Cryptosat is a company that launches satellites into space using SpaceX’s rockets. These satellites are no bigger than a coffee mug. The idea is to use the devices as an unreachable and secure physical base to store data for blockchain applications, products and services. On January 3, the second crypto satellite was launched.
Crypto-2 satellite deployed with improved capabilities. Congratulations @cryptosat for the second successful deployment with @SpaceX Transporter 6 mission. One more experiment towards practical cryptographic trusted setup in space orbit. pic.twitter.com/5OQq3Sx9jv
— Eric Zhang (@ericzhang90) January 3, 2023
Unfindable on Earth
It seems that Cryptosat wants to persuade the rich and large companies to keep their bitcoin and other crypto in space. “Even if you bury a computer in the mountains, you still need an internet cable. Power is still needed to run things. There must be a way to ensure that no one can reach and tamper with the device,” said Yonotan Winetraub, one of the founders of Cryptosat.
In May, Cryptosat launched Crypto1 via SpaceX’s Transporter 5 Mission Falcon 9 rocket. So it has been floating in space for some time now. After the successful first trial, it was time for a device with greater computing power. The Crypto2 has 30 times the computing power of the first edition of the device.
Despite that greater computing power, the device is still no bigger than a coffee mug. Last November the company raised another $3 million in investmentswhich means that the industry at least believes in the idea of the guys from Cryptosat.
Land on the moon
Winetraub, who plays an important role in the project, is no stranger to space travel. With his company SpaceIL, he became the first to realize a private moon landing in 2019. His company also continues to build devices to go to the moon. Cryptosat’s satellites will not land on the moon anytime soon, but the moon is of course a theme that fits crypto.
“The reason why we do this is to give people certain assurances about the isolation of the computers. I think it’s a unique opportunity to take satellite technology to the next level while helping the crypto industry,” said Winetraub.
