A group of researchers has unveiled a technology that allows Bitcoin payments to be sent between planets, opening new horizons for digital currency usage.
How PoTT Works
The Proof-of-Transit Timestamping (PoTT) technology offers a new way to send Bitcoin transactions. Instead of direct information transfer over immense distances, payments will 'hop' between various checkpoints, such as antennas on Earth, satellites, and even relays on the Moon. Each 'hop' adds a digital stamp, recording the arrival and departure times, creating a complete transaction journey record.
First Steps Toward Interplanetary Payments
The PoTT technology can overcome delays associated with interplanetary communication. Currently, payments via the Lightning network take 12-15 minutes to reach Mars, while regular Bitcoin transactions require about 10 minutes plus signal delay. Puente points out that issues like the blackout periods, when Earth and Mars lose direct contact every two years, can be resolved with satellites routing around the Sun.
Significance for Future Human Settlements on Other Planets
Puente emphasizes that implementing Bitcoin on Mars implies the creation of a neutral currency system, free from control by any governments. Even though there are currently no inhabited settlements on Mars, the introduction of PoTT touches on crucial aspects of the future application of digital currencies between planets.
The concept of using Bitcoin for interplanetary payments, supported by PoTT technology, points toward the evolution of digital currencies and their potential application in new world conditions. In the future, as people begin building settlements on other planets, such a financial system could become essential.
