The technology in the domain of blockchain has taken now another joint leap with Bitcoin registering the swap against the dollar through the satellite broadcast network of Blockstream. This is for the very first time that the transaction via satellite took place and it is considered as a milestone in the journey of Bitcoin and blockchain technology. The network of Blockstream is unique in the sense that it broadcasts the Bitcoin blockchain directly from the satellite. This means there will be no interruptions caused by the irregular power cuts neither the process is going to be hampered by the availability of the internet. Everyone who is interested in the Bitcoin can have access to coin without any kind of interruption.
Benefits of Satellite Technology
The idea behind the use of satellite is to reduce the cost barriers that are associated with a conventional method of accessing the Bitcoin. The easy access to the Bitcoin via this new method means more people will be able to adopt the cryptocurrency revolution and that, in turn, will help in the wider adoption of the overall cryptocurrency sector. This alternative method adopted by the Blockstream is proving quite efficient in providing continuous access to the Bitcoin. The chances of network failures just like we have in the case of the regular internet connection is almost absent here, which means no more interruptions along with higher safety and security for users. The satellite coverage of the Blockstream is quite wide as it includes the region like North America, South America, Africa, Europe, and Asia. The modus operandi of this technology is quite simple. There are ground stations which are termed as “teleports.” These ground stations are connected to the satellites, and they transfer the blocks to these satellites in the Bitcoin network. When satellites receive a signal from the teleport, it broadcast the particular signal to the earth. Users having a small antenna and USB receiver will be receiving these blocks, and accordingly, they can update the node. In order to ensure the smooth transparency and streamlining of the operation, each of the teleports also receives a signal from the other teleports. This will help the teleport to remain updated rather than ending up as a partitioned block of information. The entire network of satellites covers the whole earth in order to ensure that each and every part of the globe is sufficiently covered by the Blockstream network.
Tool and Application
The liquid sidechain of the Blockstream has been used as an application along with the atomic swap tool in order to carry out this transaction. The announcement about this satellite space swopping on Twitter is attracting a lot of reactions from other users with most of them enthusiastically applauding this joint leap. Many comments are applauding the technology behind this transaction while others see this as a new chapter in the dominance of Bitcoin around the globe. Many users are sharing their experience of getting the Bitcoin on the Blockstream with most of them giving thumbs up to the convenience and safety procedure behind these new satellite-linked transactions.