Space company Vector and blockchain developer Nexus announced a partnership to host Nexus’s decentralized cryptocurrency on a satellite orbiting the Earth, using Vector’s 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 “quantum security” against future attacks based on next-generation quantum computers. Nexus is also developing a “3D Chain” (3DC) to address the current challenges of speed and scalability in the cryptocurrency industry.
“The future of Nexus combines satellites, ground-based mesh networks, and blockchain technology to facilitate the formation of a decentralized internet,” notes the joint press release. “Nexus is building the foundation to broadcast the blockchain and Nexus Network from space,” adds the Nexus website. Basing the Nexus cryptocurrency in space can, according to the developers, protect it from interference from governments and corporations.
“With Bitcoin’s 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,” Colin Cantrell, founder and lead core developer of Nexus, said in a statement. “The capabilities provided by the GalacticSky platform, combined with the flexibility of Vector’s 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.”
While the Nexus cryptocurrency is not directly related to decentralizing the internet, its future infrastructure, based on satellites and mesh networks, is.
Source/More: Vector, Nexus Join the Space Race With Plans for Satellite-Based Blockchain Network