On July 3rd 2021, SpaceX will launch an Ethereum (ETH) node to the International Space Station (ISS). This historical landmark is the first time an Ethereum node has been sent into space, an impressive achievement for the current second largest Cryptocurrency.
In a recent press release, SpaceChain revealed that they contracted SpaceX to deliver the node via the Falcon 9 rocket to get to the ISS.
The Ethereum node is SpaceChain’s fourth blockchain payload to enter space and will be installed by Nexus Inc, a client of SpaceChain. Additionally, SpaceX will also be using its Falcon 9 rocket for another trip to the ISS on June 24, 2021, where it will take three nodes created for Biteeu, Divine, and Nexus Inc.
SpaceChain said regarding the launch: “This will be the fourth launch of SpaceChain’s blockchain payload in space and the first demonstration of the integration of Ethereum technology into its hardware on the ISS. The mission is made possible thanks to Nanoracks and its Space Act agreement with NASA. ”
The launch of the Ethereum node marks an exciting time for the popular asset and highlights the real-world integration that is possible with Ethereum. Ethereum nodes are operated by individuals or node operators and are essentially a version of client software.
A node is used to verify transactions for each Ethereum block, keeps the network secure and ensures data remains accurate. The integration of the node on the ISS means that SpaceChain clients can use the Ethereum blockchain for their portfolio of services, which include data security products and asset custody.
The collaboration also demonstrates Elon Musk’s growing interest and desire to push the cryptocurrency industry forward. Although he has faced recent controversy following his comments on the energy efficiency of Bitcoin mining and his open support for speculative assets, the launch shows Musk has a clear interest in the development of the space.
Tesla, his flagship company, still holds a portion of its initial Bitcoin holdings, in spite of the recent downtrend across the cryptocurrency market. The launch of the Ethereum node could also signal Musk’s interest in Ethereum as well as Bitcoin and the highly controversial Dogecoin.
— Elon Musk (@elonmusk) May 12, 2021
He revealed in a recent tweet that Tesla is “looking at other Cryptocurrencies that use <1% of Bitcoin’s energy/transaction.” With Ethereum’s gradual progression to their “2.0” version via a proof-of-stake network, the launch of EIP-1559 and the introduction of Layer 2 solutions, Ethereum mining will be rendered obsolete and mark its transition into the ever-growing “green energy” asset class that now exists within the industry.
With growing interest in Ethereum as an asset and the first Ethereum node being sent to space, the integration and adaptation of Cryptocurrencies into emerging sectors and technologies is a promising signal that the industry is just getting started on its long journey towards global acceptance.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.