are hoping to use our satellite to provide cryptographic services for our customers here on Earth, which won’t interfere with the other satellites at all.”
Cryptosat’s other co-founder Yan Michalevsky explained that the Crypto1’s platform would act as the first off-world ‘root-of-trust.’ It would act as a source ‘not dependent on other satellites by other companies’ that could be trusted within a cryptographic system. Such a source would, instead, provide hardware in orbit itself.
Michalevsky went on to explain the applications for the module. He said that one of the most exciting applications for the module would be to set up zero-knowledge proof protocols. These protocols are increasingly being used in Decentralised Autonomous Organisations (DAOs) for voting and making decisions without revealing the votes cast by the individuals.
Talking about the significance of Crypto1’s launch, he said, “There’s a lot of need for this. If we’re looking into protocols, especially in Web3, there are whole financial systems and smart contract systems, kind of digital legal agreements that depend on the trustworthiness of the cryptography behind it.”
Michalevsky added, “Working with a space asset is not the same as working here on Earth. On the ground, if something goes wrong, you just open a terminal and debug it. When it happens in space, that’s not always available.”
Another application for the module the co-founder talked about was the possible deployment of an entire blockchain in space. Since the communication would be done via radio frequency, it will be difficult to hide an attack. And the blockchain, being hosted over a trusted module in space, will be away from the reach of hackers who have the incentive and ability to hack earth-based blockchains.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Paris Hilton invests in Afterparty's new NFT ticketing platformRead More..
Ridley Scott to Make a Movie on EthereumRead More..
Russia to include cryptocurrencies in its updated tax lawsRead More..
40 crypto companies sign open letter to EU regulatorsRead More..
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Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..