What is Spacecoin ?
Spacecoin is a decentralized network designed to support physical infrastructure, known as DePIN. It uses small satellites, called nanosatellites. These satellites will provide internet access. The internet will be fast and reliable. It will reach people all over the world.
Introduced by Gluwa, Spacecoin is being called the most innovative project to date. Spacecoin is a standout project in blockchain. It excels in technical design, global reach, and potential impact. Many consider it one of the most ambitious projects today.
When did they make their debut launch?
Spacecoin made its official debut at Korea Blockchain Week 2024. The event included a panel discussion. The topic was about building global connectivity through decentralized space infrastructure. The panel had a remarkable group of experts. Among them were a four-star U.S. military general and a NASA astronaut. A lunar and space expert also joined. Spacecoin’s leadership team was part of the panel as well.
What challenge did SpaceCoin explore?
The panel discussed the challenges of launching a decentralized satellite network. It also examined how blockchain and space technology can work together. This combination will speed up their bold mission. Their goal is to improve global connectivity.
What did they leverage, and why did they choose it?
For their on-chain operations, they use Creditcoin’s L1 blockchain. It has strong security and the ability to work with many chains. This technology helps Spacecoin create a satellite network. The network is accessible, transparent, and easy to expand.
What is financial inclusion?
Financial inclusion means ensuring access to affordable financial services. It applies to both individuals and businesses. These services include payments, savings, credit, and insurance. They must be designed to meet people’s needs and empower them to use these services responsibly.
Why is financial inclusion important today?
Financial inclusion supports entrepreneurship and business growth. Access to credit and capital helps small businesses grow. Secure savings options provide stability. Efficient payment services make transactions easier. Together, these tools help businesses create jobs and boost economic development.
Why does the spacecoin matter?
Traditional internet infrastructure relies on cables on land and under the sea. This makes it vulnerable to geographic limitations, censorship, and natural disasters.
Spacecoin’s satellite network eliminates these traditional internet barriers. It offers direct and secure internet access, even in remote areas.
The network is also decentralized, with individuals and entities acting as node operators.
How does the spacecoin work?
The Spacecoin network is a 5G-NTN, and each node has a unique pair of asymmetric keys. The Spacecoin network data transmission will involve at least two nodes. One is the requester. The other is the transmitter.
Transmitters will offer data transmission services on the Spacecoin network
(1) Requesters select a transmitter for a data transmission service.
(2) Once the transmitter fulfills the request with the requested data.
(3) The requester returns an acknowledgment (ACK) to the transmitter. The requester’s private key creates the ACK. This cryptographic proof shows the transmitter completed the request.
(4) The transmitter submits the receipt to the Spacecoin blockchain. This is to collect the promised fee.
The problem is that the transmitter must trust the requester to pay for the data request. A common solution is prepaid plans, where the requester pays in advance. Another option is contract plans. In this case, the transmitter trusts the requester to pay later. Using the same solution would defeat the purpose of building a decentralized network.
I will elaborate on a more effective mechanism below.
Escrow
Spacecoin proposes blockchain escrow as the solution. It only allows withdrawals when specific conditions are fulfilled. First, the requester escrows Spacecoin tokens. They do this through the Spacecoin network’s smart contracts. This happens before making a request.
Spacecoin’s blockchain is a public ledger. Transmitters can verify the escrowed assets on their own. The transmitter submits the receipt to the blockchain. The system releases the promised fee automatically. It sends the fee directly to the transmitter.
In step (3), Spacecoin requesters use their private keys to sign messages. This creates receipts. The message includes the transmission fee the requester wants to pay the transmitter. When the transmitter submits the receipt, the network verifies it. The network uses the requester’s public key to verify two things:
1. The message was sent by the requester.
2. The message has not been changed.
At this point, the escrow system can safely release the fee to the transmitter.
Sometimes, the requester does not submit the ACK. This happens after the transmitter finishes the request.
This is the ‘Free Rider Problem.’ On-chain credit systems like Creditcoin track reputations. They also flag free riders to solve this issue.
CreditSystem
Requesters are motivated to send the ACK. The benefit of sending it is greater than the cost of losing network access.
Depending on the payment schedule, the requester might only get up to 64 bytes of data for free.
Transmitters can report free rider problems to the network. They submit proof to a credit rating system. The proof includes the original data request and the retrieved data (mT, i).
When enough reports are collected, transmitters can take action. They can collectively reject requests from the alleged free rider. Transmitters can identify requesters in both social and physical ways. As a result, creating a burner identity in Spacecoin will be expensive.
All messages sent through the Spacecoin network are secured using 5G security standards, including encryption and network slicing. However, individual nodes must consider specific vulnerabilities.
Like in any 5G network, devices—such as satellites, cell phones, and SIM cards—have identifiable markers exposed to the network. If a device is placed on a block list, it must spend a token amount C to get back online. If C is greater than the expected fee F, it becomes rational to assume the requester (R) will return an acknowledgment (ACK).’
Transmitting nodes can also submit reports against requesters, even in the absence of an ACK. However, doing so incurs the cost of data retrieval, and the transmitter forfeits any potential fees for its work. Thus, it’s in the best economic interest of both requesters and transmitters to behave cooperatively within the system.
What problems do underserved communities face when trying to access credit in traditional financial systems?
Underserved communities struggle to access credit in traditional financial systems due to:
- Few banks in remote areas.
- No credit history from limited financial access.
- High fees and loan costs.
- Poor internet and geographic barriers. Traditional wifi can cover 100m2 for wifi router and 40km2 for a cell tower; LEO cover more than that.
- Lack of digital banking tools or knowledge.
- Bias or restrictions in centralized systems.
Decentralized solutions like blockchain can help solve these problems.
The Gluwa Mission What is Gluwa’s mission?
In today’s connected world, high-speed internet is crucial. It enables economic growth, education, and access to essential services.
But billions of people still do not have reliable internet. This is especially true in remote and underserved areas.
This creates a digital divide with profound consequences.
Without reliable internet, billions of people cannot access digital banking or financial services. This widens the gap in the global economy.
This lack of access limits individual growth and slows social and economic progress. It highlights the urgent need for creative solutions. it must close this gap and make the benefits of the digital age accessible to all.
it blockchain-based system will let users pay for internet access with crypto assets. This removes traditional financial barriers. It also provides internet access in areas with limited banking options.
Spacecoin’s impact goes beyond providing internet access. It aims to unlock bigger opportunities.
it network enables widespread connectivity. It also supports digital banking. Together, these can bring millions into the global workforce!
With access to the digital economy, individuals can support their local communities. They can improve their quality of life. They can also drive development on a massive scale.
We’re building a future for everyone. No matter where they are, people will have the chance to connect. They can take part in the global economy. They can also prosper and improve their lives.
What are they trying to achieve in the future?
Spacecoin presents a bold vision. It shows how decentralized infrastructure can work with space technology. The goal is to benefit humanity.
Spacecoin bypasses traditional infrastructure limits. It uses decentralized technology. It does more than provide internet access. It builds a foundation for global economic empowerment and digital inclusion.
Spacecoin uses a decentralized satellite network. This makes it possible to imagine a future. In this future, everyone in the world has access.
How does it solve the problems highlighted in your introduction?
Spacecoin solves the highlighted problems by providing global, affordable, and decentralized internet access through a nanosatellite constellation powered by blockchain technology, fostering equitable connectivity and innovation.
How Gluwa Works How does Gluwa leverage blockchain technology to make financial services more accessible?
Bank accounts, credit cards, and loans are essential for modern life. Yet, billions of people are still excluded from these services. This financial and digital divide is most common in emerging markets. It limits access to important opportunities.
This exclusion happens for several reasons. One is the lack of proper financial infrastructure. This exclusion has several causes. One is the lack of financial infrastructure. Another is the absence of reliable internet access. Internet access is vital for using these services in the digital age.
That’s not all. Even the centralized nature of existing internet and financial services limits growth.
Gluwa and Spacecoin are leading the charge to bridge this divide. Spacecoin is building a decentralized, satellite-powered internet service. Meanwhile, Gluwa creates advanced blockchain solutions for financial inclusion.
Both Spacecoin and Gluwa are promoting financial inclusion. They do this by using decentralized infrastructure powered by the Creditcoin blockchain. Let’s explore how these two projects work together to ensure no one is left behind in this journey of progress.
What set spacecoin apart?
Over the years, many organizations have tried to solve this problem. These include telecom companies and governments. They have tested various solutions to bring reliable internet to everyone. But their solutions have always faced many limitations. Connecting every corner of the world is impossible with current technology.. Terrestrial infrastructure cannot cover all landmasses, deserts, mountains, and dense forests. Today, mobile networks cover less than 40% of the Earth’s landmass (excluding oceans).
The cost of meeting traditional telecom infrastructure requirements is often too high. The ITU estimates the cost to connect the rest of the world. It will take over US$400 billion. This is for terrestrial infrastructure only.
Spacecoin’s approach is unique. We are combining advanced satellite technology with blockchain. This creates the first decentralized physical infrastructure network in space.
Here’s why Spacecoin stands out:
- Global Reach: Spacecoin network of LEO satellites will cover the entire planet. It will provide high-speed, decentralized internet. This will reach communities that fiber-optic cables and cell towers cannot. it use 5GNTN technology. This allows it to connect the satellites straight to your mobile phones.
- Open Source: It plans to open-source its technology stack, both hardware and software. This open access allows satellite manufacturers to join the network. It also lets telecom companies connect. It will also encourage collaboration and innovation.
- Decentralized and Trustless: It cut out the gatekeepers. The blockchain-powered Spacechain protocol ensures that no centralized authority controls the network. Instead, individuals and entities will take part as node operators. Node operators will maintain ground stations and support satellite communication. In return, they will earn Spacecoin tokens for their contributions.
- Censorship Resistant: The network has no centralized control. This means you control your internet access. Your telecom provider or government cannot turn it off.
- Cost-Efficient: Blockchain technology cuts operational costs. This allows SpaceCoin to provide affordable internet services. It can now reach populations that were before ignored or unable to afford it. Their target is to provide data access in emerging markets for as low as US$1–2 per month.
- Industry Standards: They are building the technology using industry standards. These standards are set by 3GPP, the global authority for mobile communication specifications. This ensures spacecoin satellites meet industry standards. The internet network will work smoothly with 5GNTN-enabled devices. This includes Apple and Samsung products.
Challenges and obstacles Gluwa may face on the road to fulfilling its mission. How can it overcome them?
While the Spacecoin network offers many advantages, it also faces some challenges. One issue is ensuring that satellites can maintain reliable connections while in orbit. Space is a tough environment. Satellites must handle radiation and extreme temperature changes.
Another challenge is handling the large amount of data transmitted through the network. Spacecoin ensures satellites can process data efficiently. This stops the system from overloading.
Obtaining licenses to operate the network is a key challenge. Ensuring compliance with regulations is also critical. Spacecoin plans to partner with companies that already hold these licenses. At the same time, it will work toward a more decentralized approach.
One issue to solve?
In 2022, millions of Canadians lost internet access. The outage lasted for 19 hours. A network failure caused it. Furthermore, countries like China and Iran have strict rules. These rules limit what people can see online.
Spacecoin aims to solve these issues. It uses a decentralized network of satellites in low-Earth orbit (LEO). A satellite network is a better solution for global connectivity. It can provide coverage in remote areas at low costs. Traditional terrestrial infrastructure has limited coverage. A Wi-Fi router covers about 100 square meters. A cell tower covers around 40 square kilometers. In contrast, LEO satellites can cover 1,000,000 square kilometers. This allows people in remote areas to access the internet without wires or cables.
What 2025 have for spacecoin
Spacecoin 2025 plans build on the success of CTC-0. We aim to expand our capabilities. We will also commercialize our technology. First, SpaceCoin will conduct on-the-ground tests in Nigeria. The focus will be on testing communication performance in real-world conditions.
Gluwa’s Broader Impact Which regions or communities could benefit most from Gluwa’s services?
Nigeria and the West African countries, and Asia as a continent, will also enjoy it.
But they now need communication in this region. For example, a guide for using the network. They also need an active community or forum to ask questions. These should be available in their languages.
In what ways might Gluwa’s work influence traditional financial systems?
Spacecoin’s decentralized internet offering is a game-changer for underserved populations. The project’s plan is to deploy satellites to provide reliable internet access to even the most remote areas, bypassing the need for costly physical infrastructure such as cables or towers. Spacecoin will use 5GNTN technology, which will allow its satellites to communicate directly with a user’s 5GNTN chip-enabled device.
This model allows communities in challenging terrains, from mountainous regions to sparsely populated deserts, to access reliable internet without the prohibitive costs of traditional expansion.
Spacecoin’s blockchain-powered infrastructure will be operated by various node operators. The lack of centralized control means the internet access will remain truly in the hands of the users and no telecom provider or government will be able to censor or shut it down.
Cost is a key concern for users in emerging markets when choosing any service. By eliminating the costs needed to set up expensive ground infrastructure and by utilizing blockchain technology, Spacecoin will lower its operation costs and pass on these savings to users. The project aims to offer data for as low as US$1–2 per month in emerging markets.
As these underserved populations come online, they will be able to access essential services including remote work and education, digital healthcare, and digital banking. This is where Gluwa comes in.
How could Gluwa’s approach be applied to other sectors, such as education or healthcare?
Gluwa’s approach uses blockchain and decentralized systems. These systems apply to education and healthcare.
- Education:
- Spacecoin’s internet reaches remote areas. It provides access to online courses and resources.
- Enable affordable payments for education using crypto assets.
- Healthcare:
- Secure medical records on blockchain for easy access.
- Expand telemedicine to underserved areas with reliable internet.
- Track medical supplies clearly using blockchain.
This ensures affordability, accessibility, and transparency in both sectors.
Why is spacecoin powered by creditcoin?
Integrating with the Creditcoin network is a strategic choice. It ensures a strong foundation for scaling decentralized satellite internet. Creditcoin offers a secure, layer 1 network with multi-chain compatibility. This makes it perfect for powering the next generation of satellite-based internet connectivity.
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