Venezuela To Process Transaction Through Bitcoin Satellite Node
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Venezuela To Process Transaction Through Bitcoin Satellite Node

September 26, 2020      Jyoti Singh

 

Venezuela’s first satellite node has been introduced by a Bitcoin service provider startup, Cryptobuyer. This newly-installed satellite node will help users in processing transactions that too without an internet connection.

Bitcoin users in Venezuela has been facing a lot of problem with its local internet connectivity, therefore, Cryptobuyer decided to install a new infrastructure bypass that could help them in processing the transaction. 

Bitcoin Satellite Node Linked To Blockstream Technology

According to the announcement, this Bitcoin satellite node was deployed by Anibal Garrido and the team of Anibal Cripto in Venezuela.  

It is to be noted that the Bitcoin satellite node is linked with the Blockstream Satelite Network. The Bitcoin satellite node used Blockstream’s technology, EUTELSAT113, for distributing the data.

The Latin American crypto payment-related startup, Crypotbuyer, came up with this idea of installing a new Bitcoin satellite node in Venezuela.  

While talking about the satellite node, the CEO of Cryptobuyer, Jorge Farias, stated, “We started in Venezuela because of the obvious connectivity problems and Cryptobuyer is always looking for a way to be resilient to these kinds of problems by anticipating any possible contingency.”

First Node Antenna In Valencia

Anibal Garrido explained how this node will work. He mentioned that Blockstream will offer a data packet to the Bitcoin satellite, which further will transfer that packet to the nodes on the ground.

Garrido also stated that he and his team have deployed a satellite service related to a mesh network. And now, they hope that as the satellite node has been installed its connection grows.

Notably, Mesh is a network that could distribute data between various devices.

Cryptobuyer has mentioned that it has decided to deploy three-node antennas in three different cities of Venezuela. 

Presently, the first node antenna has been installed in Valencia, soon the Bitcoin service provider will install the other two nodes in Caracas and Puerto Ordaz. 

Although Valencia is an industrialized city, there are no such buildings that could block signals of the satellite, therefore, Cryptobuyer decided to deploy the first antenna there.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.