Excerpt from Space Money Laundering by Paul Cromwell in Tech Fashionist.
Dunvegan Space Systems plans to launch a bitcoin satellite constellation in space in the next few years that will process bitcoin wallets, keys, and transactions. All of the servers and databases will be on the satellite, there will be no terrestrial mainframes, processing centers, or other technological centers but will have a collection of ground stations for uplink. With the move of our money from our hands, to the Cloud, and now literally to above the clouds, what will our future selves be doing to secure our assets?
The bitcoin servers will be formed by a 24 satellite constellation called BitSat. A satellite constellation is a group of satellites whose individual orbit paths will overlap at certain points to provide continuous ground coverage. Run by Dunvegan Space Systems and launched by Deep Space Industries, the satellites used will be CubeSat, a design specification for a standardized small 10 cm cubic satellite that was originally developed in 1999 by California Polytechnic State University, San Luis Obispo and Stanford University, and has been used by universities throughout the world.
"This is the first of a number of efforts we have planned with DSI," said Dunvegan Space Systems CEO Jeff Garzik on the Deep Space Industries website. "Dunvegan is focused on providing software and data solutions for our customers, while the partnership with DSI will provide the hardware for this and several upcoming projects. Together we believe we can help transform the ability of people around the world to benefit from space activities, be it in terms of communications or resources."