The satellite network will allow users in Venezuela to access the Bitcoin blockchain without internet
A South America based Bitcoin service startup has launched the first Bitcoin node connected to the Blockstream satellite network within Venezuela. According to a blog from the startup Cryptobuyer, the crypto training course provider AnibalCripto deployed the node while the startup provided financial and logistic support.
The node will allow Venezuelan users to access an updated Bitcoin blockchain without being dependent on local internet connection. Users within range of the nodes will reportedly be able to connect through local mesh networks. The possibility of accessing cryptocurrency blockchain even during low connectivity can be a major step towards both mass adoption and increased usage during crises.
The Blockstream service consists of six geostationary satellites and can provide information sharing to crypto users in nearly every corner of the world. In May, the Canada based blockchain company announced that it had upgraded its satellite network and that it now carries the Bitcoin blockchain for the first time since 2018. The company stated the technology had “the ability to sync a Bitcoin full node all the way from the genesis block up to today.”
“Having a 24/7 always-available digital money system independent of local internet infrastructure is now a reality,” said AnibalCripto CEO Anibal Garrido.
“With this development, we are no longer subject to requirements such as the use of an Internet Service Provider, which may attempt to break the principles of privacy and decentralization that are the foundations of this cypherpunk technology,” he explained.
The node additionally offers real and tangible products that solve real-world problems in Venezuela, CryptoBuyer CEO Jorge Farias stated. Bitcoin and other cryptocurrencies are crucial in a country like Venezuela as it suffers from hyperinflation. Further, as of 2017, Venezuela recorded one of the slowest internet speeds in the world at 2.8 Mbps.
Bitcoin already offers numerous benefits over the local currency but when its paired with internet-free transactions, the technology could be quite appealing to crypto users, Farias said. “Users can’t afford to be cut off from the Bitcoin network,” he explained.
Cryptobuyer further stated that it would contribute to the Bitcoin economy in Venezuela by assisting in the installation of additional satellite nodes. The country’s capital Caracas, as well as the southern state of Bolivar state, are being considered as possible locations. The startup stressed that the goal of the project was to provide all Venezuelans with better access to the Bitcoin blockchain.