Victor Ugochukwu · Dec 14, 2020 . 5min read
Cryptobuyer launches first Bitcoin Satellite Node in association with Blockstream
Amidst poor internet connectivity in Venezuela; Cryptobuyer deploys the first bitcoin satellite node with Blockstream, and Anibal Cripto.
By Komal Joshi · Sep 30, 2020 . 6min read
The crypto payments startup, Cryptobuyer declared the successful launch of the first Bitcoin satellite node. A collaboration between Cryptobuyer, Blockstream deployed the Bitcoin satellite node, and a team led Anibal Cripto, a cryptocurrency training course provider, with assistance from Álvaro Pérez, a Valencian programmer.
Cryptobuyer, a crypto payment startup, is a fully working ecosystem based on digital assets. It offers real solutions for Bitcoin and Cryptocurrencies’ daily use. It was the first company across the globe to install a Bitcoin ATM in a commercial bank. However, Blockstream is the global leader in Bitcoin and blockchain infrastructure. Blockstream Satellite broadcasts the Bitcoin blockchain from space, offering everyone the possibility to utilize Bitcoin despite their internet connection.
How the Satellite Node Functions
The satellite node enables communicating with the Bitcoin blockchain without the requirement of an internet connection. A satellite node installed in Venezuela is in charge of the interaction between the node and the blockchain. Additionally, the satellite node allows the Venezuelan node to process information in real-time completely off-line. Thus, the network’s normal functioning in case of connectivity failure is guaranteed. Moreover, it also promotes cryptocurrencies in remote places where internet service is scarce, expensive, or even non-existent.
The team further explained the process—Blockstream contacts several satellites to offer the communication service between the nodes and the blockchain. Cryptobuyer purchased the required equipment to obtain the signal and connect it to the satellite. Anibal Cripto and his team were responsible for collecting the antennas and making the adjustments needed.
The Bitcoin satellite node’s launch is an essential first step in an alliance between Cryptobuyer and Blockstream in Venezuela. This may be the first part of an enthusiastic project that could develop Bitcoin’s Venezuela usage with a below-average technological framework. Moreover, Venezuela experiences the slowest internet speeds on the continent. Additionally, it also faces issues with electricity services, transmitting large parts of the country without power.
Earlier, Bitcoin Mercantile Exchange (BitMEX), the leading crypto derivatives exchange, verified that they had installed the Blockstream Bitcoin Satellite system. It provides a method to download and verify Bitcoin’s (BTC) blockchain through satellite. The BitMEX elucidates that they were capable of setting up the Blockstream Bitcoin Satellite system quickly.
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