Space’s first blockchain node to be powered by leading blockchain application platform – Qtum.

The blockchain application platform Qtum has announced that its has been selected as the platform to power open source satellite network startup SpaceChain.

Singapore-headquartered SpaceChain is building the world’s first open source satellite network as a means to create next-generation infrastructure for blockchain: decentralized, satellite-based, and entirely in space. The company aims to provide an alternative to existing blockchain data transmission, storage and application development environments.

SpaceChain’s launch makes the Young Pioneer I satellite the first blockchain node in space.

“We are delighted that Space Chain chose to work with Qtum’s smart contracts on their very exciting project,” commented Qtum co-founder and CEO Patrick Dai.

“Exploring the final frontier of space is an incredible opportunity that few of us have had the chance to participate in – and we’re thrilled to be playing a part.

Qtum’s platform simplifies the creation and deployment of applications and services that use both the Ethereum and Bitcoin blockchains. The platform has been designed with enterprise-grade functionality, offering an efficient proof-of-stake consensus mechanism, and support for lite wallets on mobile devices. Members of the Trusted IoT Alliance, Qtum has recently welcomed decentralized and intelligent community investment bank Banca, and digital identity platform IDHub to its platform.

“Qtum offers a robust, future-proofed solution that meets our needs both now, and in the future. Its use of Proof of Stake for consensus is significantly more energy efficient, which is critical in our project,” commented Zuo Zheng, co-founder and CEO of SpaceChain.

“I believe that Qtum is the future of blockchain, and we are thrilled to leverage their technology to offer space’s first blockchain data transmission, storage and application development environment.”

SpaceChain’s first satellite launch took place on February 2nd, 2018 at 15:51 pm Beijing Time at the Jiuquan Satellite Launch Center on a CZ-2D rocket.

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