SpaceChain Completes Trial of Node for Velas, World’s Fastest EVM Blockchain

Today, SpaceChain made the announcement that it had successfully finished the testing of the space node it had developed for Velas Network AG. This space node is discrete of terrestrial networks and is housed on a LEO satellite. The space node currently has the ability to deliver full features that were developed for Velas. These features include transaction signatures, the implementation of smart contracts, decentralized finance (Defi) dealings, and non-fungible token (NFT) minting, all of which can be accomplished with the use of Velas Tokens occurring in an easy manner (VLX).

The New Space Economy may benefit from SpaceChain’s promotion of decentralized framework. By fusing the techniques of space with blockchain, a company called SpaceChain is lowering the barrier to entry for the creation of applications for space and paving way for access to space.

Because of SpaceChain’s dedication to employing space technology in order to aid blockchain applications in gaining new usage scenarios, the company has supported a large number of blockchain clients in deploying space nodes and realizing their space-centered business operations. To assist minimize the amount of time needed for evaluating space nodes, extend usage scenarios, and allow additional blockchain enterprises to use space as a venue for business advancement, SpaceChain will seek to develop new products.

On January 13, 2022, the space node was mounted into a satellite that Spire Global had developed and produced. Spire Global was also in charge of managing the launching process. Velas is the world’s quickest Ethereum Virtual Machine (EVM) blockchain and an open-source network for dapps. SpaceChain successfully integrated Velas into its payload during this flight, which represented a significant milestone for the company. Velas’s blockchain system, which promises to be one among the most safe and quickest platforms in the sector, is now being supported and enabled by the space node, which provides Velas with additional means to further its advancement and installation of the platform.

Zee Zheng, SpaceChain co-founder and CEO stated that “As a result of Velas’ blockchain initiative’s participation in this mission, the space node contributes to the realization of the digital transaction signature facility in space. This paves the way for Velas to carry out its space service offerings on this space node. The space node, thanks to its autonomy, the inherent safety of its location in space, and its role as a reliable third party in blockchain systems, offers objective third-party evaluations, cybersecurity, and other services that contribute to the advancement of blockchain – based systems. Because of its deployment, its reliability and security as an internal network are improved, and as a result, it has gained the confidence of a greater number of clients.”

The relationship between SpaceChain and Velas will be expanded in order to deliver an additional space node to the International Space Station (ISS) later on in 2018. After it has been installed and validated, the Velas space node will be able to take use of the safe and supportive environment offered by the International Space Station (ISS) in order to develop further space-based use cases throughout the course of time. SpaceChain’s blockchain space mission model and governance makes use of its space and blockchain mission advancement and technology to personalize systems to suit the varied requirements of customers. These solutions can range from the debut of nodes to the enhancement of the security of customers’ systems.

A broad variety of space-related endeavors may take use of SpaceChain’s comprehensive business solutions and space consulting services, which include anything from technical assistance to marketing and partnering opportunities. For the last four years , SpaceChain has partnered and completed projects with some of the country’s biggest entities and agencies in the space industry. These agencies and entities include Addvalue Innovation, Elecnor DEIMOS, Eurasian Space Ventures (ESV), Nanoracks, and Spire Global. SpaceChain is able to do this thanks to its deep expertise and in-depth knowledge of both space and blockchain.