Investment in R&D to help reduce space node testing time and enable more blockchain companies to harness space as a platform for business innovation

CAPE CANAVERAL, Fla., July 12, 2022 /PRNewswire/ -- SpaceChain today announced the completion of the testing of the space node it created for Velas Network AG, which is hosted on an LEO satellite and independent of terrestrial networks. The space node is now capable of delivering the full functionalities designed for Velas, including transaction signatures, smart contract deployment, decentralized finance (Defi) activities and non-fungible token (NFT) minting with the seamless transaction of the Velas Token (VLX).  

SpaceChain has assisted numerous blockchain customers to deploy space nodes and realize their space-based business operations through its commitment to utilizing space technology to help blockchain applications gain more application scenarios. SpaceChain will continue to invest in research and development to help reduce the time required for space node testing, expand application scenarios, and enable more blockchain companies to harness space as a platform for business innovation.

The space node was installed onto a satellite designed and manufactured by Spire Global, which managed the launch mission on January 13, 2022.

The mission marked SpaceChain's successful integration of Velas, the world's fastest Ethereum Virtual Machine (EVM) blockchain and open-source platform for decentralized applications, with its payload. The space node now supports and enables Velas to advance the development and deployment of its blockchain platform, which aims to be one of the most secure and fastest platforms in the industry.

"Through this mission, the space node helps Velas' blockchain project realize the digital transaction signature service in space, enabling Velas to execute its space services based on this space node," said Zee Zheng, SpaceChain co-founder and CEO. "With its independence, physical  security in space and as a trusted third party in blockchain applications, the space node provides impartial third-party reviews, security protection and other functions to further develop blockchain technology. This implementation improves the credibility and security of its internal system, thereby winning the trust of more market users."

SpaceChain and Velas are extending their partnership to send another space node to the International Space Station (ISS) later this year. Upon installation and testing, the Velas space node will benefit from the secure and conducive environment provided by the ISS to create more space-based use cases over time.

From launching nodes to enhancing customers' platform security, SpaceChain's blockchain space mission design and management utilizes its space and blockchain mission expertise and technology to customize solutions to meet customers' diverse needs.

SpaceChain provides a one-stop business solution and space consultancy ranging from technical support to marketing and partnerships for a wide array of space activities. With its entrenched experience and in-depth knowhow in space and blockchain, SpaceChain has collaborated and executed projects with some of the world's leading agencies and organizations in the space sector since 2018, including Addvalue Innovation, Elecnor DEIMOS, Eurasian Space Ventures (ESV), Nanoracks and Spire Global.

About SpaceChain

SpaceChain fosters decentralized infrastructure for the New Space Economy. By combining space and blockchain technologies, SpaceChain is making the development of space applications easier and making space more accessible. For more information, visit www.spacechain.com.