Venezuela has set up a satellite connection that will provide a means for Bitcoin nodes to synchronise with the global blockchain as an answer to poor internet connectivity in the country.
According to an initial report from Decrypt, the satellite will allow Bitcoin nodes to remain synchronized with the global blockchain even without an active internet connection.
The news was announced in a press release from the Cryptobuyer team – a cryptocurrency payments service provider based in the country. The Bitcoin satellite node connects to the Blockstream satellite network, which is a well renowned Bitcoin infrastructure provider.
The node itself was deployed by local cryptocurrency training startup AnibalCripto with assistance from Valencian programmer Álvaro Pérez. CryptoBuyer provided financial and logistical support to the endeavor.
According to Perez, the team was able to test out the satellite’s connection and send a transaction.
“We downloaded the whole Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on 23 September, from the city of Valencia. We received Bitcoin through the satellite connection without any internet connection. It was a moment of great achievement,” Perez said.
An answer to poor connectivity
Given that the Bitcoin blockchain requires an active network connection in order for nodes and miners to synchronize transactions, the ability to bridge gaps in internet infrastructure is key in countries that have poor connectivity.
As CEO of CryptoBuyer Jorge Farias explains, establishing a satellite connection will allow for Bitcoin transactions to be processed and facilitated without the need for physical internet lines. This is a particular challenge in Venezuela.
“This project emerged from our company’s vision to offer real and tangible products that solve real-world problems. For example, we already deployed Bitcoin ATMs and Bitcoin point-of-sale terminals across the region, and also launched a fiat-crypto exchange platform. Now with the Bitcoin satellite node, we address the local issues of internet connectivity in Venezuela. Users can’t afford to be cut off from the Bitcoin network,” Farias said.
More nodes to be added
The announcement from Cryptobuyer also revealed that more Bitcoin nodes will be carried out in Venezuela’s capital of Caracas as well as the state of Bolivar. The long term goal is to provide coverage for the entire country.
Bitcoin users will be able to connect to the satellite nodes through a local ‘mesh’ of networks which is also being established throughout Venezuela.