Spacecoin: a currency for astronauts?

I just got an invite to invest in Spacecoin. What is that?

SPACECOIN is a visionary cryptocurrency built for the space economy and designed to offer a decentralized, efficient, and secure platform for interplanetary trade investors and exploration.

WTH?

My initial reaction was the idea that this is launching a cryptocurrency for those who want to send payments to and from the Moon and Mars. That could be interesting as yes, in about 25 years, there will be communities living on the Moon and Mars but, by that time, I probably won’t be around and it would also feel like a very niche, boutique market.

But then I found more information on MEXC, and realised the proposition is not what I thought.

The idea is that a few years from now everyone could access easy payments, using a blockchain-based system and driven by low-Earth orbiting satellites, to send money anywhere. As MEXC puts it:

Imagine five years from now.

• Remote communities worldwide, such as rural schools in Peru, island villages in Indonesia, and nomadic settlements in Mongolia, are getting affordable 5G satellite internet. They use cryptocurrency to connect and pay for these services.
• Users can control their digital systems, decide where to launch new satellites, focus on upgrades, and share the benefits.
• Smart devices such as tractors, water pumps, and solar batteries are connected to the blockchain using satellite IoT relays. This helps them use resources better in real time.
• Governments and activists can check and share important information on the chain without worrying about being watched or blocked by authorities.

This is not a science fiction story. Spacecoin creates a new, real, decentralised future.

Reading and investigating further I find that Spacecoin has quite a noble mission to connect the unconnected. There are almost three billion people globally who cannot access financial services. By offering affordable access, Spacecoin wants all of those people to have inclusion (a regular theme of mine).

Technologically, this is not the simplest task, as Spacecoin is building its own satellite network that can transmit 5G non-terrestrial network (NTN) signals directly to compatible smartphones and IoT devices, eliminating the need for extensive ground infrastructure.

The first test satellite, CTC-0, was launched in late 2024 and successfully tested core functionalities, including sending blockchain data through space. More satellites are planned for launch in the next few years to expand the network's capabilities and coverage.

Add to this that the system runs on their own blockchain using Creditcoin and smart contracts to manage payments, network access, and governance. Users pay for internet service using the project's cryptocurrency token.

What really gets me is that Gene Rodenberry, the visionary behind Star Trek, always argued that there would be no money in space. Well, he was wrong because now there is!