How Multiven will secure the future of Bitcoin by decentralising its node network into space…
How Multiven will secure the future of Bitcoin by decentralising its node network into space, funded by Multicoin transaction fees from the Multiven Open Marketplace (MOM).
Blockchain technology may still remain at an early stage in its existence, and whether we have bought into cryptocurrencies or not, a lot remains to be seen with regard to backend technology and the full potential of how data can be managed, kept and processed.
All underlined by decentralised ledgers, blockchain provides a system whereby unfamiliar parties are able to form settlements based on shared digitalised records. As digitalised transactional data can easily be manipulated, blockchain removes this issue by providing an arbitrated platform that makes it unalterable and entirely certified.
But this doesn’t mean Blockchain is impenetrable
There are numerous actors who could try to exploit the core Internet infrastructure, which makes up blockchain’s existence. The public blockchain in particular, remains vulnerable as 7 out of every 10 blockchain nodes globally, connect to other nodes, via a Cisco device. With the current concentration of Bitcoin nodes in North America and the European Union, almost 90% of all Bitcoin nodes today, connect to other nodes via Cisco routers. Exploitable security defects in these routers’ software could enable backdoor access that could centralize nodes under the jurisdiction of a single actor.
“ A cyberattack that successfully centralizes the Bitcoin node network under the jurisdiction of a single actor would be fatal for Bitcoins and all other cryptocurrencies.” — Peter Alfred-Adekeye, Multiven CEO
Cyberattacks on crypto exchanges temporarily impact cryptocurrency value but will never be an existential threat for cryptocurrencies.
As recently highlighted by mysterious group Shadowbrokers, the US National Security Agency (NSA) has developed hacking tools which enables them to access most available internet networks and their attached Blockchain nodes and servers. Saying this, means that a state sponsored cyberattack is entirely possible against the blockchain ecosystem with the intention of controlling, discrediting or ultimately shutting it down.
Seen as a potentially unparalleled initiative, Multiven will be using a certain portion of the proceeds from its Multicoin ICO token sale to:
(a) harden the cyberdenses of Earth-based public blockchain nodes and;
(b) fund the decentralisation of nodes into space by developing open-source nano-satellite Bitcoin, Ethereum and other public blockchain full nodes, and launching them into low-Earth-orbit.
Known as Nodes-in-Orbit (NiO), Multiven will be partnering with the Interplanetary Special Interests Group of the Internet Engineering Task Force (IETF) and other space-based blockchain projects to architect orbital systems that would ultimately become capable of protecting themselves and resist human and natural threats.
How the Nodes-in-Orbit will operate
As a complex development, these satellites will aim to run atop solar-powered commodity hardware with an open-source operating system, enabled with Delay Tolerant Networking (DTN) that allows for space-based communication at interplanetary distances.
By 2022, our aim is to have nine Nodes in Orbit in order to support geo-spatial decentralisation and thus contribute to Bitoins and et al’s longevity.
If space exploration does not seem like Multiven’s most advanced development, we recognise that the public system must also engage, protect and support the community that make up its existence. Therefore, we strive to provide a holistic and entirely encompassing community based on reward:
- Multicoin transaction fees generated from the Multiven Open Marketplace (MOM), will compensate a decentralised pool of volunteer Internet engineers, security researchers and cryptographers that monitor and defend public blockchain nodes against cyberattacks;
Multiven not only provides one of the most viable systems and advancements in recent years to protect global Blockchain infrastructure, but also does so, by ensuring that it will be sustainable and in turn will support its growth and longevity.
Multiven Nodes-in-Orbit (NiO); the foundation for Interplanetary Monetary System (IMS) — a Potential future use case for NiOs.
Finally, as we ponder colonising other planets, added to the fact that dollars, euros, yen and other Earthly currencies are not legal tender on Mars, while stacking Gold bullions into rocket payloads to go establish gold-backed economies in space is not economically viable, Multiven’s Bitcoin Nodes-in-Orbit could be the backbone network of a future Interplanetary Monetary System (IMS). More on this in a follow-up blog.
We hope that you’ve enjoyed reading this post and look forward to reconnecting with you soon!