Bitcoin is preparing to launch satellites into space as a means of ‘Global’ backup to the blockchain. Bitcoin’s blockchain is to be sent into space in order to reduce coin volatility and ensure safety from major cyber attacks. The blockchain is a constantly changing documents that records all transactions as well as who owns all coins. Bitcoin is dependent on access to the blockchain to verify all transactions and now Jeff Garzik, one of the main contributors to the Bitcoin source code, has announced that he intends to launch a number of satellites into space to host copies of the blockchain and continuously send it back to earth. Garzik, who currently runs Dunvegan Space Systems, intends to launch a fleet of satellites that host fresh blockchain copies and continuously send it back to earth.
This development will allow anyone to obtain “free Bitcoin bandwidth” anywhere in the World, regardless of the performance of their current internet connection or provider. Garzik went on to say that this would protect the blockchain from cyber attacks that set out to manipulate the blockchain. This will be a fantastic development for Bitcoin; although already a groundbreaking development in finance, the currency has suffered from both bad publicity and volatility as a result of concerns about blockchain malleability and the possibility of fraud. Having the code would seek to manipulate the blockchain file. Secure upload centres would need to be put in place across the globe, that would continuously update the blockchain, and these centres would then beam the code into space, the satellites would then receive the code and in turn, beam it to every bitcoin user on Earth. Garzik believes that he could launch some ‘Cubesats’ into space and that this would be the most affordable way to achieve the plan.
The ‘Cubesats” are micro-satellites with dimensions of approximately 10cm cubed. For $2 Million he can put one into space and for $5 Million he can put eight into space, providing almost continuous coverage to all of the World. He has announced that he intends to begin fund-raising at the end of the summer, and if this is successful, as he expects it to be, he will be in a position to launch the satellites by August of next year (2015). There are, however, potential flaws in this brilliant idea. For one thing, the satellites would have to ensure that the ‘Bitcoin-Bandwidth” did not conflict with other satellites already in space. Further, the satellites have a useful life of no more than two to three years, and this will in turn mean there will be a need for future fundraising for future launches.