Space Business
The astronaut in outer space is humanity’s triumph over our gravity prison—Planet Earth.
Thus, there is big business around putting humans in space for the love of it, but more importantly, to do experiments in zero gravity.
This has been, and still is, heavily backed by intergovernmental cooperations that have birthed marvels like the International Space Station.
However,
The tried and proven true business model of putting satellites in outer space is easier and more straightforward.
Satellites make intercontinental communication faster and cheaper than hopping around signals using ground towers or fiber optic cables.
Satellites, using special imaging equipment, can gather and share valuable information for things like location mapping (think Google Maps), weather and climate tracking, geographical topology mapping, and navigation for aircraft, ships, and vehicles. These are features that just aren’t possible to get from the ground (not efficiently at least).
The Crypto Space Business
The space industry, especially in satellite-based services, is already well established in the traditional, fiat-funded sector.
There are two major businesses operating in the space game—those that launch satellites i.e. rocket companies like SpaceX, and those that use satellites (hence pay the first rocket businesses for satellite parking) e.g. Starlink and now Spacecoin.
Traditionally funding for space ventures comes through banks, all in fiat currencies like US dollars.
Spacecoin wants to rewrite the script by bringing DeFi into the mix. Their approach provides satellite internet to users while offering them the chance to own a stake in their satellite business using Spacecoin crypto tokens.
And they are not just talking—they’ve already launched a satellite into orbit.
Bitcoin also went to Space
I used to think Bitcoiners were too busy hodling to build anything significant—and certainly not putting Bitcoin nodes on satellites. But Adam Back has proven me wrong. The man’s an OG, no doubt.
The beauty of operating a cryptocurrency network using satellites is that transactions can be made with no need for an internet connection or cell service. Spacecoin has struck gold by also joining this game, given it aims to also provide cheap space internet on top of its crypto packages.
And honestly, there’s little reason to doubt the utility of the Spacecoin token.
Internet is the easiest product to test for utility. One could just switch on the Wi-Fi button after setting up with ground receivers/routers, and then see if anything is happening.
Space internet providers are poised to make telecom internet providers with exorbitantly priced internet packages a little more than jealous. Not only is space internet cheaper, clients can even surf the net in those parts of the woods without cell service.
Cheap and available anywhere, anytime, is also a good selling which is why Safaricom and Airtel in Kenya feel threatened by Starlink.
Spacecoin will have to work hard to defend its new territory, though. Competition already exists in the form of Starlink, Blockstream, and new fish that will eventually want to jump into this space.
Note: What’s more, because it is a cryptocurrency, Spacecoin will pawn away competition from telecoms that operate massive mobile payments services e.g. Mobile Money for MTN and Airtel in Africa.
The biggest payments clearing business by volume in the world!
This is a great business opportunity that Spacecoin’s crypto side can tap into, alongside providing space internet.
Proof-of-Location vs Proof-of-Work
Spacecoin uses Proof-of-Location (PoL) to allow spacecoin users sign spacecoin transactions securely without a trusted third party, while Bitcoin uses Proof-of-Work. PoL mechanics is described in the Spacecoin Whitepaper.
Now PoW is very good. It represents a cutting-edge solution for safeguarding a cryptocurrency network against attacks, elegantly addressing the complexities of the Byzantine General’s Problem.
However, the one advantage PoL has over is this –> Securing your identity while online.
No need for a VPN, changing your pseudonyms every time, or changing your public keys. With PoL powered by Spacecoin’s decentralized ISP (Internet Service Provider), users will be secure while on the web. Because a decentralized ISP running on cryptographic public-private key pairs is more or less a high-level VPN service.
(Their internet security seems like it might be stronger given the fact that mobile phones generate unique IP addresses that relate to your device’s location. By hashing the location data, you end up with a unique ID just for you, that no scammer can copy because they are not in your location at that time).
What’s more, the decentralized internet provided by a cryptocurrency startup makes airdrops a pun come true.
Literally, they will drop their coins from their satellites to your phone, once their ICO is mapped and rolled out.
The Wrap
Spacecoin has the following advantages over most other crypto projects:
1. It is one of the first to provide DeFi services in space.
2. It is the first DeFi service to also provide space internet (which other DeFi protocols could also rely on).
3. It uses PoL which is a self-securitized model for internet usage. Because location data is unique.
4. It could provide alternative payments and liquidity services in Spacecoin’s decentralized cryptocurrency, which will challenge many centralized payment systems from telecoms especially if these take too much in fees, yet they are not as secured against phishing attacks.
