Bitcoin [BTC] is a virtual currency whose transactions are primarily executed on the internet. While the internet is ubiquitous during today’s time, there are still places on Earth where access is limited. Its dependence on the existence of the internet to function also raises doubts on its store of value argument.
Nevertheless, Bitcoin is growing more powerful than ever. Samson Mow, the Chief Strategic Officer of Blockstream tweeted about the Blockstream’s satellite service which was launched two years ago. The satellites provide for free synchronization with the Bitcoin ledger.
The Blockstream Sattelite
The Blockstream Sattelite covers 2/3 of the Earth. The satellite also enables broadcasting data all over the world using that satellite to the Bitcoin network. Hence, by paying Bitcoin through the lightning network, any message can be broadcasted across the globe.
The #BlockstreamSatellite service has now been operational for 2 years. That’s 2 years of free #Bitcoin blockchain data synchronization, improved privacy with offline full-nodes, and making Bitcoin more resilient against network splits. 📡 @Blockstream #BitcoinInfrastructure pic.twitter.com/wYJw6tLbNX
— Samson Mow (@Excellion) August 15, 2019
There are five commercial satellites used by Blockstream which synchronize with the Blocks on the network in real-time. This provides security against forks or network splits from occurring. Hence, restricting ‘51% attack’ and ‘chain re-org’ attempts.
Blockstream Satellites in Space (Source)
Other ISP Free Networks on Earth
Currently, the data on the internet follows a centralized path comprising of specific nodes controlled by corporations. According to sources, Amazon’s AWS transmits more than 50% data on the world wide web.