Adam Buck, CEO of Blockco’s bitcoin operating technology, dived into the least known uses for turning bitcoin from space during a presentation at the 2019 Consensus on Tuesday.
The start-up launched the Crypto-Works targeted satellite product two years ago, with the main goal being to give people who do not have an Internet connection another way to download Bitcoin’s full node, the safest form of network connection and use.
But even though this is the logic they usually give, Buck goes back to some other cases where a satellite connection can be valuable, pointing first to a “political disorder” when people are stuck in the midst of political turmoil, control.
“One of the first things that happens in a coup, like in Arabic, is that the [people of power] are cutting off the Internet.”
In this scenario, satellites offer an alternative way to connect to a bitcoin network. Along these lines, especially when it comes to technological satellites, speakers emphasize that technology has the ability to surpass people who are less fortunate, perhaps living in a part of the world that does not have easy access to the Internet.
But back in fact did it in this case can provide cases users for people in lucky situations, too.
First, and perhaps almost all, Back claims that it is actually, in some ways, cheaper than a regular internet connection. You can keep the bandwidth costs of a regular internet connection by satellite outsourcing to download bitcoin updates for you.
So there is the privacy angle. If you are not careful, anyone can peek online to see the IP address associated with your node. But with a satellite connection, it’s much harder to see who connects to it and grab the full node data.
“It gives you a lot of privacy.Through satellite to get a full node, no one knows you’re a bitcoin network participant,” he said back.
Finally, downloading bitcoin node full by satellite also offer an alternative in case of breaks, which exchanges and dealers are all privy as they have to run some form of node to connect to this bad network for miners, who can lose money, since they will not be able to mine called ” Block rewards “- each of them worth $ 87 thousand at current market prices – as long as they lose their Internet connection.
“I’ve heard firsthand stories of agricultural mining operators that they are forced to run a farm at the signal of a mobile phone for a week,” Buck said, arguing that the satellite is a much cheaper type of backup.