Aníbal Garrido reveals DailyBitcoin information on the satellite node of Bitcoin, which arrives in Venezuela through an alliance between CryptoBuyer, Blockstream Y HannibalCrypto.
Yesterday morning CryptoBuyer released the news about the arrival of the first nodo satelital of Bitcoin to Venezuela. Through a post on Medium, the crypto services company in conjunction with the development firm’s satellite technology blockchain Blockstream, announced the successful installation of the first Bitcoin connected to a satellite network.
The event represents a milestone since the companies involved assure that thanks to this integration, users can now access the network of Bitcoin in real time and make transactions without the need to be connected to the Internet.
The satellite node was deployed by Anibal Garrido, CEO of HannibalCrypto, a provider of training courses on cryptocurrencies, with the assistance of Álvaro Pérez, a Venezuelan programmer while financial and logistical support was provided by CryptoBuyer.
In an interview with DailyBitcoin, Garrido explained how the initiative works and offered additional details about it.
Satellite node kit Bitcoin
The manager of HannibalCrypto commented that the node works receiving data from the satellite EUTELSAT13 of Blockstream –the company’s satellite planned for Latin America– and these are processed by a satellite dish or satellite dish to later be decoded and presented to the user in real time.
The kit has a value of USD $ 399.99 for the basic version and USD $ 899.99 for the pro version. It is worth noting that for the average income of a Venezuelan these amounts are quite difficult to pay.
No internet needed
Having access to this tool implies that users they don’t need an ISP (Internet Service Provider) to enter the Blockchain of Bitcoin. Everything works through the satellite network, which receives and relays the data as a signal. In fact, the initiative allows transactions that take to confirm the same amount of time that it would take with an internet connection.
“The only way for a transaction to be late is for something to happen directly with the network or the mempool. But the satellite node could not incur any delay “, he asserted.
One of the main objectives of this initiative is generate connectivity. With this, Garrido indicated, they seek to be on the air even in the event of a blackout that leaves them without power.
There is an emergency transformer that is activated in case of problems with the power supply to guarantee the operation of the node.
This satellite is an alternative for Venezuelans to have permanent access to the network Bitcoin. It is worth noting that this country has one of the worst Internet connections in the world, which greatly affects crypto users. The constant power cuts and the failures in the few Internet providers make connectivity in Venezuela an inconvenience for everything.
Only this week were registered electrical failures in at least 14 states of the country including Caracas. Likewise, Only 44% of Venezuelans have an internet connection, 10% less than the average for the region, according to the study Internet Work Stats.
In addition to the instability, Venezuelans must also struggle with the slowness of the connection. While the average speed in the region is 5mbps, that of Venezuela is just 1.7 mbps. The company Ookla ranks the Caribbean country as the slowest connection and another study by the Economic Commission for Latin America and the Caribbean (Cepal) describes it as the worst connection in Latin America.
The arrival of this satellite node does not end here. This first node was installed in the city of Valencia by Aníbal Garrido and the programmer Álvaro Pérez. However, CryptoBuyer He indicated that two more would be installed in the city of Caracas and in Bolívar state to guarantee coverage throughout the country.
Garrido mentioned that the objective of this initiative is not to introduce a new product to the market, but rather seek to encourage adoption and “highlight the concept of Bitcoin decentralization“ and decentralize it even more at the time of being able to do without an Internet connection. Garrido sentenced:
It is not a brand concept. What we want to show is the implications and scope of cryptocurrencies. Encourage their adoption. I believe that once you enter the world of Bitcoin, there is no going back.
Venezuela: a crypto country
Venezuela is a good option for this type of project because it certainly has high rates of cryptocurrency adoption, especially if it is about Bitcoin. A study published by the analysis firm Blockchain Chainalysis ranked Venezuela as the third country with the highest adoption of cryptocurrencies, only surpassed by Russia and Ukraine.
The crisis scenario that is seizing the country has completely destroyed the functionality of the bolivar, the local currency. Venezuela has already been in hyperinflation for three years and between January and August of this year the bolivar has devalued more than 1,000% against the dollar, according to data from the National Assembly.
This forces Venezuelans to turn to more stable currencies such as the dollar, the euro or cryptocurrencies in order to protect the value of their money.
The majority of Venezuelans prefer to trade in dollars over any other currency. However, there is also the option of cryptocurrencies that practically anyone can access. This can be easily appreciated in the high trading volumes that are recorded daily on the exchange P2P LocalBitcoins, of around 5 million dollars a week, the highest volume in Latin America.
On the other hand, HannibalCrypto He commented that there was not nor is there any regulatory inconvenience with the activation of the satellite node. However, he did mention some inconveniences that are mainly due to the quarantine and the situation that the world is experiencing due to the Covid-19 pandemic: flights are limited, as well as imports and all the processes that this implies. That is without counting the gasoline shortage that the country is experiencing and that has intensified much more since the quarantine began in mid-March.
He indicated that the entire logistics process was directly in charge CryptoBuyer who provided the financial muscle that allowed to start the initiative.
Andrés Martínez interview for DiarioBitcoin.
Blockstream web image