Blockchain firm ConsenSys acquires asteroid mining company Planetary resources

05 Nov 2018_campuscad

Asteroid Mining

Blockchain venture ConsenSys Inc. has acquired the asteroid mining company Planetary resources.

Planetary resources is founded by Chris Lewicki and Brian Israel in 2009 and previously known as Arkyd Astronautics.

The deal is an asset purchase transaction but did not disclose the actual details and term of the agreement.

ConsenSys production studio is mainly focused on building and scaling tools, enterprise software products supported by decentralized Blockchain technology.

Ethereum technology is used to support the crypto currency Ether like Bitcoin.

Planetary resources launched 3 satellites till date with first failure of Arkyd-3 and then 2 successful launches Arkyd-3R and Arkyd-6.

Arkyd-3R (Reflight) launched from ISS in 2015 and Arkyd-6 was deployed on the Indian Polar satellite launch vehicle to help to catch planet Earth images which help to produce scientific data.

Planetary resources mission is to find the water rich asteroids which can help to setup human civilization in the space and the same used as propellant for further space exploration.

Blockchain technology helps to distribute the information as shared content and not copies originally invented to use in digital currency Bitcoin and current worth of $112 billion.

Blockchain information will not get corrupted or hacked as it is hosted on millions of computers simultaneously and not centrally.

The technology cannot be controlled by single entity and has not single point of failure.

Asteroid mission could cost around $2-3 billion with capture and return mission.

Read more:

For weekly roundup stories, sign up below.