Bitcoin [BTC] is a virtual currency whose transactions are primarily executed online. His dependence on the fact that he exists, however, raises doubts about his argumentation of value and currency. Although the internet is ubiquitous today, there are still places on Earth where access is limited.
Still, Bitcoin is getting stronger than ever. Samson Mow, Blockstream’s chief strategic officer, tweeted about the Blockstream satellite service launched two years ago. Satellites allow free synchronization with the Bitcoin book.
Furthermore, there are also opportunities being explored on Earth itself to create a secure offline system for Bitcoin.
Satelit Blockstream
Blockstream Sattelite covers 2/3 of the Earth. The satellite also allows data to be broadcast worldwide on the Bitcoin network. Therefore, by paying for Bitcoin through a lightning network, any message can be broadcast around the world.
The service has been operating for two years now. These are 2 years of free blockchain data synchronization, improved privacy with offline full nodes and making Bitcoin more resilient to network sharing. ?
Blockstream uses five commercial satellites that synchronize with online blocks in real time. This ensures safety against jaws or network separation. Thus, limiting attempts to ‘51% attack ’and‘ chain organizing ’.
Other ISP free networks on Earth
Currently, data on the Internet follows a centralized path consisting of certain nodes under the supervision of corporations. According to sources, Amazon’s AWS transmits more than 50% of the data on the World Wide Web.
Meltem Demirors, Chief Strategic Officer in Coinshares based in the UK, held a – ‘What Grinds My Gears.’ In his recent episode, he talks about another independent ISP (Internet service provider) – network technology, Bitcoin Relay network and FIBER, transaction services, nano-satellites (Bitsat) and space – cloud computing (Cubesats).
Network technology uses decentralized nodes to transmit data over the Internet. Just like Bitcoin and cryptocurrency, there are many scattered nodes that all participate in data transfer. As Meltem noted in her blog, there are several networks of networks based on bitcoin and cryptocurrencies like TxTenna, Bitcoin Venezuela Mesh Network, Althea, Helen and NKN.
Relay networks have been constantly exploited by unwanted users in the past. However, Bitcoin relay networks are designed to filter data, allowing only general ledger data to be broadcast. FIBER ( or Fast Internet Bitcoin Relay Engine) is an extension of the lightning relay network.
The network can also be connected to Blocksteam Satellite without delay to synchronize with the latest blocks.
Networks, as mentioned above, form a financial ecosystem that encourages the use of the network while providing security. These are technological attempts to make Bitcoin ubiquitous and free of the Internet, becoming truly decentralized.
The future behind the conspiracy
Network service providers benefit greatly from the existing data transmission system. Remember the story of the conspiracy about an electric car or unleaded gas? Any innovation that disrupts the revenue of large organizations has always initially faced resistance.
Moreover, some of these network networks provide an incredibly inexpensive source for connecting to the world without the use of ISPs. While privacy will reduce cyber-attacks and unethical surveillance, the system is certainly harassing networking giants.
There are many ‘censored’ areas on earth, it is imposed for geopolitical security and the implementation of national laws. However, money or currency should be borderless and resistant to censorship. Therefore, according to US Congressman Patrick Mchenry,
Due to the nature of Bitcoin technology, governments cannot kill it, nor should they, and neither can you, widely kill digital currencies. They will be durable, they will be strong. It is the new framework of the next generation of the Internet.
Furthermore, Bitcoin and cryptocurrencies bring security and truly encourage players who support the network. Therefore, entry barriers for small players are also limited.
With companies working aggressively on Bitcoin, how do you think other cryptocurrencies will find space in the next era of decentralized internet? Please share your views with us.