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By placing satellite in space, Cryptosat and SpaceX promote use of Bitcoin, Binance Coin, and other crypto

The widespread adoption of cryptocurrencies and blockchain technology is still supported by Elon Musk’s businesses. Musk’s spacecraft production and launch business SpaceX has launched Cryptosat’s second satellite, which is used to power cryptographic, blockchain, and ledger applications.

Notably, the Crypto2 satellite has 30x higher computing power than the Crypto2 satellite that launched in May 2022. According to Yonatan Winetraub, co-founder of Cryptosat, the satellite will dramatically increase the number of customers the business can serve at once.

A press release claims that on January 3, Cryptosat sent the satellite into orbit aboard SpaceX’s Transporter 6 mission utilizing the two-stage SpaceX Falcon 9 rocket. The satellite, known as Crypto2, was one of the 114 payloads that operators from 23 different nations launched on the voyage. The mission establishes a record as the second-largest rideshare mission in history and will be SpaceX’s first orbital launch in 2023.

By using space-based cryptography, Cryptosat hopes to completely prevent physical hacks and network infiltration. SNARK techniques, whose security depends on the point of conception, are examples of use cases for this.

The mission is SpaceX’s most recent effort to encourage the use of cryptocurrencies. In May 2021, SpaceX launched DOGE-1, the company’s first crypto-related satellite. It took Dogecoin (DOGE) as payment to cover mission-related expenses.

According to the corporation, it constructs its satellites from the ground up to assure a reliable system before launching them into orbit. This enables it to ensure that the satellites cannot be modified by other parties, including nation-state actors.

At the time, the project showed how cryptocurrencies may “lay the groundwork for interplanetary commerce,” according to Tom Ochinero, vice president of commercial sales at SpaceX.

Elon Musk, the creator and CEO of SpaceX, has frequently discussed allowing the space exploration business to embrace more cryptocurrency. Like his electric car company Tesla, he has proposed accepting DOGE payments.

In the past, Musk’s support for and acceptance of cryptocurrencies has had a big impact on the market. Given how outspoken he is on Dogecoin, his impact is felt most strongly in that sector. His actions on Twitter have increased interest in the memecoin. He has a lot of influence on Bitcoin, though. His declaration that Tesla would no longer accept Bitcoin as payment caused the benchmark cryptocurrency’s price to plummet back in 2021. He expressed concern about how BTC will affect the climate, which is still a contentious topic.

News Summary:

  • By placing satellite in space, Cryptosat and SpaceX promote use of Bitcoin, Binance Coin, and other crypto
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