Researchers Jose and Carlos Puente have unveiled a concept for a system that enables the transfer of bitcoins through satellites, opening new horizons for interplanetary financial systems.
What is Proof-of-Transit Timestamping (PoTT)
Proof-of-Transit Timestamping (PoTT) is a system proposed by Jose and Carlos Puente that allows Bitcoin transactions to be relayed through satellites and space relays. Each stage of transfer leaves a verifiable digital stamp, creating a passport-like trail for transactions in space.
Current Experiments and Their Development
This concept builds on earlier experiments, such as Blockstream's satellite integration in 2018 and Bitcoin transfers from the ISS in 2020, proposing a more advanced solution. According to the researchers, addressing interplanetary distances can be used for routing and verification of transactions.
Bitcoin's Potential for Mars Colonization
The researchers intend to use NASA's optical communication links or Elon Musk's Starlink network to accelerate Lightning transactions to about 12-15 minutes. Although at this moment the idea remains theoretical with no recipients for bitcoins on Mars, Puente argues that if humanity does settle the planet, a neutral currency will be needed, with Bitcoin, paired with PoTT, being a viable candidate.
The proposal by Jose and Carlos Puente opens up new possibilities for interplanetary finance and raises interesting questions about the future of cryptocurrencies in the context of colonization of other planets.
