Cryptosat and SpaceX Boost Bitcoin, Binance Coin and Crypto Adoption by Putting the Satellite in Orbit

[ad_1]

DogecoinCryptosat launches its second satellite into space on SpaceX’s Transporter 6 mission on January 3. Named Crypto2, the satellite has 30 times more computing power than the satellite previously launched by Cryptosat.

Elon Musk’s companies continue to support the mass adoption of cryptocurrency and blockchain technologies. Cryptosat, a company that builds satellites that power crypto, blockchain and ledger applications, launched its second satellite through Musk’s spacecraft manufacturing and launch company, SpaceX.

According to a press release, Cryptosat sent the satellite into space on SpaceX’s Transporter 6 mission using the SpaceX Falcon 9 two-stage rocket on January 3. Named Crypto2, the satellite was among 114 mission payloads sent by operators from 23 countries. The mission, which is SpaceX’s first orbital launch of 2023, also sets a record as the second-largest rideshare mission in history.

At 9:55 a.m. EST, our very own Crypto2 will orbit aboard the SpaceX Trasporter 6 mission. Join us to watch it live: https://t.co/VRx4ePJEsx

— Cryptosat (@cryptosat) January 3, 2023

Notably, the Crypto2 satellite is equipped with 30 times the computing power of its predecessor Crypto2 which was launched in May 2022. The satellite will significantly increase the number of customers the company can serve simultaneously, according to the co- founder of Cryptosat, Yonatan Winetraub.

The launch of Crypto2 is an important step towards expanding the infrastructure from a single satellite in 2022. use in our development pipeline, he said.

Cryptosat’s goal for launching satellites into orbit is to eliminate physical hacks or network intrusions through space cryptography. Use cases for this include SNARK schemes whose security depends on the design point.

Follow us for the latest crypto news!

The company explained that its satellites are built by it from scratch to ensure a reliable configuration before launching into orbit. This allows it to guarantee that no third parties, including nation-state actors, will be able to tamper with the satellites.

SpaceX encourages crypto adoption

The mission is SpaceX’s latest involvement in driving crypto adoption. SpaceX launched its first crypto-related satellite, DOGE-1, in May 2021. It accepted Dogecoin (DOGE) as payment to settle mission bills.

At the time, SpaceX vice president of commercial sales Tom Ochinero noted that the initiative demonstrated how cryptocurrencies could lay the groundwork for interplanetary commerce.

Meanwhile, SpaceX founder and CEO Elon Musk has often spoken of allowing the space exploration company to become more crypto-integrated. He suggested accepting payments in DOGE like his electric car company Tesla does.

Musk’s acceptance and promotion of crypto has had a significant influence on the market in the past. His influence is mostly felt in the Dogecoin market as he talks very openly about memecoin. Recently, his moves with Twitter have sparked interest in memecoin.

However, it also wields great influence over Bitcoin. In 2021, his announcement that Tesla would stop accepting BTC as payment caused the price of the benchmark crypto to plummet. The concern he raised about the climate impact of BTC remains a hotly debated topic.

[ad_2]