Satellite cloud startup inks deal for space-based cryptocurrency platform

An artist’s rendering of the orbital rings of Space Belt—a private data network built on laser-linked satellites set to start launching next year.

In what may be the oddest news I report on this year, an organization offering cryptocurrency to promote solar power generation has signed a deal to purchase data center capacity in space in order to secure its blockchain wallets from hacking. The SolarCoin Foundation—a “global rewards program” for solar power generators launched in 2014 that awards blockchain currency for each megawatt-hour of electricity generated—has agreed to acquire orbital data storage capacity on the satellite-data centers of SpaceBelt, the planned orbital data communication, processing, and storage service from satellite startup Cloud Constellation.

In an interview with Ars in May, Cloud Constellation CEO Scott Sobhani explained that SpaceBelt would consist of a network of satellites linked by laser communications, providing a 10-gigabit dedicated orbital network backbone. The satellites, operating in a mix of relatively low orbits, would also provide a cross-connect for a variety of existing satellite communications frequencies. SpaceBelt will apparently include a “unique blockchain technology,” according to a press release announcing the deal with SolarCoin, that somehow secures blockchain wallets better by putting them in space.

“SolarCoin will be able to provide its customers with an inviolable record of their transactions, and parties can be recorded and viewed via the internet,” a Cloud Constellation spokesperson said in the company’s statement on the deal. “[SolarCoin Foundation] will purchase space on the SpaceBelt network to securely host its Cold Storage Vault and protect its $5 billion treasury of SolarCoin currency. When operational, SolarCoin will be the first currency transaction sent to and from space.”

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Source: Ars Technica – Satellite cloud startup inks deal for space-based cryptocurrency platform