One Small Step for Bitcoin - SpaceChain Secured Transfer From International Space Station

SpaceChain said the test advances its dreams of building a decentralized blockchain infrastructure in space.

AccessTimeIconAug 18, 2020 at 5:43 p.m. UTC
Updated Sep 14, 2021 at 9:45 a.m. UTC

SpaceChain, the U.K. crypto firm with extraterrestrial aspirations, secured a bitcoin transfer with its multi-signature transaction hardware orbiting Earth every 90 minutes.

  • SpaceChain's International Space Station-hosted (ISS) hardware authorized a 0.0099 BTC (about $92 at the time) transfer initiated by Chief Technology Officer Jeff Garzik on June 26, the decentralization company disclosed Tuesday.
  • Developed by GomSpace and installed on the ISS on June 25, that hardware holds a private key needed to verify blockchain transactions via the "multi-signature" technique.
  • Data can only reach the ISS via the craft's encrypted ground station links. SpaceChain says this adds security and resilience to transaction authorizations.
  • Representatives did not immediately answer CoinDesk's questions as to why a transaction initiated on June 26 was only made public nearly two months later.
  • Although the ISS hardware cannot communicate with other crafts, SpaceChain hopes to build and launch robust decentralized blockchain infrastructure that can do so.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Hard Times in Crypto: the Unintended Consequences of Going Public

The third and final reflection on a series of risks we’re thinking about during these crypto down days.

CoinDesk - Unknown
2
CoinDesk - Unknown
After Bitcoin Maximalism

A Twitter debate sparks much reflection.

CoinDesk - Unknown
3
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
4
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown