A group of researchers has introduced an innovative concept called Proof-of-Transit Timestamping (PoTT), which could pave the way for transferring bitcoins between Earth and Mars using satellite technology and time stamps.
This is reported by Business • Media
How Proof-of-Transit Timestamping Works
The PoTT mechanism involves passing a transaction through a chain of relays: ground stations, satellites, and potentially lunar nodes in the future. At each stage, the message receives a unique time stamp, allowing the documentation of the transfer route and ensuring transparency in the process.
“The proposed mechanism is called Proof-of-Transit Timestamping (PoTT). Its essence is that the payment passes through a chain of relays — ground stations, satellites, and potentially lunar nodes. At each stop, the message receives a time stamp, enabling the tracking of the entire transaction route.”
Researchers claim that transfers through the Lightning Network could reach Mars in as little as three minutes under favorable communication conditions. In adverse situations, the delay could increase to 22 minutes. For traditional bitcoin transactions, an additional standard block formation time of about 10 minutes is added, plus signal transmission delays.
Technological Foundation and Implementation Prospects
The PoTT concept is based on the use of modern optical communication channels from NASA and the Starlink satellite network. Developers believe that the technology is already ready for testing, particularly through modeling interplanetary delays.
The scheme also takes into account periods of lost direct communication with Mars, such as during solar opposition, which occurs every 26 months. During these times, signals are planned to be transmitted via relay satellites, allowing for workarounds around problematic areas.
The idea of interplanetary cryptocurrency transactions is not new. Back in 2018, Blockstream integrated the bitcoin ecosystem with a satellite network, and in 2020, Spacechain conducted a transaction from the International Space Station. However, the proposed PoTT approach is the first to detail a time-stamping system for space financial operations.
So far, the implementation of PoTT in practice is limited — there are no permanent payment recipients on Mars yet. However, scientists are confident that the development of satellite infrastructure and the future exploration of the Red Planet open up prospects for full-fledged interplanetary settlements.
It was previously reported that renowned billionaire Ray Dalio advises investing up to 15% of one’s investment portfolio in bitcoin.