- José E. Puente and Carlos Puente propose Bitcoin for Earth-Mars trade.
- Proof-of-Transit Timestamping offers secure, verifiable interplanetary transactions.
- No immediate financial impact or large-scale adoption yet discussed.
A new paper by José E. Puente and Carlos Puente proposes Bitcoin as interplanetary money for Earth and Mars trade, introducing Proof-of-Transit Timestamping.
This proposal could influence future space economies, though it currently has no measurable financial impact or high-level industry endorsements.
Scientists José E. Puente and Carlos Puente have proposed using Bitcoin as interplanetary money for Earth-Mars trade, outlined in a new research paper. Their approach centers on overcoming the physical and network challenges of interplanetary communication through a novel mechanism called Proof-of-Transit Timestamping (PoTT).
The primary authors of this proposal, José E. Puente and Carlos Puente, are affiliated with Mobiletalk-Q, SL. The paper envisions making Bitcoin the monetary standard for interplanetary trade without altering its core economics. It addresses high-latency communication issues between Earth and Mars.
“We explore the feasibility of deploying Bitcoin as the shared monetary standard between Earth and Mars, accounting for physical constraints of interplanetary communication. We introduce a novel primitive, Proof-of-Transit Timestamping (PoTT), to provide cryptographic, tamper-evident audit trails for Bitcoin data across high-latency, intermittently-connected links.” — José E. Puente, Co-Author, Mobiletalk-Q, SL
This proposal has not attracted financial backing from major exchanges or institutional investors. The system is designed for Bitcoin, employing the Lightning Network and sidechains on Mars for local transactions, while maintaining settlement against Earth’s Layer 1.
There is no immediate impact on Bitcoin’s market or liquidity metrics. The project is at an academic stage with no significant industry engagement from key influencers or regulators. BTC remains the central asset in the discussion, with no effects on other cryptocurrencies.
Although the concept remains in its infancy, the potential future implications could include advanced space trade capabilities using digital currency. The proposal draws parallels with previous Bitcoin extensions like Lightning but for a cosmic scale. It introduces cryptographic assurance to ensure transactions across space.
Experts ponder the technological and regulatory challenges this project faces but recognize the ambitious possibility of Bitcoin facilitating space commerce. The implementation of such a system could alter financial technology approaches to interplanetary trade.
For further context on cryptocurrency-related legal issues, see the recent case where two individuals were arrested in an alleged conspiracy to launder $4.5 billion in cryptocurrency.
