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Phoenix company said first to deploy a cryptocurrency on a satellite orbiting the Earth

Rendering of a prototype GalacticSky software defined satellite. Dimensions: dish 1/2 meter, center chassis and panel segments are 15 x 30 inches (roughly the size of a mini-tower desktop computer). PROVIDED BY VECTOR.

By Hayley Ringle – Reporter, Phoenix Business Journal -- 

Dec 27, 2017, 1:26pm 

Phoenix-based Nexus is partnering with Vector to bring its cryptocurrency into space.

Nexus CEO and founder Colin Cantrell said it will be the first company to deploy a cryptocurrency on a satellite orbiting the Earth.

Nexus announced the partnership this month with Tucson-based Vector, which agreed to host Nexus’ decentralized cryptocurrency in space using Vector’s GalaticSky software satellite platform.

Vector is the developer of what it calls the world’s smallest satellite launcher rocket. It raised $31 million for flight tests and launching customer missions in 2018.

Cantrell said the partnership allows for a “more free and open network to exist.”

“By building new cryptocurrency, we’re able to provide new open-source technology that can improve the industry and allow other people to use it as well,” said Cantrell, a Scottsdale resident. “All the technology is produced in the public domain so anybody can use it to improve cryptocurrency technology.”

Nexus CEO and founder Colin Cantrell

The partnership will allow for reliability and accessibility with its cryptocurrency, as well as allowing future Vector customers to pay for launches using Nexus’ NXS cryptocurrency.

“With Bitcoin’s valuation at an all-time high, people are beginning to accept cryptocurrency as a real form of payment, but there are still problems with storage and ownership,” Cantrell said.

The Nexus Conference, September 2017

Vector is comprised of former employees from SpaceX, Virgin Galactic and Boeing Co. Vector CEO and co-founder Jim Cantrell, Colin Cantrell's father, is a founding member of SpaceX, a Hawthorne, California-based aerospace company founded by Elon Musk.

Vector’s GalaticSky software-defined satellites, developer tools and purpose-built satellite application operating system is designed for entrepreneurs, Jim Cantrell said.

“Over the last year, we’ve made many advancements in order to solidify our standing as a leading nanosatellite launch company,” Jim Cantrell said in a statement. “Housing Nexus’ cryptocurrency on our GalacticSky platform not only validates our proof of concept, but demonstrates how prolific this opportunity is for startups looking to innovate in space without the need to build their own satellite.”

Vector CEO Jim Cantrell stands in front of the Vector-R rocket launcher Jan. 30 at the Arizona State Capitol.

The Nexus cryptocurrency was launched in September 2014. Vector’s first deployment of NXS is expected to take place in 2019.

“With the net neutrality issues it’s important to provide a less censored internet. This new type of technology provides a lot of value that may not have stable currencies,” Colin Cantrell said.