Introducing Spacecoin: The First dApp Set to Launch on Creditcoin

Creditcoin Team -

The first decentralized application (dApp) built on Creditcoin is here! Meet Spacecoin, the world’s first decentralized physical infrastructure network (DePIN) powered by nanosatellites. The network is designed to provide reliable and secure 5G internet coverage direct to your mobile devices.

Spacecoin combines cutting-edge satellite technology with the power of the Creditcoin blockchain, making it a unique solution to the global connectivity gap. Let’s dive deeper into what Spacecoin is, and how it uses Creditcoin.

What is Spacecoin?

Spacecoin is on a mission to Connect the Unconnected. The project aims to create a network of nanosatellites that will orbit the Earth to provide decentralized Internet connectivity, particularly in the regions underserved so far. These satellites will utilize 5G non-terrestrial network (5GNTN) that allow users to connect to the Internet directly through their mobile devices. This setup is similar to how cell phones connect to towers, but instead, the satellites act as the towers, providing coverage from space.

Since Spacecoin does not rely on expensive ground infrastructure to provide internet connectivity, it is well positioned to serve remote and geographically-challenging areas where traditional telecoms infrastructure cannot reach. In addition, Spacecoin can pass on the savings from not having to lay fiber-optic cables or set up cell towers to the users. Their target is to provide data access in emerging markets for as low as US$1-2 per month.

Spacecoin is also building its technology on top of industry standards agreed to by 3GPP, the global authority that develops technical specifications and standards for mobile communications. This ensures that their internet network will work out of the box with all the latest mobile devices including those built by Apple and Samsung.

The network plans to launch its first satellite aboard SpaceX’s Falcon 9 in the coming months, with the second satellite already in development and scheduled to launch in Q1 2025. You can dive deeper into Spacecoin’s technology here.

How Does Spacecoin Use Creditcoin?

A key requirement of a decentralized offering is a trustless operation, where no network participant has to trust a third party. The Creditcoin blockchain provides this trustlessness to Spacecoin’s operations. Let’s explore in depth how Spacecoin will utilize Creditcoin:

  • Smart Contracts: All network activity — users’ bids for data transmission, transmitter’s fulfilment of those requests, the coverage of different satellites etc — is managed via smart contracts on Creditcoin. By making every Spacecoin transmission cryptographically secure, the network ensures it is safe and resilient.
  • Blockchain Escrow: To eliminate the risk of free riders on the network, Spacecoin uses an escrow mechanism on Creditcoin. When a user requests coverage from a transmitter, they are required to deposit some Spacecoin tokens into escrow. These tokens are released to the transmitter once it fulfils the request and the user acknowledges that the transmitter has done their job.
  • Credit System: Spacecoin will use Credal, a credit-rating system built on Creditcoin, to ensure that all network users play fair. Transmitters will be able to report if any user fails to send acnowledgments for their data transmissions. This reporting system will help identify users who do not pay for the requested services and punish them in the form of restricted access.
  • Governance: Spacecoin’s governance will be initially led by the Spacecoin Foundation, and will eventually shift to a fully decentralized model. Spacecoin token holders will vote on key decisions such as protocol updates and community policies, thereby adhering to the network’s decentralized ethos.

How Creditcoin Empowers Spacecoin’s Mission?

Building on Creditcoin has many advantages for Spacecoin:

  • Secure: A key requirement for Spacecoin’s decentralized internet network is security and resilience against attacks. Creditcoin’s robust security protocols ensure Spacecoin is able to operate without worrying about security.
  • Scalable: Creditcoin’s layer 1 (L1) is designed to support massive network growth, making it the perfect choice for Spacecoin as it expands its satellite network and adds more users.
  • Liquidity Ready: Creditcoin unlocks liquidity for the users of Spacecoin, particularly in high-growth, emerging markets. These regions also happen to be key target markets for Spacecoin since a large portion of the population with no/low internet access resides there.
  • Cost-effective: Creditcoin enables affordable on-chain transactions, enabling Spacecoin users to access services without paying prohibitive network fees. This financial accessibility positions Spacecoin to serve the emerging markets.

What Does This Mean for Creditcoin?

Spacecoin’s upcoming launch on Creditcoin is an exciting moment for the Creditcoin ecosystem, showcasing its readiness for impactful, real-world applications. The deployment of Spacecoin will lead to a massive growth in Creditcoin’s user base, as the previously unconnected global population of nearly 2.9 billion, will be able to access digital services for the first time. By bringing these users online and on-chain, Spacecoin will help drive wider blockchain adoption, with Creditcoin at the forefront.

The onboarding of billions of new users also means an uptick in network activity on Creditcoin, thereby opening the gates for more use cases and attracting dApps eager to build on this expanding blockchain.

Together, Spacecoin and Creditcoin can unlock a digitally-inclusive future for nearly 37% of the global population. You can follow Spacecoin’s journey on Twitter and Discord. Keep up with all things new in the Creditcoin ecosystem here.