In an announcement Jeff Garzik’s Dunvegan Space Systems has entered into a partnership with a company called Deep Space Industries Inc. and the two companies are now planning to build satellites called ‘BitSats’ as part of a Bitcoin orbital system. The ambitious plan is expected to help Bitcoin expand further and gain credibility.
Nonetheless, according to the release the partnership to launch satellites broadcasting the Bitcoin block chain from space announced by Bitcoin core developer Jeff Garzik is expected to keep the digital currency healthy and free by finding alternative ways to distribute block chain data. It will be a part of a Bitcoin orbital system.
The announcement says that the non-profit endeavor plans to have a node in space as a backup in case of terrestrial failure for the Bitcoin network. Bitcoin which according to Jeff Garzik is a global Internet currency with no central bank or controlling authority, will go to places once this plan is executed properly.
In fact, as the idea of the plan is to build Bitcoin satellites based on the CubeSat modular standard – measuring 10cm on all sides and provide better data, the BitSats which will be launched as hitchhikers on larger payloads into orbit above the Earth, the company thinks will add value to the entire Bitcoin economy.
The Entire Program to Cost Roughly Two Million Dollars
Once launched, the BitSats will be able to broadcast out as nodes, providing transaction information via solved blocks; however, for that Deep Space Industries’ design and engineering is important and valuable as it will help get the project off the ground and that is the reason that Jeff Garzik entered into a partnership with it.
Garzik, a senior software developer at BitPay, believes that space is a tool to help Bitcoin and which holds the promise of the future, and also offers a lot of utility right now.
According to him the joint project is expected to allow users to access a downlink from the satellites to access the information from space.
However, the ambitious plan also needs funding and for that Jeff Garzik is asking for donations. He says that the plan to launch Bitcoin satellites into space is though audacious and involves huge costs in the tune of $2m. He suggests that in order to fund the project and the exorbitant money it needs, donations are the way forward.
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