Author Joseph Young
Genesis Mining has successfully settled the first peer-to-peer Bitcoin transaction in space with the help of a weather balloon.
A few weeks ago, the team at Genesis Mining, the Bitcoin mining company which was founded in 2013, travelled to the United Kingdom to launch a 3D model of a Bitcoin embedded with a Bitcoin paper wallet into the stratosphere. In its first launch the space balloon reached the Armstrong Limit, or an altitude of 20 kilometers, successfully taking the physical Bitcoin into space to settle a Bitcoin transaction.
In its second launch, the space balloon surpassed the 34 kilometers margin defeating its own previous record and settling its second peer-to-peer transaction in space.
Future of space transactions
Both transactions were successfully recorded in the public Blockchain of Bitcoin, which entailed a two-part transaction with 2 Bitcoins sent to and from an address which begins with 1Genesis to a unique Bitcoin address which starts with 1Moon.
The company and its team stated that the project was designed and launched to demonstrate Bitcoin’s endless potential and its capability to process transactions literally anywhere in the world, including space.
“As a community we’ve all seen Bitcoin increase in value, and we wanted to do our part to demonstrate that there’s no limit as to how far Bitcoin and cryptocurrency can go,” the team stated.
As we move towards Mars exploration and other interesting space projects, reliable, secure, and cheap forms of payments will rise in demand, especially if our technologies become advanced enough to provide ideal ecosystems for humans to live on other planets.
The successful project of Genesis Mining opened Bitcoin to an entirely new market by demonstrating that peer- to-peer transactions in space are plausible and can be utilized in the future.
You can check out the address of the transaction on the Blockchain.
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