Space is now the new frontier for many industries and sectors. Blockchain is the latest.
Velas is a next-generation self-learning blockchain ecosystem project that implements an AI-powered Delegated Proof-of-Stake (AIDPOS) consensus mechanism for improved scalability, high security, and interoperability. Its suite of centralized and decentralized solutions includes researching state-of-the-art cryptography, developing consensus protocols, and designing intuitive user interfaces for Web 3.0.
Velas will leverage the enhanced security and immutability of space-grade infrastructure designed and deployed by SpaceChain for advancing its decentralized projects and applications. Once tested and activated, the space node will enable Velas to further develop and deploy its blockchain platform, which aims to be one of the industry’s most secure and fastest platforms.
The space node created for Velas will also enable highly secure on-orbit services for Ethereum transactions sent and received from the ground and the minting of an ERC-721 standard non-fungible token (NFT).
The mission marks SpaceChain’s sixth blockchain payload launch into space and the successful integration of Velas, the world’s fastest Ethereum Virtual Machine (EVM) blockchain and open-source platform for decentralized applications, with its payload.
“Blockchain platforms and next-generation fintech applications require a decentralized infrastructure in order to fulfill their fullest potential. We are thrilled to be working in partnership with Spire to help propel Velas into space and uncover new opportunities in the New Space Economy,” said Zee Zheng, SpaceChain co-founder and chief executive officer.
“Today’s milestone is testament to the increasing adoption of space-as-a-service as a platform for innovation among modern businesses and those looking to be at the forefront of what the commercial space age has to offer,” he added.
The payload was installed onto a satellite designed and manufactured by Spire Global, Inc., which also managed the launch mission. SpaceChan and Spire Global announced a partnership in September 2021.
Spire is utilizing its space-based AI-embedded supercomputing module “SABERTOOTH” to complement SpaceChain’s decentralized satellite network (DSI) to help Velas sharpen its competitive edge and overcome land-based centralized infrastructure challenges.
Meanwhile, the launch also brings Velas closer to putting its payload on the International Space Station (ISS).
“Velas is one of the first blockchain networks to engage into this space race and aims to put its payload on the ISS ultimately. Having a node on the ISS is a challenging task as NASA goes through a rigorous evaluation and approval process. We are confident that both Velas and SpaceChain possess the required technical expertise and resources to achieve this vision,” said Farkhad Shagulyamov, co-founder and chief executive officer of Velas.
Image credit: iStockphoto/Robert Michaud