Table of Contents
It goes without saying that the space industry has recently seen an exceptional upsurge and is anticipated to continue growing. We read in the news on a regular basis about nations and companies striving for their stake in upcoming lunar missions, increasing their orbital presence, and attempting to develop all-encompassing space projects. Even while it may be thrilling and stimulating, the space sector still confronts a number of difficulties, such as problems with security, trust, and openness, which might hinder its development. Blockchain can be used as one of the potential technological solutions to assist in resolving these problems.
Let’s see what is the space economy and how blockchain is tapping into space.
BONUS POINT: Read until the end to find which crypto exchange has taken a step towards launching the “Mars Program.”
Origin of Space Economy
The United Nations Office for Outer Space Affairs already refers to this new industry as the “Space Economy,” and it is being created as a result of the expansion in both the scope and affordability of space exploration—the question of what money the participants in this space economy will employ. If you ask MilkyWayEconomy’s head economist George Pullen, he’ll say most certainly isn’t the dollar.
In fact, according to some experts in the crypto sector, blockchain technology and cryptos are in a prime position to support the space economy in a way that will be advantageous to both industries. Among them are Adam Back, CEO of the blockchain technology startup Blockstream, and Jeff Garzik, co-founder of the blockchain-powered space-as-a-service company SpaceChain.
Blockchain and Space Exploration
Organizations like Blockstream and SpaceChain have already employed blockchain technology in space, and commercial space corporations are looking into the possibility of deploying utility tokens to finance missions and monetize data gained on previous ones.
Blockchain may be used for satellite communication, which is a straightforward and understandable use case, and more space exploration is still possible with the right infrastructure. The satellite broadband business, which depends on satellite launches for its profitability, may find the transparency offered by blockchain to be particularly helpful. Blockchain’s openness could be advantageous in the continuing competition to construct large satellite constellations involving hundreds of tiny satellites to deliver high-speed internet.
Huobi’s Plan to Enter Space Exploration
Huobi, the virtual asset trading platform, has unveiled Phase I of the Huobi Mars Program, signaling its ambitious foray into space exploration. Positioned as the leading crypto exchange for space endeavors, Huobi has made significant investments to demonstrate its commitment. With aspirations to reach far into the universe, Huobi’s Advisory Board member, Justin Sun, expressed their intention to embark on a special journey with users, exploring the unknown and becoming pioneers in the Web3 field to enter space.
The first phase of the Huobi Mars Program, scheduled from June 2023 to June 2024, comprises 12 rounds of activities. Users must fulfill specific tasks during each round and mint space-themed Non-Fungible Tokens (NFTs). One fortunate participant in each round will be awarded a monthly prize and become a candidate for space travel alongside Justin Sun. The space flight is slated for a suitable time after July 2024.
To participate in the program, users must engage in spot trading, P2P transactions, futures trading, and Huobi Earn transactions. Completion of tasks grants users the opportunity to mint space NFTs, which will be issued on the TRON Network and tradable on various NFT platforms. It is advisable to mint NFTs promptly, as daily quotas apply and minting qualifications do not carry over to subsequent rounds. The first round of NFT minting is open from June 14 to July 15, 2023, and the winner will be declared on July 20, 2023.
Selected participants not only qualify as space passenger candidates but also enjoy a 180-day exemption from spot trading fees on Huobi. This move exemplifies Huobi’s commitment to innovation, exploration, and financial prowess. By venturing into space travel, Huobi aims to introduce more people to the wonders of space, inspire passion, and contribute to the advancement of commercial spaceflight. The Huobi Mars Program signifies Huobi’s dedication to constant progress and unwavering determination.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
