Bitcoin [BTC] is a virtual currency whose transactions are primarily conducted over the Internet. Its dependence on its existence raises doubts in the reasoning of the vault and the currency. Although the Internet is ubiquitous today, there are still places on Earth where access is limited.
Nevertheless, Bitcoin is getting stronger than ever. Samson Mow, director of strategy at Blockstream, tweeted about Blockstream’s satellite service launched two years ago. The satellites provide free synchronization with the Bitcoin ledger.
In addition, there are options being explored on Earth to create a secure offline system for Bitcoin.
A Blockstream Sattelite
Blockstream Sattelite covers 2/3 of the Earth. The satellite allows data to be broadcast worldwide to the Bitcoin network. Hence, if you pay Bitcoin over the lightning network, you can broadcast any message around the world.
The service has been running for 2 years now. It’s 2 years of free blockchain data synchronization, better data protection with offline full nodes, and making Bitcoin more resilient to network shares. ?
– Samson Mow (@Excellion)
Blockstream uses five commercial satellites that synchronize with network blocks in real time. This provides security against branching or network separation. Therefore, limiting attempts at “51% attack” and “chain reorganization”.
Other ISPs have free networks on Earth
Currently, data on the Internet follows a centralized path consisting of specific nodes controlled by companies. Sources say Amazon AWS transmits more than 50% of the data on the World Wide Web.
Meltem Demirors, British Coinshares ’strategic director of the podcast -“ What Grinds My Gears. ” In his latest episode, he talks about another ISP (Internet Service Provider) independent service – network technology, Bitcoin Relay Network and FIBER, transaction services, nano-satellites (Bitsat) and space. based cloud computing (Cubesats).
Network technology uses decentralized nodes to transmit data over the Internet. Like Bitcoin and cryptocurrency, there are many scattered nodes that are all involved in data transmission. As Meltem noted in his blog post, there are some bitcoin and cryptocurrency based network networks such as TxTenna, Bitcoin Venezuela Mesh Network, Althea, Helen and NKN.
Transmission networks have been constantly exploited by spammers in the past. However, Bitcoin relay networks are designed to filter out data and only allow the transmission of general ledger information. ROST ( or Fast Internet Bitcoin Relay Engine) is a lightning- fast extension of the Relay network.
The network can also be connected to the Blocksteam Satellite to sync with the latest blocks without delay.
Networks, as mentioned above, form a financial ecosystem that encourages the use of the network while providing security. These are technological attempts to make Bitcoin ubiquitous and free on the internet and truly decentralized.
A future beyond conspiracy
Network operators benefit a lot from the existing data transmission system. Do you remember the conspiracy of the electric car or the story of unleaded gas? Any innovation that disrupts the revenues of large organizations has always faced resistance in the beginning.
In addition, these networked networks are an incredibly inexpensive source for connecting to the world without the use of ISPs. While privacy reduces cyber-attacks and unethical surveillance, the system is certainly a concern for network giants.
There are many “censored” areas on earth, prescribed for geopolitical security and the implementation of national laws. However, money or currency must be borderless and resistant to censorship. Therefore, in the words of US Congressman Patrick Mchenry,
Due to the nature of Bitcoin technology, governments cannot and should not and cannot kill digital currencies widely. They will be persistent, strong. This is the new framework for the next generation of the Internet.
In addition, Bitcoin and cryptocurrencies provide security and at the same time encourage players who support the network. Therefore, barriers to entry for small players are also limited.
If companies working on Bitcoin work aggressively, how do you think other cryptocurrencies will find a place in the next era of decentralized Internet? Please share your opinion with us.