100 BitSat Nodes by 2025

[bitcointa...@gmail.com]

We are due to release a white paper on funding Bitcoin infrastructure, full nodes and bitcoin miners, by using the block chain as a self financing Big Data market.

The main purpose is to leverage the value of the block chain for the funding the network, vs allowing businesses to exploit the block chain without contributing back to the infrastructure.

A p2p Big Data market will also negate some of the regulator and sybil threats that private entities pose when seeking to control the block chain.

Key highlights:

* Big Data market is currently worth around $100bn / year
* Block chain is moving into areas where transaction data will become valuable
* 100% of revenues from the p2p block chain data market will go to funding the Bitcoin network / block chain data market
* open source project

As the project aims to fund bitcoin full nodes, we wanted to review how we could us the block chain Big Data market to fund the deployment of 100 BitSat nodes by 2025 / 2030 and also creating funding mechanism for ongoing operational costs.

We have a model for funding full nodes on an overlay network, but the BitSats will not be on the overlay. So we have no way to validate if they are Bitcoin full nodes or sybil nodes.

Any ideas on creating some data markers so we can devise a way to validate true BitSat nodes would be helpful to finishing off our paper.

Many thanks.

[Alek Lidtke]

Hi,

this sentence: "Any ideas on creating some data markers so we can devise a way to validate true BitSat nodes" is as cryptic as can be to a space systems engineer that knows little about Btcoin, such as myself. Are you referring to something to do with satellites or the Bitcoin itself?

thanks,

Alek

[Coins 101]

Hi,

Sorry for any confusion.

Bitcoin itself, but we will need a way to distinguish BitSat Bitcoin nodes from ones based in, say, India or North Africa.

We could be trying to over complicate things, but here is the issue we are trying to resolve and a brief explanation why.

Your BitSat will host a Bitcoin client, a full node, which will broadcast some information about itself, mainly what version of the Bitcoin client it is running and some sort of IP address.

We could just get a Bitcoin public address from you and pay that address some incentives to cover costs of running the orbiting node. We could also just obtain public address linked to any other BitSat's running a full Bitcoin node and pay them the same way.

The issue we are trying to resolve is a way to create a self-verification process that checks that a BitSat Bitcoin node is still operating, keeping up with the Blockchain ledger and allowing other nodes to connect and make use of the database your node(s) will be hosting.

But what happens, for example, if someone decides to swap out your Bitcoin address with their own one? We might be paying someone who has no intention of passing the payments on to run the BitSat Bitcoin node(s). This would be spotted after a short period of time and reported, but there would need to be some manual intervention.

Also, what if someone is able to create a Bitcoin node that transmits data that makes it look like a BitSat Bitcoin node - a fake node that tries to get paid for not doing anything? Again, we might spot that after a short period of time.

On our overlay network, we will be creating some checks to ensure people running full Bitcoin nodes as a service, are actually running nodes and we will have a p2p link to be able to pay nodes that are performing as we expect them to be, in addition to creating monitoring tools to kick-off misbehaving / fake nodes.

As a BitSat Bitcoin node is not on our overlay network, we will potentially just be providing funding as a voluntary donation, rather than for services provided to the Bitcoin network. Which might work well, without trying to make things too complicated.

Ideally, we would like to skew payments to BitSat Bitcoin nodes if they, for example, are able to be located directly over developing regions where Bitcoin infrastructure is poor. They could also be located over areas where corruption in developing regions is holding back local economies and the BitSat nodes would effectively allow people to circumvent repressive regulations (being in Space, we take it regulatory oversight does not exist) and avoid having to deal with corrupt systems.

But we would need some data mechanisms to be able to check the services being provided to the Bitcoin network by BitSat nodes, beyond being an elegant disaster recovery solution.

We believe the Bitcoin blockchain data market could be worth $100bn-$200bn by 2025/30, so allocating significant proportions of rewards / funding to launch BitSat nodes and to maintain them would potentially be feasible and justifiable to the rest of the Bitcoin network if you are enabling access to inaccessible areas (satellite internet data bandwidth issues aside for now).

I hope that helps a little?