Crypto goes cosmic thanks to startup picked by UAE’S Hub71


The blockchain boom has taken the world by storm in the past year, and it doesn’t seem to slow down as innovators in the space aim for the stars. Starting with currencies like Bitcoin and Ethereum, crypto assets like digital tokens have also become bankable investment vehicles for netizens across the globe.

The virtual coins which are almost impossible to counterfeit have become popular in a connected world since they are beyond the regulation of any central bank. To raise the level of crypto transactions above the world as we know it, a startup nurtured at Abu Dhabi’s startup hub has launched hardware to facilitate exchange of cryptocurrencies in space.

SpaceChain’s node has been launched from NASA’s facility, and will be installed at the International Space Station, after which it’ll let clients in the cosmos deal in Ethereum. In line with the reputation of digital currencies, the multisignature transactions will be secure since data will change hands over an encrypted communication network across space.

The move will benefit innovative tech firms working on cashing in on the demand for digital services in the cosmos.

Founded in Singapore, SpaceChain has also been clear about its intentions of launching several nano-satellites in space to create a constellation that’ll act as a blockchain. The availability of such a resource in the galaxy will facilitate development of apps and services which will be secured by encryption.

Currently blockchain tech is enjoying a dream run with people registering memes, viral videos and images that are selling for hundreds of thousands of dollars online. UAE has real estate developers offering a piece of prime properties as digital tokens, and even hashtags are now delivering rewards for creators once registered as crypto assets.

SpaceChain’s idea of creating an infrastructure for crypto payments in the cosmos is a lot like Elon Musk’s vision of creating a network of satellites to beam superfast internet for earthlings.

Image: Shutterstock