Welcome to weekly round-Up of blockchain and crypto activities developments
May 31 2021
Cryptocurrency continued its gyrations, up and down in the last week. The Chinese government move to shut down the miners because they use too much energy, impacted the price of cryptocurrencies.
Bitcoin and ether prices closed on May 23 around US$37,520 and US$2,109 respectively. A week later, bitcoin had sunk lower to around US$35,776 while ether had crept up to US$2,437.
It is a rocky period. Market analysts and crypto experts are divided whether it is the start of a bear market or in the middle of a bull run. Some predict BTC to move up to US$45,000 this coming week. Others favour Ethereum, believing that is still under-priced and will regain the USD$3,000 mark in the next few days.
I consider my small crypto investments crypto as one investment path. If it is a bear market, I can sit this out until it turns into a bull market.
News of the week
Singapore-based SpaceChain is sending two missions aboard SpaceX Falcon 9 rockets this Thursday and on June 24 as part of its decentralised satellite infrastructure and multi-signature services. It is doing this for its corporate customers including digital asset management firm Nexus, digital currency exchange Biteeu and community project Divine.
Wednesday’s event will see its space node launched, said SpaceChain in a virtual press briefing. This will be its fourth blockchain payload launch into space.
The node will be installed at the International Space Station (ISS) and will be the first demonstration of Ethereum technology on SpaceChain’s existing hardware on the ISS. The mission is made possible by Nanoracks — which provides commercial access to low-Earth orbit — and its Space Act agreement with NASA.
The second launch mission on June 24 will see the installation of Bitcoin nodes created for cryptocurrency exchange Biteeu and Nexus on a YAM-2 satellite.
These nodes will enable Nexus to provide a suite of services on Ethereum blockchains such as asset custody, suite of e-commerce products, and data security. All this will be based on ultra-secure multisignature transactions for its customers.
Biteeu will leverage the high security of space-grade infrastructure for ultra-secure Bitcoin cryptocurrency transactions and data back-up, the first of its kind in the industry.
The other project tapping on SpaceChain’s technology is Divine. The community project under the I AM PART OF global charity foundation leverages space technology to broadcast the teachings of the Quran to people all over the world.
The security of space infrastructures ensures the independence of Ethereum contract operation from centralised terrestrial servers, thus providing more efficient smart contract operation and more varied use cases, said SpaceChain CEO Zee Zhang.
What caught my eye
Apple is considering cryptocurrencies, according to a job ad that it recently put out. It is looking for a fairly senior executive with experience in alternative payments including cryptocurrencies.
The newcomer will be part of the Apple Pay and the iPhone’s Wallet app team in Cupertino headquarters.
Apple’s interest in decentralised digital currencies maybe a way to grow its payments IP with new technologies as well as to ensure that it is in a position to compete with rivals if it needs to do so. Link
Note: SpaceChain’s first of two launches in June is on Thursday, June 4. The story has been changed to reflect this.