We have a legal team to ensure full compliance. We also have team members and partners in the US, UK, UAE, Israel, Singapore and China who work with local governing bodies to ensure that we are fully compliant with local regulations.
Our project requires extensive preparation and overhead costs to get it moving. Unlike other projects, we require both software and hardware. However, SpaceChain has already launched six blockchain nodes into space in less than five years. That is considered very fast in the space industry.
We are leading the industry to explore the integration of blockchain and space technologies, so there is a lot of education that needs to be done within both industries. But, we are glad that we have made a lot of progress over the last few years as more people are starting to see the benefits of combining space and blockchain technologies.
Additionally, the space industry is very traditional and generally slow, while the blockchain industry grows very rapidly. To coordinate resources and manage expectations from both industries have been a challenge. We have been working with top institutions in the space industry and truly gained a lot of help as a startup.
We have rough timelines in place, but due to variables that we might not be able to control, such as weather and the schedules of our launch providers and partners, this timeline may shift around. Additionally, we are unable to release the launch date before the rocket launch site officially releases the news. We will let the community know once we’re cleared to announce the date.
We believe space exploration is a huge project, it needs cooperation and benign competition. We are always on the lookout for interesting partnerships, and we like to cooperate with anyone who wants to explore space initiatives. However, there are several things we consider when we explore partnerships including technical considerations and overall alignment of vision.
We do not work directly with NASA or SpaceX. For our missions, we work with Nanoracks, which is a private in-space services company that has a Space Act Agreement with NASA.
Yes, we are working toward this direction though we cannot comment on the companies we will partner with. One of the targets of the Decentralized Satellite Infrastructure project is to create a heterogeneous constellation of spacecraft, capable of performing edge computing and inter-satellite collaborations. Space mining is a huge area and a lot of effort is required on both the technical and management side. We are contributing to it by creating a trustful environment in space.
We are interested in collaborating with as many companies and projects as possible to build a larger space community and ecosystem. We are an open-source project, and the plan is never about exclusion but rather, about inclusion. We are the first organization to build a blockchain and space ecosystem. If there are other projects/companies that start following this model, we are happy to partner with them.
We are not building our own constellation. However, we wish to work with other space companies to build a constellation that will be a decentralized infrastructure, also known as the DSI.
The Decentralized Satellite Infrastructure (DSI) is a mesh network in space. A blockchain registry is used to store public keys that enable satellite encryption in the network. This provides an economic, authentication and governance layer for any satellite owner to join the network as a node. This also allows multiple different types of satellites to form a single uber constellation, enabling multiple payloads on multiple satellites with multiple owners and tenants.
The satellite industry has been single owner, single payload and single tenant for decades, and now that is changing. The DSI working group connects with launch partners, satellite manufacturing partners, and customers, and brings them all together. Users use the network by sending a request to a satellite via the blockchain enabled mesh network. Blockchain token payments are sent alongside the payload request, paying the satellite owner for their time.
Hacking is one of the biggest threats for cryptocurrency. However, it is a common misunderstanding that “bitcoin was hacked”. It is wrong. Bitcoin was operating as it was designed, and it was always the people that did not manage it well that caused the cryptocurrency to get stolen. We are using our multisignature space technology to reduce human errors, provide longer time for responses and trace funds, and also offer an alternative method to transmit data when there is a critical or a large transaction to be done.
There are still many places that do not have land infrastructure. And, blockchain in space can help as it is accessible through satellite infrastructure.
Additionally, blockchain technology is hosted on centralized servers on Earth and are vulnerable to hacking. One way to prevent this issue is to get these platforms on a decentralized network such as SpaceChain’s Decentralized Satellite Infrastructure (DSI). Blockchain technology in space will be safer from other vulnerabilities such as internet kill switches or governments that are against the technology. In addition, blockchain technology in space will prove to be a great use case for supply chains especially since there are certain places on Earth that are outside of coverage zones such as oceans, deserts and forests. These satellites will be able to track, monitor and scan these dead zones.
No, there was no ICO. There was only a private sale only for institutional investors and accredited investors.
15% for team and future talent acquisition, 15% for building the space and blockchain ecosystem, 9% for key partners and resources, 10% for future reserves and 51% was distributed to community (the majority of the tokens were distributed via the presale, while some of the tokens were airdropped on EXX.com and via community events).
The choice of releasing 51% tokens to the community is because of decentralization. If SpaceChain holds 90% of the tokens then there would be no difference between us and a traditional equity company. There may be projects that release just 2% circulation supply, but this does not fit our business model. A small circulation supply may make the current price higher, but if they release an additional 20% of the supply later, it is going to get dumped on the market and that will hurt the community. Additionally, the total supply is already written in smart contracts so we cannot reduce the total SPC token supply.
We have a total of 3 tokens across the Qtum and Ethereum blockchains.
The third variation of our token, the SPC ERC V2, was recently introduced in December 2020. You can read more about it here. It is highly recommended to switch to the new token as it has additional capabilities such as yield farming.
You can swap from the ERC v1 to ERC v2 token via this link ━ https://spacechain.github.io/dapp-v2-upgrade/. Always do a test swap first before performing the full swap. We are not liable for any tokens lost.
Apart from Exx.com, all the other exchanges and dexes carry the latest ERC (v2) token.
Even though SPC has QRC, ERC v1 and ERC v2 tokens, the total supply for all tokens remains at 1 billion.
Unfortunately there is no way for us to track this as we don’t know if there are people or exchanges still holding on to v1 tokens. That said, all v2 tokens were created by burning V1 tokens that were swapped, guaranteeing the 1 billion SPC supply does not change.
SpaceChain has been operating since 2017. We are in it for the long term and are not going anywhere. So no, we’re not going to lock the liquidity. For example, in the recent lending pool exploit, we needed to change how liquidity was provisioned on Uniswap-v3.
Locked liquidity would have prevented us from fixing a problem. Neither projects like Circle/CENTRE — The maintainers of USDC — nor the Wrapped BTC DAO — maintainers of WBTC — lock liquidity in the way that has been described. That is simply false. Perhaps this is being confused with LP positions, where a project locks liquidity against a major crypto such as ETH, WBTC or USDC. That is done by the project, not USDC or WBTC.
There are a variety of reasons for adopting Qtum technology. One of which is because Qtum combines Ethereum’s smart contract functionality with the security of Bitcoin’s unspent transaction output model (UTXO) which is suitable for adoption by large organizations. It has a wider prospect of application. Qtum also has one of the best working PoS smart contract platforms out there.
Proof of work (PoW) burns a lot of energy but PoS does not. Satellite onboard computer has limited power consumption to support PoW. PoS provides the stability we want and utilizes low power consumption. Adopting Qtum also gives developers everywhere a platform to build on and publish their applications on our satellites.
Please check our GitHub repository here.
We want to build a coverage communication network that covers the entire world. But that will take some time to do as we have to build the blockchain infrastructure from scratch. In the meantime, we can utilize the existing satellite network to do that.
The concept of a coverage region is only for Geostationary (GEO) satellites. LEO satellites orbit at altitudes of less than 2,000 km above the Earth’s surface and circle the planet several times a day. Global coverage is achieved through a constellation of LEO satellites. Each constellation requires hundreds or thousands of satellites. Some of them are already deployed in orbit. For example, Starlink, a constellation being built by SpaceX, has already launched 1,445 satellites.Spacechain cooperates with LEO satellite supplier Spire to provide the service.
Yes, we are able to expand to cross-satellite communication with the existing satellite network, and the Iridium system is one of those options.
No, it is possible for other companies to develop a hardware board that enables space dapps to be created on their platform. Ethereum developers are unable to develop space dapps as they do not have access to space, such as the development of flight proven hardware boards and sending the board to space through small satellites. We are able to provide such a board (such as SpaceChain’s Callisto) for developers to create different space dapps.
To form the ecosystem, an estimate of more than 30 satellites are required to build the constellation of communication for the Decentralized Satellite Infrastructure (DSI) in the future.
The satellites are rented.
Presently, SpaceChain provides software services. We do not build our own satellites. Instead, we are developing a Decentralized Satellite Infrastructure (DSI) with the help of various partners. The DSI is formed by a mesh-network of heterogeneous spacecraft that is owned by multiple parties across jurisdictions operated in Low Earth Orbit.
With the DSI, Decentralized Satellite Applications (DSA) can be built and run without the need for any land-based infrastructure. We are also working with satellite provider companies such as Nanoracks and Spire Global.
We are focusing on building a SpaceChain Operating System that is compatible with many different public chains. We’ve already integrated with Qtum, Ethereum and Bitcoin blockchains. We do not have a plan to launch our blockchain at this moment, but we do want to integrate more public chains to interact with more open-source communities.
We are developing consumer-based storage services. Essentially we’ll only be hosting the service that facilitates the upload/download activity. We are not planning to “replace” the Internet. But, we are working on utilizing space technology to better serve the blockchain industry and using blockchain technologies to serve the space industry.
It depends on the capacity of the satellites. Most of the CubeSats have limited bandwidth and it takes a longer time to complete an upload/download. The pros of launching small satellites are that they are cheap and build time is faster. We will have opportunities to test these out before we commit and invest on building big ones.
We’re currently focused on an open-source hardware method as well as open satellite design so, in theory, yes, SpaceChain OS maintains the capability to run on other satellites.
We did not open any APIs to the public.
No, no masternodes. Today we have Qtum P2P nodes. In the future, we’ll have SpaceChain blockchain P2P nodes.
You can always reach out to our friendly and helpful team for any form of support!
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