SpaceChain

[Tywin]

A new start up, that open a new market for space activities...The company describe her self like this:

SpaceChain is a community-based space platform that combines space and blockchain technologies to build the world’s first open-source blockchain-based satellite network, allowing users to develop and run decentralized applications in space.

https://spacechain.com/



They make the first operation recently:

http://www.parabolicarc.com/2019/01/26/spacechain-completes-qtum-transaction-space/

Will see...

[Craftyatom]

At first, reading that quote, I figured this was a software-defined satellite business using "blockchain" as a buzzword.  But oh no, this is a full on Chinese scamcurrency startup.

This sounds like an abysmally terrible idea.  All they're doing is adding extra, very difficult steps to a scamcurrency-based cloud compute platform - a market which is already difficult and congested.

So here's my personal take: they're a regular startup, focused on cloud computing and scamcurrency.  All of this happens on the ground, in their server farm.  However, in an attempt to generate publicity, they bought a launch with VC money, mounted an antenna to the top of their server farm, and built the simplest cubesat that could run a Linux kernel (according to parabolicarc, their first cubesat was literally run by a raspberry pi).  Now, they can say they they've "run scamcurrency software in space" (just like they could run a minecraft server or a word processor in space), and make a bunch of press releases.  But, if I were a betting man, I'd bet that no customer requests would ever interface with the satellite at all.

Basically, this is a useless publicity stunt.  Which is, itself, somewhat interesting - space launch and satellite construction are now at the point where a company can buy a satellite on orbit with only their marketing budget.

[Lar]

space launch and satellite construction are now at the point where a company can buy a satellite on orbit with only their marketing budget.

That might be the most profound thing about this.

Moon logos are coming! (maybe)

[edzieba]

Giving them a heaping benefit of the doubt: Stick the only copy of your private key on a satellite and have it generate your keys for 'ground level' use, and any reasonable adversary cannot steal the signing key (i.e. closes the physical attack loophole scamcurrencies are vulnerable to). Of course, that means your fail-over method is "everything is gone forever" (and a cubesat run on a RasPi is not going to be the pinnacle of reliability), and depending on orbital parameters and ground network your response latency could be several hours...

[launchwatcher]

Giving them a heaping benefit of the doubt: Stick the only copy of your private key on a satellite and have it generate your keys for 'ground level' use, and any reasonable adversary cannot steal the signing key (i.e. closes the physical attack loophole scamcurrencies are vulnerable to). Of course, that means your fail-over method is "everything is gone forever" (and a cubesat run on a RasPi is not going to be the pinnacle of reliability), and depending on orbital parameters and ground network your response latency could be several hours...

What's worse, attacks on scamcurrency holders typically do not involve physical access -- they exploit either software vulnerabilities or social engineering or both.   Putting the keys on a cubesat doesn't help with either of these and adds additional components in the satellite and its ground control system that can be attacked..

Plus, if there are cheap-to-launch cubesats holding the keys to billions of dollars in assets you have to adjust your assumptions about the capabilities of a 'reasonable adversary'. 

[Llian Rhydderch]

Asia Times published this yesterday:  scam via satellite is starting to take off

Mentions SpaceChain

[Tywin]

Well they are moving...

Open-source blockchain-focused company SpaceChain has signed a partnership with Biteeu, the Global Virtual Currency Exchange powered by Bittrex. The partnership focuses on enhancing the security and data protection through space-based storage solutions.

https://spacewatch.global/2019/06/spacechain-and-biteeu-partner-to-enhance-security-and-data-protection-through-space-based-data-backups/

[Tywin]

Blockchain startup SpaceChain has won a 60,000 euro grant from the European Space Agency (ESA) to investigate use-cases for their satellite-based blockchain wallet system.

https://www.coindesk.com/european-space-agency-backs-blockchain-satellite-project

https://www.prnewswire.com/news-releases/spacechain-receives-support-from-european-space-agency-for-blockchain-satellite-technology-300920274.html

[russianhalo117]

Cross post:

Our #Nanolabs have enabled some incredible technology over the years on @Space_Station  - but we're extra excited to add #Blockchain to that list:

https://twitter.com/Nanoracks/status/1276579154444652545