Blockstream has announced the launch of a first-of-its-kind program that will lease-out satellites as a means of expanding Bitcoin’s reach to economically unstable regions of the world.
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Blockstream Satellite: Beaming Down the Internet of Money
The project has been simply dubbed “Blockstream Satellite,” which Blockstream hopes will ultimately bring Bitcoin to all corners of the globe.
Blockstream Satellite is currently in a beta stage, with a limited service area. However, people in North America, South America, and Europe can already use the satellites to download a full Bitcoin node.
Additionally, the company has plans to bring the satellite service to Asia, Australia, and the Middle East by the end of this year when they roll out the second part of their project.
According to Blockstream, the project will offer features they think will enhance the Bitcoin network, including more decentralization, improved uptime, redundancy, security, affordability, and privacy.
The Mechanics and Vision
With Blockstream Satellite, people around the world will be able to gain access to the Bitcoin network with or without internet access.
All that’s required is a small satellite antenna and an inexpensive USB receiver — to connect their satellite to a PC or to something as simple as a Raspberry PI.
Then, all that’s needed is the software necessary for establishing a radio connection that will enable anyone in the world to run a full-node.
For those actually attempting to transact across the network, a little more will be required of them — but Blockstream thinks it can be done in a cheap manner through the use of SMS and bi-directional satellites.
In short, the actual transmission process will work like this: ground stations located on Earth will transmit blocks to geosynchronous satellites in space, which will receive the signals from the ground stations and broadcast it back to broad areas of the planet.
Furthermore, the ground stations and satellites will all receive blocks from one another, thus ensuring that they do become isolated from the rest of the Bitcoin network.
What do you think of Blockstream Satellite? Do you think it will ultimately be a net positive for Bitcoin? Let us hear your comments below.
Images Via Blockstream, BitCoin Gambling