An ambitious plan to launch bitcoin-enabled microsatellites has taken a step forward with a new business deal.
, a startup led by bitcoin core developer Jeff Garzik has signed a manufacturing contract with Deep Space Industries (DSI) that will find it constructing 24 nanosatellites for its proposed BitSat program.
The BitSat cluster will act as space-bound bitcoin nodes and is the first of a planned series of nanosatellites. Additional BitSats will be available for purchase at $1m apiece, according to the company.
Garzik told CoinDesk the launch phase of the project will begin sometime after the first quarter of next year, noting that ultimately, the goal is to create resources capable of propagating the blockchain in a self-sufficient manner.
The partnership between the two companies was announced in April.
At the time, the two firms announced the collaboration on the BitSat program but details were limited regarding pricing or when the nanosatellites would be launched.
Cubesats for the blockchain
The cubesats are being pitched as a platform for space-based cloud computing, according to the promotional materials for the BitSat program.
"DSS handles the spacecraft, launch and ongoing mission operations during the five-year lifespan of the satellite," Garzik told CoinDesk. "This is a large cost reduction from traditional satellites, thanks to the cubesat form factor.
In a statement, DSI chief executive Daniel Faber said that the interests of his company are broadly aligned with those of Dunvegan, noting:
The initial deployment stage will see four satellites placed into orbit, with the rest of the array being deployed over time. Once all 24 satellites are deployed, Garzik said, the system will be capable of providing "continuous global coverage".
More details about the BitSat program can be found below:
Image via Shutterstock
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