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Cryptosat is a company dedicated to building a blockchain technology internet in space. They plan to launch a data encryption satellite named Crypto1 into near-earth orbit with SpaceX rockets, in the hope of creating a more reliable cryptocurrency internet in space.

According to a report by Cointelegraph, on Wednesday, a cryptocurrency satellite (Crypto-satellite) will be sent into orbit by SpaceX rocket during a daily mission in California, to create a foundation for a secure blockchain technology internet in space.

The satellite, named Crypto1, was created by Cryptosat, a company that specializes in providing satellite internet services for blockchain technology and DApps. Crypto1 is small, only the size of a coffee cup, but once it launches successfully, it will provide an unbreakable and anti-counterfeiting service platform. Yonatan Winetraub, co-founder of Cryptosat, said that services like this one are the first root-of-trust outside of the world, providing trusted sites for cryptocurrency software without relying on other companies' satellites.

Winetraub said that this kind of demand will grow rapidly in the future. In the Web3 world, detailed financial systems and smart contract protocols depend on the accuracy of their cryptographic algorithms. We need a trusted space control module, especially since the technology for capturing and counterfeiting satellites is not yet perfected.

Why send it into space? The elite team explained that while we are on Earth, people with physical access to hardware configurations can use various methods to steal public keys. To avoid this, many people invest in expensive database security control modules (HSMs) to store public keys and sign transactions and qualifications reliably, costing thousands to over 100,000 dollars.

However, they realized that with the same amount of money, they could send all the machines into space, providing a stronger security factor at no necessarily higher cost. In addition, Michalevsky also mentioned a unique function: because satellite communication is based on wireless operating frequencies, you cannot really hide and launch an attack. Anyone with a wireless antenna knows what you are doing.

"In recent years, we have seen the tremendous development of blockchain applications, and we can provide this kind of service in space. We hope to provide services for the blockchain market industry and provide this control module, allowing everyone to benefit from an unprecedented level of security."

There are still technical challenges to overcome, though. Winetraub mentioned that communication networks in space are not a trivial matter. Using space assets is different from working on Earth. If a problem arises on the ground, you can simply turn on a terminal and adjust it, but not in space. It orbits around the Earth, and we gradually detect problems. Now we have to wait for an hour and a half for it to come back.

Winetraub said that they will continue to work hard to overcome these challenges, building a reliable infrastructure for blockchain technology internet in space, and hoping that there will be dozens of control modules operating around the Earth in the future to provide sustainable service projects.

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