Blockstream’s 5th satellite, Telstar 18V is now operational above the Asia-Pacific region.
The Blockstream satellite program brings the bitcoin network to almost all corners of the world, making it accessible to users without the need for the internet.
Blockstream Satellite broadcasts the Bitcoin blockchain to the entire planet via satellite, reducing Bitcoin’s dependency on internet access. Everyone in the world now has an opportunity to use Bitcoin.
How the Blockstream satellite program works.
5 orbiting satellites communicate with Blockstream ground stations around the world known as teleports. The teleports beam the blocks up to the satellite’s which then pass the signal back down to anyone with a small satellite antenna and an inexpensive USB receiver.
Blockstream go on to claim that:
The entire Blockstream Satellite network forms a ring around the planet to ensure that the Bitcoin network has full redundancy.
This means that anyone who wants to use the bitcoin network can now do so cheaply and easily circumvent local jurisdictions (Venezuelan entrepreneur) and technical restrictions (farmer in an extremely remote area).
Regulation and Dependence
One of the principles surrounding cryptocurrency is decentralization, meaning that one central authority, whether it’s a central bank or a government, cannot regulate cryptocurrency. In this manner, individuals, businesses, and groups of individuals around the world can exchange money without having to worry about traditional finance charging exorbitant fees. It provides for a more efficient way for money to exchange hands, and a cheaper and faster way to do business.
It’s also important to note that for the most part, with regards to investor/trader activity, the Internet will be required. However, if one were to look forward – and if for whatever reason, certain governments wanted to try to interfere with the cryptocurrency markets by affecting the Internet, this Blockstream satellite now changes that.
For those that are unaware, Blockstream is headed by its CEO Adam Back, who is one of the original cypherpunks. He is considered a legend in many technology circles, given the fact that he is the inventor of the “hashcash” system, which has since been utilized as a “proof-of-work” system, that affects everything from e-mail spam to Bitcoin. This is now the fifth satellite launched by the startup.
Blockstream describes itself as the “global leader in Bitcoin and blockchain technology.” The ultimate idea of the satellites is to provide for free and total access to Bitcoin blockchain data, with or without the internet, as the above tweet mentioned. The head of Blockstream Satellite, Chris Cook, stated:
“While satellite communications are traditionally cost-prohibitive, Blockstream Satellite will finally allow developers to adopt satellite communications in their applications. The new API will make it possible to send ‘Hello World’ to the world, but we think developers will come up with something a little more adventurous than that. 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.”
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Neil’s has a passion for writing about technology, business and has recognised for years that blochchain adoption will revolutionize the world as we know it.
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Disclaimer: Any and all opinions expressed here are those of Neil Mathew alone. The article is for educational and/or entertainment purposes only, so please use it at your own risk.