Cryptosat, a satellite that will provide cryptographic and blockchain applications from space, is scheduled to launch into orbit on May 25.
Yonatan Winetraub and Yan Michalevsky, Cryptosat co-founders, shared in an interview the details of sending the satellite, the purpose of creating it and launching the device into space.
Cryptosat’s coffee mug-sized modules are linked to corporate cloud web providers on Earth. Users will be able to connect with a satellite that provides blockchain nodes in space. The modules will presumably orbit the Earth. Their main purpose is to secure cryptography in blockchain networks.
Cryptosat developers previously launched Crypto1, a crypto-satellite module that went into space aboard a Falcon 9 rocket for SpaceX’s Transporter 5 mission. The blockchain satellite technology was tested on the International Space Station.
“There’s a lot of need for this. If we’re looking into protocols, especially in Web3, there are whole financial systems and smart contract systems, kind of digital legal agreements that depend on the trustworthiness of the cryptography behind it,” explains Yan Michalevsky.
The project’s co-founders believe that the satellite modules can improve cybersecurity, as they have limited access from Earth. In addition, the satellites will provide a more decentralized operation of blockchain networks. For example, with Cryptosat modules, decentralized autonomous organizations (DAOs) will develop zero-knowledge proof protocols to ensure anonymity in decision-making.
Read more about what a DAO is in the Academy materials, where you will find expert insights from the XDAO project in addition to some basic information about DAOs.
