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SpaceChain Completes New Blockchain Testing Milestone

By Mark Holmes | July 12, 2022

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SpaceChain has completed the testing of the space node it created for Velas Network, which is hosted on Low-Earth Orbit (LEO) satellite and independent of terrestrial networks. The company announced this key blockchain testing in space milestone on July 12. The space node is now capable of delivering the full functionalities designed for Velas, including transaction signatures, smart contract deployment, decentralized finance activities and non-fungible token (NFT) minting with the seamless transaction of the Velas Token (VLX).

The mission marked SpaceChain’s successful integration of Velas, a fast Ethereum Virtual Machine (EVM) blockchain and open-source platform for decentralized applications, with its payload. The space node now supports and enables Velas to advance the development and deployment of its blockchain platform. SpaceChain and Velas are extending their partnership to send another space node to the International Space Station (ISS) later this year. Upon installation and testing, the Velas space node will benefit from the secure and conducive environment provided by the ISS to create more space-based use cases over time.

“Through this mission, the space node helps Velas’ blockchain project realize the digital transaction signature service in space, enabling Velas to execute its space services based on this space node. With its independence, physical  security in space and as a trusted third party in blockchain applications, the space node provides impartial third-party reviews, security protection and other functions to further develop blockchain technology. This implementation improves the credibility and security of its internal system, thereby winning the trust of more market users,” Zee Zheng, SpaceChain co-founder and CEO, said in a statement.