Blockstream helps the population who don’t have access to the internet to be part of the revolutionary Cryptocurrency community. The startup uses satellites to broadcast the Bitcoin blockchain to every nook and corner of the world.
It recently expanded its reach to the Asia Pacific thus covering the whole world, excluding Antarctica and Greenland. Along with this, it has added the support for the lightning network so that Bitcoin users can utilize Blockstream for transactions in a faster manner.
The lightning network is a second layer payment protocol that operates on top of a Blockchain like Bitcoin. It enables faster transactions between participating nodes thus solving Bitcoin’s scalability issue.
Blockstream first launched the Blockchain focused satellites in 2017 with third-party developers building local infrastructure using the satellite service.
It is pretty straightforward to use. A user simply has to connect their television satellite dish to their computer. Using an open source software such as GNU radio can be used to manage the transactions.
There are several advantages to a satellite-based Blockchain thanks to Blockstream.
Since transactions occur through satellite power, internet providers will not be able to monitor transactions. Hence Bitcoin enthusiasts residing in countries where Bitcoin is banned will still be able to be part of the active trading and hodling of Bitcoin.
It also allows for the possibility of Bitcoin mining in remote areas, thus allowing a mining farm to be built in deserts and gain energy through solar power.
The CEO of Blockstream explained a satellite system for Bitcoin’s blockchain is needed in today’s world given that it needs to work robustly. He highlighted the fact that with his system Bitcoin will be available even during times of trouble when mobile and internet is disabled.
Thus with Blockstream, Bitcoin achieves availability with people who don’t have access to the internet, at times of conflict and reaching out for mining activities in places which can heavily utilize renewable resources.
Image Source – Pixabay
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