Crypto and the application of the technology that runs the ecosystem along with its growth in building the Web3 space that that world is looking at, is huge. Using crypto tokens as incentives, blockchain has now roots in many newer revolutionized sectors; for example documents for land registry. Moving to the recent news, the organization behind a crypto-satellite module that was launched back in May of 2022 has recently announced that an additional piece of its blockchain-related infrastructure has gone into Earth orbit.
Additional Read: Web2 To Web3
As per the announcement released by the organization, one of SpaceX’s Falcon 9 launch vehicles that was carrying a “cryptographically-equipped” Cryptosat satellite; which was named Crypto2; went into the Erath’s orbit on January 3, 2023. This addition of the Crypto2 to the firm’s satellite constellation was a little portion of the efforts that was put into making space a “new battleground in the quest for bulletproof cryptography”. The aim was to achieve the goal by expanding its computational power.
Yonatan Winetraub, the co-founder of Cryptosat said, “The launch of Crypto2 gives us more availability and more powerful spec to support the growing portfolio of use cases in our development pipeline.”
SpaceX’s first launch of the year, Falcon 9, carried about 114 small satellites into the polar orbit for operators that are going on in 23 countries. In comparison to Crypto2’s predecessor Crypto1 which was launched just six months ago, Cryptosat’s new satellite to orbit Earth is equipped with 30x more computational power! The launch of Crypto2 significantly expands the number of clients Cryptosat can simultaneously serve.
Yonatan Winetraub also discussed that a few of the use cases the firm was exploring with the satellites comprise data encrypted to a public key and retrieving a signed timestamp for applications; similar to smart contracts. Along with that, the satellite is also capable of generating a cryptographic key pair and releasing a private key after a certain amount of time as a result to deter any sort of “premature decryption.”
Yan Michalevsky, the co-founder of Cryptosat commented back in May, “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.”
Apart from Cryptosat, some other private crypto firms, that includes SpaceChain and Blockstream, have also turned to space as an alternative solution for blockchain validation, multisignature wallets, and verifiable time-delay functions.
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