Forget Internet Service Providers, Bitcoin Is Now Broadcasting From Its Own Satellite
Yes. You read that right. Blockstream, a startup which received more than $70 millions so far in investments, announced today the availability of the Bitcoin satellite.
Blockstream Satellite is the world’s first service that broadcasts real-time Bitcoin transactions and blocks from a group of satellites in space. With the service, everyone will have free access to the Bitcoin network, in any corner of the world, including the estimated four billion people not currently connected to the Internet, due to lack of availability or affordability.
What's even more interesting than that is that you don't even need internet for that.
Blockstream Satellite reduces bitcoin’s dependency on internet access. By broadcasting the blockchain to the entire planet via satellite, anyone in the world has an opportunity to use bitcoin.
How this is possible? Well, it's quite a complex setup, but I'll try to shorten the (already) short tutorial on the Blockstream website for you:
- Blockstream Satellite ground stations, known as "teleports", participate in the bitcoin network and transmit blocks to geosynchronous satellites.
- Geosynchronous satellites, orbiting at an altitude of 35,786km (22,236mi), receive the signal from the Blockstream Satellite teleport and broadcast it across a wide portion of the Earth.
- Anyone in the coverage area with a small satellite antenna and an inexpensive USB receiver can receive these blocks and ensure that their node is always in sync.
- Additionally Blockstream Satellite teleports also receive blocks from the other Blockstream teleports throughout the world to ensure the teleports themselves do not become partitioned.
- The entire satellite network forms a ring around the planet to ensure the bitcoin network is stable throughout the world.
Oh, and more thing, the price tag for participating in this game is around $100.
My first reaction when I read this was to check the calendar. It was August 15th. Not April 1st. Because this kind of "news" is what you get on April fools days, when you learn that some people safely landed on the Sun surface, or something. In my opinion, this thing is absolutely huge.
Huge.
For more details, please check the Blockstream site.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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This is truly revolutionary concept... thanks @dragosroua for sharing amazing news...
Agreed! This is huge and has come much sooner than I anticipated.
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Some like Rob Kirby said (regarding BitCoin) that the internet has a kill switch.
interesting...... Bitcoin leading the way again.
The potential for this is, as you say, HUGE!
this paves the way for multiple private networks disconnected from the internet - like a world wide LAN.
The potential for mis-use is astonishing (and it will be mis-used).
But the potential for the free exchange of information unfettered by an increasingly paranoid ruling class, is also astonishing.
If the Bitcoin satellite network 'flies' and is profitable enough and stable enough, then expect other companies like Google, Amazon etc to dive into this 'space' in the next few years.
My investment tip of the day: invest in a company that makes parts for, or builds satellites.
Very good advice. :)
As for the big players to get into this, I don't see this very soon. It's strange how "nobody" is ruling Bitcoin, don't you think?... There is a stark difference between the current Behemoths of business, Google, Facebook, Amazon, all with a very string leadership, and the decentralized, almost anonymous nature of crypto. There's something that doesn't fit here...
I can't wait until this hits
I herd about it and it sounds like a great idea
Probably the bet way to connect people who don't have internet to crypto
Only problem is, is that there are people who can control and monitor the satellites
The "attack surface" on satellites is smaller than the one on ISPs, in my opinion.
I saw this earlier and didn't know what to make out of it. So, you pay a $100 one time fee for equipment needed in order to connect to the satellite system for transactions. But, you can only receive from the satellite system, you need some SMS cellular capability to send. And, you have to visit GitHub in order to learn how to get started.
I'm not sure who their customer base is. Some tech savvy guy in a boat with a satellite phone?
That's irrelevant at the moment. Even if they hire the first 100 users, and they will actually be Blockstream employees, the fact that Bitcoin can't be blocked anymore by Internet Service Providers is revolutionary. IMHO.
Interesting, but might it face the same threats as Elon Musk's Internet Satelite Plan? That is military knocking out the satellites.
We can also fear a rogue asteroid, if we're going in that direction... It's a long shot, in my opinion.
That's true, but it still won't survive a Class-X Solar Flare. ;)
Interesting times for bitcoin.
It's amazing to see the things that bitcoin has "started" so to speak. It's incredible how many new startups and even old technologies have found interesting use cases for blockchain technology.
It's just the beginning.
Wow Must be shaking the banks, because they are coming an earthquake
The lazy, bad, self-entitled banks will be certainly shaken.
sure!!!!!
This is interesting! The distributed ledger available without having to depend on Internet Service Providers. This could bring about huge change in a couple years if it is successful.
I think it's revolutionary. It's the biggest decentralized financial network in the history if human kind.