{"id":22796,"date":"2017-12-29T16:15:24","date_gmt":"2017-12-29T16:15:24","guid":{"rendered":"http:\/\/ci027cfe79600a26c3"},"modified":"2017-12-29T16:15:24","modified_gmt":"2017-12-29T16:15:24","slug":"vector-nexus-join-space-race-plans-satellite-based-blockchain-network","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/vector-nexus-join-space-race-plans-satellite-based-blockchain-network","title":{"rendered":"Vector, Nexus Join the Space Race With Plans for Satellite-Based Blockchain Network"},"content":{"rendered":"
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Space company Vector<\/a> and blockchain developer Nexus<\/a> announced a partnership<\/a> to host Nexus\u2019s decentralized cryptocurrency on a satellite orbiting the Earth, using Vector\u2019s GalacticSky<\/a> platform.<\/p>\n

According to the developers, Nexus technology offers improvements over existing blockchain systems like Bitcoin and Ethereum. For example, Nexus features SHA-3<\/a> cryptography with 571-bit keys, which is believed to offer \u201cquantum security\u201d against future attacks based on next-generation quantum computers. Nexus is also developing a \u201c3D Chain<\/a>\u201d (3DC) to address the current challenges of speed and scalability in the cryptocurrency industry.<\/p>\n

\u201cThe future of Nexus combines satellites, ground-based mesh networks, and blockchain technology to facilitate the formation of a decentralized internet,\u201d notes the joint press release. \u201cNexus is building the foundation to broadcast the blockchain and Nexus Network from space,\u201d adds the Nexus website. Basing the Nexus cryptocurrency in space can, according to the developers, protect it from interference from governments and corporations.<\/p>\n

\u201cWith Bitcoin\u2019s valuation at an all-time high, people are beginning to accept cryptocurrency as a real form of payment, but there are still problems with storage and ownership,\u201d Colin Cantrell, founder and lead core developer of Nexus, said in a statement. \u201cThe capabilities provided by the GalacticSky platform, combined with the flexibility of Vector\u2019s launch model, bring us one step closer to accomplishing our mission of providing the world with a decentralized currency that can be accessed virtually anywhere, anytime.\u201d<\/p>\n

While the Nexus cryptocurrency is not directly related to decentralizing the internet, its future infrastructure, based on satellites and mesh networks, is.<\/p>\n

Vector\u2019s GalacticSky<\/a> platform, launched in 2016<\/a>, is a \u201csatellite virtualization platform\u201d that offers customers the possibility to test new space applications with satellites already in orbit, before committing to the costly process of designing and launching their own satellites. GalacticSky customers will be able to reconfigure existing micro satellites dynamically and in near real-time, just like software-defined radio<\/a> systems. In fact, Vector describes GalacticSky as a software-defined satellite platform. Established to develop affordable launch capabilities and in-orbit platforms for the micro-spacecraft sector, Vector has been described<\/a> as a hot space startup and a potential SpaceX competitor. <\/p>\n

\u201cOver the last year, we\u2019ve made many advancements in order to solidify our standing as a leading nanosatellite launch company,\u201d said Vector co-founder and CEO Jim Cantrell<\/a>, the father of Nexus\u2019s Colin Cantrell<\/a>. \u201cHousing Nexus\u2019[s] cryptocurrency on our GalacticSky platform not only validates our proof of concept, but demonstrates how prolific this opportunity is for startups looking to innovate in space without the need to build their own satellite.\u201d<\/p>\n

Jim Cantrell was also on the founding team of Elon Musk\u2019s SpaceX and Moon Express, the first private company to attempt to land on the lunar surface. Earlier this year, Vector and Citrix partnered<\/a> to bring data center and cloud virtualization technology into space. Vector also announced a partnership<\/a> with Astro Digital to launch one of Astro Digital\u2019s satellites in 2018.<\/p>\n

The ambitious plans of Vector and Nexus can be compared to the Blockstream Satellite<\/a> service, which broadcasts real-time Bitcoin blockchain data from satellites in space. An important difference is that Blockstream doesn\u2019t operate satellites but uses existing commercial satellites<\/a> as relays. <\/p>\n

An even more important difference is that, with the new initiative, the new and independent Nexus cryptocurrency will be really based in space, running on a blockchain distributed across across multiple satellites. Therefore, according to the joint press release, \u201cNexus is no longer tied to a nation-state and can create the backbone for a more decentralized financial ecosystem.\u201d<\/p>\n

In a video<\/a>, Colin Cantrell explains Nexus history, vision, current state and future plans. In another video<\/a>, he provides an overall view of Nexus architecture and zooms in o scalability and quantum security aspects.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Space company Vector and blockchain developer Nexus announced a partnership to host Nexus\u2019s decentralized cryptocurrency on a satellite orbiting the Earth, using Vector\u2019s GalacticSky platform. According to the developers, Nexus technology offers improvements over existing blockchain systems like Bitcoin and Ethereum. For example, Nexus features SHA-3 cryptography with 571-bit keys, which is believed to offer […]<\/p>\n","protected":false},"author":3509,"featured_media":22797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[556,802],"class_list":{"0":"post-22796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-blockchain","9":"tag-satellite"},"author_data":{"id":3509,"name":"Giulio Prisco","nicename":"giulio-prisco","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/2d091b908741b627d89036dd43748bb5c5edcfe9f805501703e2c3af34dadfca?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/vector.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/22796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3509"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=22796"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/22796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/22797"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=22796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=22796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=22796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}