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Bitcoin [BTC] network splits can be prevented by Blockstream Satellite, says Chief Strategy Officer

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Bitcoin [BTC] network splits can be prevented by Blockstream Satellite, says Chief Strategy Officer
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Blockstream Satellite received overwhelming attention from the crypto-community for its unique feature which enabled users to execute Bitcoin [BTC] transactions without an Internet connection.

Samson Mow, Blockstream’s Chief Strategy Officer appeared in the latest Keiser Report discussion featuring Max Keiser. Talking about the satellite, Mow said that the purpose of Blockstream satellite was to provide redundancy for the Bitcoin [BTC] network.

The financial system built on Bitcoin needed to have redundancy and that is where Blockstream satellite came into the picture. The officer cited that the satellites are in geosynchronous orbit [orbital period the same as the Earth’s rotation period] broadcasting the Bitcoin blockchain. Explaining the satellite’s functionality of redundancy in a satellite level, Mow said,

“.. what that does is it prevents Network splits for Bitcoin so if a cable is cut in, say a country, Malaysia, or something, then potentially they could fall out of sync with the rest of the network but as long as one person in Malaysia is running a Blockstream satellite node and has a dish they’ll keep the whole country in sync”

Blockstream Satellite was recently in news for its plans to integrate with a Brooklyn-based firm GoTenna which allowed users to send messages to its users without the need for an Internet connection. GoTenna leverages its own “mesh network” for the purpose and users should be within a mile to complete the transaction.

Blockstream Satellite, the Bitcoin transmission service is a network of satellites deployed by BTC tech firm Blockstream enabling people across the planet to download a BTC full node through a secure channel without the need for an Internet connection. The users, however, must install a satellite receiver with Blockstream Satellite’s specific software.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX goes all-hands on deck to launch a Bitcoin Futures market
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ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.





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