Ethereum has been on the rise for quite some time, catching the eye of crypto enthusiasts as well as the Whales. The popular altcoin has made headlines once again as SpaceChain plans on launching an ETH node in space today. As per the reports, the Ethereum node will be launched with a SpaceX Falcon 9 rocket, which will transport it to the International Space Station.
Ethereum is also known as the “World Computer” and the possibility of it functioning in space will be affirmed after today’s test run. Regardless of the outcome of today’s exploratory space launch, a significant boost to Ethereum’s utility is now inevitable.
Ethereum is currently trading at $2,898 (at the time of writing), therefore, crypto enthusiasts can make use of the opportunity and invest in the second-largest crypto asset.
Could Ethereum Surpass Bitcoin Now?
A lot of controversies have been surrounding the flagship cryptocurrency with a crackdown on Bitcoin mining by China, Tesla revoking the option to pay for its vehicles using BTC and a lot more. Some of the major factors such as these caused the price of Bitcoin to take a hit, going plunging its price close to $30,000 on May 19th.
The flagship cryptocurrency has still not been able to reclaim an all-time high or retain a very high price. However, Bitcoin Whales and long-term crypto enthusiasts think otherwise and are optimistic of a surge in BTC price soon.
On the other hand, ETH has been in the spotlight, sparking rumors that it will soon surpass BTC, a long-awaited event. It may still be uncertain and yet to be seen in real life, however, Ethereum blockchain can very likely be the first crypto asset to function in space.
The CEO and co-founder of SpaceChain, Zee Zheng, stated in an interview:
“A lot of decentralized applications are still built on centralized servers like AWS and other kinds of centralized servers. But… it’s actually when the network becomes more and more valuable, you actually need a potentially decentralized infrastructure to support that.”
Many crypto enthusiasts are now wondering if launching blockchain nodes in space can make crypto assets truly decentralized, considering crypto blockchains such as BTC and ETH rely on decentralization.
Regarding the launch of ETH nodes in space, Zee Zheng further stated:
“Enterprise customers [that are] protecting particularly large assets can launch a full satellite network just to serve their transactions, [and] can generate their own private links for all outbound or inbound communication,”
“Then, all transactions will only be conducted [with] a uniquely encrypted method of communication.”
According to Zheng, if Ethereum can function in space it can be the solution of mistrust among companies for payments. He is of the view that if a blockchain is used, people will no longer have to trust one person or a company but instead, they can simply trust the code.
Can it Negatively Impact Bitcoin?
Ethereum has been gaining more and more prominence and utility with time. According to Ethereum price predictions, it is anticipated to touch the $3,000 region soon, following a daily surge of nearly 6%. The launch of Ethereum node into space planned by SpaceChain can be monumental, however, it cannot be said with certainty as to how it will impact the price of BTC.
Bitcoin is still the largest crypto asset in the world and is supported by several global organizations and companies. Therefore, people who have invested in Bitcoin or look forward to trading it should not be concerned or worried.
The advancements in crypto, as mentioned above, can be the start of cutting-edge innovations that are likely to take the entire crypto world to another level.
Therefore, crypto enthusiasts who have been interested in purchasing digital assets but have not done so yet, should use secure exchanges and start crypto investing.
Those who are interested in crypto trading but are unable to do so due to lack of expertise and time can opt for copy-trading and use PrimeXBT Covesting.