Creditcoin, Spacecoin, Sui and Walrus are working on a joint project aiming to improve connectivity and access to financial services in underserved regions via satellite networks.
According to a Dec. 6 announcement, the four companies plan to leverage their decentralized services providing computing, internet access coverage and storage to power the initiative in question. The financial foundation will be provided by Creditcoin, the satellite internet access by Spacecoin, decentralized computing by Sui and decentralized storage by Walrus.
The alliance hopes that the initiative will help address issues such as unreliable internet access and lack of financial services in some regions of the world. Spacecoin hopes to bring the service to those areas through its upcoming satellite network.
According to a recent announcement, Spacecoin aims to launch its first satellite — CTC-0 — on Dec. 21. Spacecoin founder Tae Oh highlighted that this is the first in a long series of anticipated launches aiming to provide 5G coverage worldwide:
“The Internet is one of the most crucial modern inventions that has revolutionized every aspect of human life – from how we get our information to how we access finance, education, and healthcare. Yet billions remain disconnected from this promise. At Spacecoin, we are committed to change that and this launch is the first step towards universal internet access.”
Creditcoin is a layer one blockchain aiming to connect borrowers and lenders in emerging markets that already powers a service employing the Central Bank of Nigeria’s eNaira digital currency. This service will power the financial services through decentralized financial institutions.
Thanks to Creditcoin, users will be able to develop their own credit histories while accessing modern financial and internet tools as well as a global digital economy. Sui and Walrus ensure that the system can scale while staying decentralized.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
