Blockstream to Boost BTC Satellite Service

Lightning Network support is implemented in satellites Bitcoin network
18 December 2018   1312

Blockstream has announced it has expanded its Bitcoin network data service between space satellites in the Asia-Pacific region, as well as adding support for the Lightning Network. It is reported by CoinDesk.

The Blockstream Satellite service was launched in beta last August. The project is an attempt to use rented space satellites to transmit data on the Bitcoin network to almost anywhere in the world. According to Adam Beck, the CEO of Blockstream, this approach is designed to make Bitcoin more accessible for residents of regions with limited Internet.

There are third-party developers that have taken an interest to build local infrastructure using the satellite service, for example connecting it with mesh networks to make bitcoin more accessible in emerging markets. Lightning adds privacy due to its use of onion routing, and off-chain netting; and lightning better supports micropayments that are lower transaction cost, faster and more scalable. These are advantages for retail and web API use-cases generally, and help make the satellite data API service efficient and connect in with other bitcoin-related infrastructure.

Adam Back

CEO, Blockstream

To use the Blockstream Satellite service, a user needs a small satellite dish, a receiver and a computer (even a Raspberry Pi is enough). GNU Radio software toolkit can be used to manage the connection.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   302

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.