Blockstream, a Bitcoin protocol firm has recently announced their plan of using satellite technology for transmitting Bitcoins across the world. For this purpose they have leased satellites which shall download the working Bitcoin node and harbouring transaction data of the blockchain platform. Such satellites will foster connectivity amongst the users who are not connected to internet. Which means, Bitcoin can now be sended without using Internet.
Adam Back, CEO of Blockstream spoke about the significant effects of this cutting edge technology on helping people come a step closer to the cryptocurrency phenomenon. The free broadcast powered by Blockstream satellites will enhance global participation of people paving way for widespread adoption on the wings of robust network topology.
The satellite setup will make use of open source software to foster less cumbersome and inexpensive functioning. It shall also make use of software’s such as Fast Internet Bitcoin Relay Engine (FIBRE), Software-Defined Radios (SDR) and GNU Radio which when working in unison can power up Bitcoin to break geographical shackles based on the Blockchain platform.
Investors from South America, North America, Europe and Africa can already make use of this satellite powered Bitcoin setup. Blockstream plans to expand its list of member countries within the end of 2017.
The whole system will be working on the core architecture of ground satellites known as “Teleports” which will transmit the Blockchain data to space stations for relaying the signal worldwide. Blockstream plans to build more such teleports for strengthening its space network and making it more accessible to customers worldwide.
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