Tech entrepreneur Jose E. Puente and his colleague Carlos Puente have revealed a method that could enable bitcoin transactions between Earth and Mars in minutes. This initiative, called Proof-of-Transit Timestamping (PoTT), aims to extend bitcoin’s reach beyond Earth.
PoTT Technology for Interplanetary Transactions
PoTT allows digital stamps on bitcoin transactions as they pass through various communication stations. Each relay node, including ground antennas and satellites, appends a timestamp to the transaction, ensuring its uniqueness. Puente described PoTT as the "receipt layer" for bitcoin and the Lightning Network.
Challenges and Solutions for Space Transactions
Researchers noted challenges like two-week communication blackouts during solar conjunctions and proposed placing relays around the Sun to ensure transaction continuity. This would provide the necessary communications for successful exchanges between Earth and Mars.
The Future of Bitcoin in Space
Though commercial use of bitcoin on Mars is not yet possible, companies like Blue Origin are already accepting cryptocurrency as payment for suborbital flights. According to Puente, the infrastructure for interplanetary bitcoin transfers is already in place; what remains are settlements willing to accept this currency.
The application of PoTT in conjunction with the Lightning Network could significantly simplify financial transactions between planets, marking an important step in the development of digital finance and space colonization.
