SpaceBIT Is Bringing The Blockchain To The Final Frontier

When we were attending the CoinSummit conference in London earlier this year, one of the projects catching our attention was SpaceBIT. As we attended the SpaceBIT after party on CoinSummit day 2, we learned a bit more about the project, but a lot of details were still being kept under wraps.  Today, we can tell you more about this company.

Introduction

SpaceBIT is the first decentralized space technology company, focussed on a new ecosystem which allows both individuals and small enterprises to take advantage of giant leaps in efficient launch technologies and new satellite platforms.

The team behind SpaceBIT includes consultants, entrepreneurs, engineers, and most importantly, actual rocket scientists. Many of us dream about space exploration, but at the same time we know this will always remain a dream for most of us. Or will it?

SpaceBIT aims to make space exploration more accessible to the general public and small companies. Projects created by SpaceBIT will be used to generate Intellectual Property (IP) appropriate for the larger missions.

While the SpaceBIT name is not a household name just yet, SpaceBIT founders have participated in several private CubeSat projects. They have also been involved in the launch of a nano-satellite on a SpaceX CRS3 mission, which took place in April 2014.

Making SpaceBIT profitable will be achieved by using agile space methods and off-the-shelf electronics. 100 Million SpaceBIT tokens will be issued, of which 20 million tokens will be made available in a crowd sale running until the end of this year.

It is important to note that every SpaceBIT token holder will share in the success of future missions launched by SpaceBIT. This will be the very first crypto token aimed specifically at supporting future space exploration.

Business Opportunity

A very interesting fact unknown to most people is how the global satellite industry revenue grows by at least 7% year over year. To put this into perspective, that’s three times the rate of the world economy growth year over year.

SpaceBIT is giving anyone access to exploration and commercialisation of space. Through development of the new ecosystem, and acceleration of space exploration projects, we can all become a part of the new frontier.

Disruptive platform such as SpaceBIT will generate a lot of buzz and media attention, resulting in becoming the preferred platform through which space/satellite-related projects will be launched, both in the near and distant future. As SpaceBIT is a decentralized space company, they will be able to run several missions without having to specify whether it’s their own mission or not;

One of the reasons for the rapid growth of global satellite industry revenue is EU, US and Chinese companies investing heavily. The market is poised to find attractive exit opportunities, which will traditionally happen through acquisition. (For example, Google spending US$500 million to buy Skybox Imaging, who only have one single satellite in orbit right now.)

SpaceBIT Missions

The SpaceBIT framework and key elements are currently in their respective research and development stages. Through collaboration with academici, the space industry and respective communities, the intention is maturing SpaceBIT hardware and software prototypes to TRL6, in order to begin integration with spacecraft systems.

Note from the author : TRL6 level means we will see SpaceBIT’s technological demonstration in the near future. More information about TRL levels can be found here.

Massive potential is waiting to be unlocked thanks to the CubeSat standard becoming very popular. This standard allows for nano-satellites to re-enter an atmosphere, and recover the payload for further analysis. Through the CubeSat standard, nano-satellites are on track to compete with their larger (and more expensive) brethren.

In regards to cryptocurrency, SpaceBIT plans to launch a swarm of satellites supporting various platforms (including Bitcoin, Ethereum and others). As of this writing, both hard- and software prototypes are being developed to achieve TRL6 levels in the near future.

Future SpaceBIT missions may very well include 3D printing in space, or even tracking of dangerous/mineable asteroids. Speaking of monitoring asteriods, a SpaceGuard system will be created, which will greatly help determine when an asteroid poses a collision threat for planet Earth.

So why is there no SpaceGuard system in place already, as the current technology would definitely allow for it to exist? The answer to that question is simple : the current technology has not been adapted for such a purpose.

Why now?

Despite space exploration technology becoming more accessible, the general public didn’t have any options until today. Whereas the current infrastructure relies on expensive hardware and engineers working in a centralized location, SpaceBIT’s model will use commercially-available low cost components and engineers working at remote locations. Not to mention, SpaceBIT’s prospecting satellites can get a ride into space as a secondary payload on a larger rocket.

Space exploration rights have been reserved exclusively for governmental organizations over the past 50 years, resulting in very limited access for citizens. Crowd community funded space projects will expand technology and generate a substantial amount of innovative intellectual property.

Besides, exploration and curiosity are the two main factors which make us human.  Conquering the final frontier, whether done by us or future generations, will be highly rewarding for those partaking  in SpaceBIT’s crowdfunding and space missions.