SpaceChain startup receives grant from space organization

Posted 19 September, 2019

The European Space Agency (ESA) has allocated EUR 60,000 for the blockchain startup SpaceChain. The funds are planned to be used to study the possibility of creating a satellite system of blockchain wallets. 

According to the released information, the project may enable users create and run decentralized applications in space. It is assumed that this solution will be different from conventional blockchain networks, it will be with increased reliability and security.

The technology uses a system with three signatures: two terrestrial and one orbital, which is performed from a satellite. Each transaction requires at least two of the three signatures. 

SpaceChain co-founder and CEO Zee Zheng said his company's satellite nodes are much safer than terrestrial networks that process transactions on the open Internet with data and protocol transfers over a direct line to the satellite.

“It is an honor to receive support from the European Space Agency. The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry,”  Zheng said.

Zheng called the ESA grant an opportunity for the cryptocurrency community to learn more about blockchain space applications. He noted the high interest of developers in improving security.

"Multisignature transactions have been proven to be highly robust security measures for financial systems and we are very excited to be partnering with ESA and expanding these security measures to the new space economy," said Jeff Garzik, SpaceChain co-founder and chief technology officer.

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