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Cryptocurrency and Space – How technology has changed the industry?

Dogecoin satellite, NFT asteroid mining, and other events that link the blockchain industry and space

Cryptocurrency and Space How technology has changed the industry Lyricsdrive
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Dogecoin conquers space

In the spring of 2021, SpaceX founder Elon Musk announced that his company will launch a Doge-1 satellite to the moon, fully paid for by the Dogecoin cryptocurrency. As part of the DOGE-1 mission, a 40-kilogram cubic satellite equipped with a set of sensors and cameras, as well as communication and computing systems, will go into space on a Falcon 9 launch vehicle.

It was reported that the launch will take place in the first quarter of 2022. However, this has not happened to date.

Blockchain technology is used in Roscosmos

In April 2021, Roscosmos announced the use of blockchain technology to protect trademarks.

Roscosmos identifies violators of trademark rights of corporations and organizations in the rocket and space industry using a service based on the Waves Enterprise blockchain platform. The service encourages the detection of violations in relation to intellectual property.

The service’s smart contract rewards users with tokens that can be exchanged for forms of non-monetary motivation, such as souvenirs from Roscosmos and other companies, tickets to the Museum of Cosmonautics, and so on.

Tracking artificial satellites using blockchain

In 2019, ConsenSys Space unveiled its first project, an open source satellite tracking tool. The TruSat tool uses the Ethereum blockchain to protect data from unauthorized access.

Users will be able to send their satellite observations transparently through the TruSat software. The company claims that the use of the blockchain ensures that the data sent is not tampered with. Also, the information received by the TruSat application is used to correct the movement of artificial satellites.

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Spacechain uses space to develop the blockchain

Singapore-based SpaceChain announced in January 2022 that it had successfully launched the Velas blockchain node into space. After testing and activating the hardware, the project team will be able to continue developing and deploying their blockchain platform.

A year earlier, SpaceChain announced the successful completion of the first bitcoin transaction on equipment located on the International Space Station.

The initiative to create a decentralized orbital group for the operation of fintech applications and business operations is being implemented as part of the start-up accelerator of the European Space Agency (ESA).

And in November 2018, SpaceChain launched a full-featured Qtum blockchain node into space, capable of performing multi-sig transactions and running smart contracts.

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Decentralized organization of space explorers

In January 2022, members of the decentralized organization MoonDAO raised 2,621 ETH ($8 million) with the goal of sending a member of the organization into space. MoonDAO pits itself against the richest people in space exploration like Elon Musk and Jeff Bezos.

MoonDAO believes that the DAO (Decentralized Autonomous Organization) format could offer the best option by creating an “international, decentralized, inclusive and transparent organization” that would be more interested in the “needs of the ordinary person.”

At the moment, the project roadmap includes 4 main stages. The first stage of creating a management token called Mooney to raise capital has already been completed. The second step is to send a DAO member into space in 2022. The group announced that it had held a meeting with Blue Origin and said it was able to successfully reserve Blue Origin rocket tickets in 2022.

The third stage will be securing funding for space research, as well as building our own rockets. The organization plans to fund and coordinate its own plans. According to the DAO, an international team can act much faster than any bureaucratic organization.

As part of the fourth step, it is planned to place the MoonDAO colony on the Moon. According to the statement, the DAO, using legal loopholes in the 1987 Outer Space Treaty, can colonize the moon, because the DAO is not a state.

Mining asteroids with NFT

ExLabs announced in March 2022 that it plans to raise additional funding through the sale of NFTs. ExLabs is a startup engaged in industrial exploration of asteroids.

The purpose of the collection will be to provide users with “the experience of being in space, conducting industry research and extracting resources from space.” As of now, the firm has not announced the date, price, and quantity of NFTs. ExLabs will also launch an Explore token on the Ethereum blockchain and distribute it as a reward to NFT holders.

These tokens can be exchanged for exclusive services, including launching the owner’s name into space, advising on the company’s future projects, placing images on next-generation vehicles, and possibly owning real-life asteroid fragments.

Tourist flight into space, paid for with cryptocurrency

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Space Perspective began accepting cryptocurrencies in February 2022 as payment for booking a flight on the Neptune spacecraft. During the booking process, customers are redirected to Coinbase.com to complete the transaction. Tourist flights are planned to start at the end of 2024. Tickets cost $125,000 per person.

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