SpaceChain — Velas Network Does First Transaction in Space via World’s Fastest EVM

August 6, 2022
Velas Official
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SpaceChain — World’s Fastest EVM by Velas Network Expands the Boundaries of Decentralization with First Successful Blockchain Operation in Space

Velas aims at the ultimate decentralization, guaranteeing availability of FinTech operations and crypto investments under any circumstances

A real breakthrough project by Velas Network AG delivers the first results straight from the Earth’s orbit. Blockchain specialists at Velas sent a piece of functional code to the specialized space node and successfully conducted a responsive transaction remotely. The space node, designed and created by SpaceChain, and was installed on a satellite manufactured by Spire Global, proves that blockchain decentralization can be taken to literally boundless heights.

The blockchain-enabled payload installed onto the satellite was delivered to orbit with the help of a SpaceX Falcon 9 rocket. All in all, this was the sixth blockchain payload launch into space by SpaceChain and the first successful integration of the payload with the Velas Network. Velas is known for the creation of the fastest blockchain that fully supports EVM (Ethereum Virtual Machine) and easily processes 50,000+ transactions per second.

And now Velas’ unprecedentedly fast, self-learning blockchain ecosystem efficiently operates in space. Currently, Velas reports that the first transaction in space ever was a success. This gives us an incredible range of possibilities in the future: from NFT drops in space to more complicated DeFi operations.

Taking transactions and other DeFi processes to space means the next level of decentralized availability. Velas blockchain ecosystem successfully implements DPOS — Delegated Proof-of-Stake. It is a consensus mechanism that grants reinforced security of operations, convenient scalability of the ecosystem, and smooth interoperability.

On top of that, combination of the mentioned processes with space technologies opens up new vast horizons for both implementation and field of application of decentralized solutions of all sorts. With that being said, Velas continues to push the boundaries and expand the horizons of decentralization. Stay tuned for upcoming updates and news.

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.

We are excited to watch as the project continues to develop and expand. But we already know for sure that the new space node powered by Velas and SpaceChain initiatives is gradually becoming the major platform for industry-turning innovations.

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.

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