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New Paper Explores Cryptocurrency for Space Colonies

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Blockchains in space?

According to one research paper published by an Indian government official, the idea isn’t so far-fetched.

Dr Kartik Hegadekatti of India’s Ministry of Railways posits in a new paper, entitled “Extra-Terrestrial Applications of blockchains and Cryptocurrencies”, that the tech could provide the basis for a space-based money in lieu of paper money or physical coins. Hegadekatti works for the ministry’s Commercial Department.

Hegadekatti has written about cryptocurrencies in the past, exploring how a ‘NationCoin’ could be issued by a country in a paper from August. The paper’s timing is notable, given India’s controversial push away from paper currency and a rise in bitcoin purchase activity in the country.

Though the concept sounds a bit far-fetched and entirely speculative – humans have only set foot on the Moon a handful of times, and to date no manned mission has been launched to Mars – Hegadekatti argues that launching paper or coin-based monies into space is impractical given their cost and weight.