Startup Receives 60K Euro Grant for Blockchain Satellite Wallet
Blockchain startup SpaceChain has won 60,000 Euros for their blockchain satellite project. The grant, which comes from the European Space Agency’s “kick- start activities” fund, will go into the commercial development of SpaceChain’s satellite-powered multi-sig wallet.
SpaceChain has been working on developing an open-source and blockchain-based satellite network in the last few years. The solution is meant to strengthen security by requiring two to three private keys/signatures before a transaction can be signed or completed.
Out of the three signatures, one is by a satellite-based node. However, in case there is a connectivity failure, the funds remain safe since two ground-based signatures will be accepted to complete the transaction.
“Multi-signature transactions have been proven to be highly robust security measures for financial systems, and we are very excited to be partnering with ESA and expanding these security measures to the new space economy”. Jeff Garzik, Space Chain co-founder and Chief Technology Officer.
In a statement Zee Zheng, the CEO and Co-founder of SpaceChain emphasised the importance of boosting security for peer to peer financial solutions. He noted that the low-security levels facing the storage and transmission of cryptocurrencies are a significant hindrance for the industry.
“The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry. We are thrilled to solve that by bringing our blockchain technology to new partners in the Uk and EU”. Zee Zheng, the CEO and Co-founder of SpaceChain.
Zee Zheng further noted that SpaceChain’s satellite-based nodes are far more secure than those of terrestrial networks that process in the open internet.
“We don’t need internet access to perform this kind of transaction, which eliminates a lot of potential risks for hacking.” Said Zheng.
He also added, “We are looking at a market that last year saw $1 billion in crypto stolen. That will be more difficult for hackers [on our system].”
Zheng termed the grant from the European Space Agency as a chance for the crypto community to learn more about blockchain space applications. He was also quick to note that developers are interested in the security upside.
“We want to use this opportunity to showcase how space can benefit from the blockchain space,” Zheng said.
Spacechain plans on collaborating with Deimos Space UK to bring into play its expertise in; flight systems, ground segment systems, space situational awareness, and satellite navigation. The blockchain startup also plans on launching three times in the next 18 months.
“We look forward to a long term partnership with Deimos, beginning with this ESA project. Deimos has identified the innovations being developed by SpaceChain as being enablers of more robust EO data commercialisation platform. The fields of earth observation and remote sensing are ripe for distributed ledger technology innovation.” Nick Trudgen, the chief commercial officer and UK office director, said.
Should SpaceChain’s activities succeed, the startup is likely to receive more funding from the European Space Agency.
About the author:
Jay Jackson is a blockchain enthusiast and a freelance writer at topcryptowriter.com. He works closely with brands (people, businesses and startups) in the crypto sphere. He currently writes Blog posts, Guides, Press releases, ICO reviews, eBooks & Whitepapers. You can find him on LinkedIn.
The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The views expressed by the author do not necessarily represent the opinion of BitPrime.
Last updated: 19/09/2019