Qtum & SpaceChain ICO: Racing To The Final Frontier Of Space 2019 - Digit All

2024-04-14 09:18:41 Technology

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The SpaceChain Foundation is a project that was established in 2017 to develop solutions that would help humankind thrive in the advent of the New Age of Space Technology.

The new Spacechain project leverages blockchain technology to promote the idea of decentralized services which is aimed at fostering international collaborations with the broader global community.

By establishing blockchain nodes into space, experts hope that it will give access to an open-economic model which promotes new projects. SpaceChain gives full distribution access which was previously hard to come by because it was under the control of a third party Spacechain.com.

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Traditionally, satellites in space had single owners and were meant to perform a specific function, but the introduction of SpaceChain technology is seen as a game changer because it will allow access to multiple users.

The Perfect Solution

However, one of the challenges that SpaceChain faces and might prevent it from realizing its objectives is the fact that it utilizes a lot of hardware, which consumes a lot of energy, which can be quite expensive to install and maintain (Spacechain.com).

To overcome this challenge, SpaceChain has opted to work with Qtum and this paper purposes to analyze this relationship to explore its potential benefits.

The main reason why SpaceChain chose to work with Qtum is the fact that it is considered to have a very good Proof of Stake (PoS), a smart contract platform with a very low energy consumption rate, especially when compared to the common Proof of Work (PoW) algo, which tends to burns a lot of energy.

Moreover, Patrick Dai (Qtum founder) continues to argue other than its low energy consumption rate; PoS offers a stable and secure platform which makes an ideal option.

According to Miguel Palencia, the CIO of Qtum, previously it was a complex and intensive process to launch a node, but Qtum offers a more accessible technology that makes it easier and faster to launch these nodes.

Based on these factors, it is quite understandable why SpaceChain chose to partner with Qtum because not only will this partnership help result in energy consumption costs, but it will also make it easier and more efficient to launch blockchain nodes.

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An accomplishment that both SpaceChain and Qtum must be commended for is the SpaceChain OS.

SpaceChain OS is developed on QTUMs application programming interface which provides the primary blockchain application sandbox (Spacechain.com). With these measures in place, developers find a platform where they can build and publish all their applications using the SpaceChain satellite.

The development process is simplified by applying software development kits for the SpaceChain operating system. This is possible because of it offers a conducive development environment that has similar functionalities to JavaScript (Spacechain.com). As such, this partnership is ideal and serves to benefit both parties.

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