Interplanetary Bitcoin Transactions
Recent advancements suggest it may soon be feasible to transfer Bitcoin between Earth and Mars in about three minutes, leveraging existing technologies. A significant proposal by tech entrepreneur Jose E. Puente and collaborator Carlos Puente was introduced in a white paper, outlining a system called Proof-of-Transit Timestamping (PoTT) that could facilitate interplanetary Bitcoin transactions.
How PoTT Works
This innovative concept posits that when a Bitcoin user initiates a payment to Mars, the transaction could be relayed through various stations—ground-based antennas, satellites, or even a lunar relay point. Each relay would timestamp the transaction, similar to a passport gaining stamps at international borders, ensuring all movements are tracked and recorded accurately.
In a conversation with Cointelegraph, Puente described PoTT as functioning as a receipt layer for Bitcoin and its Lightning Network, utilizing optical links established by organizations like NASA, Starlink, or other satellite companies. He mentioned, “The technology is essentially ready. The moment there’s a stable Earth–Mars link, PoTT can ride on top, making Bitcoin the first currency to operate cleanly across planets.”
Transaction Timing and Challenges
The potential ability to complete Bitcoin Lightning transfers to Mars could range from a quick three minutes in optimal conditions to as long as 22 minutes in less favorable scenarios. Addressing the challenge of the two-week communication blackout every 26 months, Puente suggested the possibility of routing transactions around the Sun using relay satellites to maintain connectivity.
Puente explained that PoTT is an expansion of traditional Bitcoin timestamping, unique in its capability to extend beyond Earth. He illustrated a futuristic scenario in which someone on Earth could send funds to a friend on Mars, with the transaction traveling through various checkpoints, each adding its own timestamp for clarity and tracking.
Historical Context and Future Prospects
The concept of Bitcoin transactions happening beyond Earth’s atmosphere isn’t entirely new; Blockstream notably connected Bitcoin transactions to satellites in December 2018, establishing a framework for Bitcoin operations in space. Additionally, Spacechain claimed to have executed the first Bitcoin transaction from the International Space Station in August 2020, demonstrating that receiving Bitcoin is possible in outer space.
However, executing a Bitcoin transaction on Mars is contingent on having individuals or automated systems present to accept the funds, something yet to be realized as current Mars missions have only deployed robotic landers, orbiters, and rovers. Currently, companies like Blue Origin, founded by Jeff Bezos, have begun accepting cryptocurrencies but have not yet ventured beyond Earth’s atmosphere significantly enough to support Martian transactions.
The Vision for a Multi-Planetary Currency
Elon Musk’s SpaceX aims for a Mars mission by the end of 2026, aspiring to develop a self-sustaining colony on the planet. Musk has acknowledged the necessity for a reliable currency for transactions between the two planets. Initially skeptical about Bitcoin’s ten-minute transaction time, he has become more open to the potential of the Lightning Network, which might offer the speed Musk believes is essential for managing interplanetary payments.
Puente emphasized that for humanity to pursue a multi-planetary civilization effectively, a decentralized and universally accepted currency is essential—one that isn’t reliant on any single country or entity. He advocates for Bitcoin as this ideal standard for interplanetary transactions.
Additionally, PoTT is designed to be adaptable for use across any planet within a star’s habitable zone, allowing for a variety of interplanetary transactions. While the current research has centered on Earth and Mars, Puente noted that it serves as the most straightforward case study for potential Bitcoin applications in space.
