Dunvegan Space System’s Garzik: Public Block Chains Will Drive Future Fintech Along With Space Exploration

Journalist:
Lester Coleman
October 22, 2015
Jeff Garzik

Jeff Garzik, bitcoin core developer and CEO of Dunvegan Space Systems (DSS), argues in favor of public versus private block chains and sees a big future for bitcoin thanks to the benefit of being able to transfer value across space in addition to other benefits. As bitcoin evolves, he says computer code will iron out existing mismatches between supply and demand, according to the International Business Times UK.

DSS, based in Atlanta, GA, specializes in distributed applications and computing solutions for the space-based market, including Software-as-a-Service platforms. DSS seeks to open frontiers throughout the solar system for the benefit of humanity. DSS brings decentralized, open-source design to space travel. Dunvegan’s current project uses a network of data processing satellites called Bitsats. Long-term, DSS hopes to see a solar system wired for networking, whereby weather stations on earth will forecast weather for other plants.

DSS Develops BitSat Satellite Constellation

DSS signed a contract earlier this year with Deep Space Industries (DSI) to build a 24-satellite constellation. DSI designed the Bitsat nanosats to be used in the Dunvegan constellation which provide a cost advantage over traditional telecommunication satellites. Based on the industry standard Cubesat form factor, BitSat enables a performance framework that supports the Dunvegan open platform business model.

The next generation of cloud computing will include nanosatellites that operate in the earth’s orbit and provide an open communication platform for computing, according to DSS. These satellites can provide data processing, broadcasting services and file storage in outer space. Customers will not have to invest in developing proprietary spacecraft.

DSS has optimized Bitsat for bitcoin and cryptocurrency. Each Bitsat can provide a back-up for a terrestrial bitcoin network and extend the block chain. Bitsats verify each bitcoin block following uplink from a ground station. This ensures communication with terrestrial bitcoin.

Also read: Bitcoin goes into space

Garzik Foresees A More Cooperative Future

Garzik foresees greater corporate and government cooperation and transparency thanks to bitcoin. Smart contracts will enable auditable, computer-provable smart contracts. Combine this with real-time, self-optimizing markets and the future of finance becomes clear, Garzik noted.

He has supported public block chains over private ones. He says centralized, clustered/replicated databases are stronger than private block chains.

Private block chains must reintroduce centralized security mechanisms and single points of failure.

Garzik said bitcoin companies will continue core competencies and expand to all areas of financial technology.

He is transitioning to become a BitPay advisory board member.

He sees the Blockstream sidechains project as a great addition to the ecosystem.

Garzik favors a merger between bitcoin and Ethereum via a sidechain. He views Ethereum as a new programming language.

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Tags: Jeff Garzik
Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.