Elon Musk’s SpaceX has launched another transceiver module called Crypto1 into orbit. The satellite, launched into space using a heavy Falcon 9 rocket, was created by Cryptosat. A small device, its task is to ensure the operation of the infrastructure, on the basis of which cryptocurrency service companies can launch various products on the blockchain and other Web3 protocols.
That is, the satellite encrypts the input and output signals, and communicates with the Earth through radio frequencies. Cryptosat says that their satellite provides almost “absolute” reliability of communication channels. External influence for the purpose of hacking is completely excluded. A similar solution based on radio frequencies is used by the developers of the Dogecoin cryptocurrency.
Recently, information appeared on the network about testing the first transactions without the participation of traditional Internet infrastructure. Recall that last week, Ethereum co-founder Gavin Wood urged investors to analyze the crypto market without panic.
The announcement comes after the recent downturn stemming from the UST stablecoin and Luna token incident. Then the capitalization of the crypto industry in just a few days decreased by $800 million.
We previously reported that since the beginning of May, Tether Holdings Limited has bought USDT tokens worth $10 billion from USDT holders. The situation in the cryptocurrency market prompted the company to take this step, when due to the collapse of the UST algorithmic stablecoin, investors began to massively sell their assets.