It’s not all bad news in the cryptocurrency industry as progress is still being made on a fundamental level even as the price of cryptocurrencies sink. Thanks to Blockstream, the entire Bitcoin blockchain can now be streamed from five satellites in space. Also, the company has created a new API that will allow users to send encrypted messages to one another from remote regions. They will be able to pay for the messages in BTC through the Lightning Network. It is designed to allow higher transactions to be performed on BTC and promote retail adoption.
Blockstream Takes Blockchain To A Whole New Level
BTC has been in existence for ten years now. It closed in grand style last year with its price reaching higher highs against the USD. This year, things have been tough for BTC. The cryptocurrency now has a market capitalization of about $59 billion with a price that is struggling to fall below $3000. All these years, BTC has been nicknamed “magic internet money”. Well, things have changed as BTC no longer needs internet service providers. The CEO of Blockstream, Adam Back had this to say:
“We have seen the ever increasing robustness of the BTC network. We also know that it cost less than traditional payment methods thus helping businesses that rely on it for backup. We want emerging markets to use it as their primary access to the network at an even lower cost.”
Before now, Blockstream had just four satellites that broadcasted to Europe, North America, Africa and South America. The company announced the debut of the fifth satellite today and it will allow them serve those in the Asia-Pacific region while covering major landmasses. The only places that will not be covered are Antarctica and Greenland.
Bitcoin (BTC) Price Today – BTC / USD
The data the satellite network is using to transmit has been expanded. It now includes all BTC transactions and not just the information about the final blocks of each transaction as was available previously. In 2019, this new API is going to allow users to send messages related the BTC network without accessing the internet. The chief strategy officer at Blockstream, Samson Mow had this to say about the project:
“The BTC network has always been about using uncensorable money. Now, we have uncensorable methods of communication as well.”
Apart from letting users have access to more affordable methods of making small BTC payments, the integration of Lightning Network allows onion-routing technology, and per-kilobyte micro-transactions. In this case, the information about the receiver, the sender and the content involved will all be protected from the eyes of third-parties.
Experts believe that this new API and satellite will help boost development of smartphones and other applications that link Blockstream’s GreenAddress bitcoin wallet to its Liquid Network thus allowing people perform faster transactions between exchanges at affordable rates. The entire bitcoin network will be podcast allowing miners to use their satellite connection to create new blocks and accept Bitcoin payments.
Back believes that this API will be of interest to those who already use the mesh networks that rely on small antennas to connect to mobile devices without things like Comcast, AT&T, and Verizon.