SpaceChain, a Blockchain Satellite Project, Receives Funds From European Space Agency

Home » SpaceChain, a Blockchain Satellite Project, Receives Funds From European Space Agency

This Wednesday, blockchain startup SpaceChain announced that it obtained a 60,000 Euros grant from the European Space Agency (ESA), which will be used to investigate cases of use of its satellite-based blockchain wallet system.

This grant, which is part of ESA’s “kick-start activities” fund, will boost SpaceChain’s efforts to orbit a distributed, multi-signature and hyper-secure satellite network.

This technology will use a system of three signatures: two of them based on land and a third one in orbit. To complete each transaction, at least two of the signatures will be required.

According to SpaceChain’s cofounder and CEO, Zee Zheng, its satellite-based nodes offer greater security than the processing of terrestrial networks on the open Internet.

“For these types of transactions we don’t need the Internet, which eliminates the potential risks of hacking,” said Zheng. He also referred to losses in 2018 due to cryptocurrency thefts, which are estimated at $ 1 billion. “That will be much harder for hackers in our system,” he added.

For Zheng, the grant received by ESA is an opportunity for the cryptocurrency community to learn more about blockchain space applications. He also highlighted the great interest of developers in the positive aspect of security.

SpaceChain plans to make three launches over the next 18 months.

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