Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

ETH Platform Brought to Space to Provide More Efficient Smart Contract Operation

2 min read

ETH Platform Brought to Space to Provide More Efficient Smart Contract Operation

In a space-as-as-service effort, an Enterprise ETH Alliance member, SpaceChain, has integrated ETH (ETH) technology in space by rolling out on-orbit ETH multisignature transaction services.

On June 3, the company launched a blockchain-based payload into space aboard a SpaceX Falcon 9 rocket. Nanoracks and Nexus are part of the initiative, wherein the former ensured a Space Act Agreement with NASA and the latter is the first user of this service.

While this is SpaceChain’s fourth blockchain payload launch into space, it’s their first integration of ETH technology into the company’s hardware on the International Space Station.

As the release explained, “the security and remoteness of space infrastructures ensures the independence of ETH contract operation from centralized terrestrial servers, hence providing more efficient smart contract operation and greater application scenarios.” Commenting on the development, Zee Zheng, SpaceChain co-founder and CEO, said:

“With ETH’s smart contract platform running in outer space, it enables us to fortify blockchain applications and transactions with enhanced security and immutability.”

Other recent space-as-a-service initiatives

Some other blockchain-focused projects have also been experimenting with launching their products in space. Recently, decentralized finance synthetic derivatives Opium Finance protocol revealed that its decentralized insurance contract will work in tandem with UMA’s oracle solution to bring real-world data to the blockchain.

The derivatives work as binary options contracts, allowing users to purchase insurance against a failed launch on SpaceX. Using the SmallSat Rideshare program, organizations can send lighter and smaller payloads to space for as low as $1 million.

This month, IoT firm WISeKey is launching the first part of a non-fungible token ecosystem aboard a SpaceX Falcon 9 rocket. A WISeKey device will be attached to the exterior of the deployer, and be exposed to space for several weeks. This period in Earth’s low orbit will therefore be a first demonstration of WISeKey’s space-based WISeSat ecosystem.

The post ETH Platform Brought to Space to Provide More Efficient Smart Contract Operation appeared first on BeInCrypto.

Source

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published. Required fields are marked *