Blockstream: A Pioneer in the Crypto Industry

Over the years, cryptocurrencies have become a significant part of the global economy. However, many people who watch Bitcoin prices often overlook the fact that behind it lies an entire industry with its own companies, technologies, and production. Those who claim that Bitcoin is an unreal system without real-world backing fail to see the immense computational centers and farms that support the blockchain's operation and development. Furthermore, Bitcoin has spawned numerous practical solutions that enhance its integration into everyday processes.

Today, this is no longer the work of crypto enthusiasts mining coins on their personal computers. We are talking about companies with million-dollar capitalizations armed with vast resources. Let's delve deeper into one of the oldest players in the game - Blockstream.

Blockstream was founded in 2014, and one of its co-founders, Adam Back, is a prominent figure in the cryptocurrency market. The English cryptographer and cypherpunk are renowned for his proof-of-work algorithm based on hashcash, which anticipated the PoW algorithm used in Bitcoin. Adam Back was one of the first individuals Satoshi Nakamoto personally contacted, even before creating Bitcoin. Moreover, Adam Back's name is immortalized in the Bitcoin Whitepaper, where Nakamoto references his work on hashcash.

Under Adam Back's leadership, the company develops projects related to Bitcoin. The range of directions in which the team is advancing the cryptocurrency is incredibly broad, from well-known second-layer solutions to satellite support for the Bitcoin network, which can serve as an alternative to the internet.

1. Liquid Network: Dubbed the "federated sidechain of Bitcoin," Liquid Network operates as a second-layer protocol tied to the main blockchain. The project aims to alleviate Bitcoin's scalability issue and facilitate faster, lighter transactions. The federated nature of the Liquid Network means that it can exist independently of Blockstream, with the company serving as a technology provider.

2. Elements: The company also offers an open-source platform for creating custom blockchains or federated sidechains.

3. Blockstream Satellite: Bitcoin's blockchain in space may sound futuristic, but Blockstream Satellite makes it a reality. It allows users to access Bitcoin blockchain information via satellite communication, bypassing the need for an internet connection. While sending bitcoins via satellite isn't possible due to one-way communication, the ability to receive blockchain data from a backup source enhances blockchain security and enables synchronization without internet access. Additionally, Blockstream offers the capability to send encrypted messages via satellite, though internet connectivity is still required for message transmission.

4. Mining: Blockstream provides various mining-related services and manufactures its own Modular Mining Units (MMUs), essentially ASICs known to all. Individuals can also join or invest in the company's mining capabilities. It's worth noting that Blockstream places significant emphasis on the environmental sustainability of mining, which, despite good intentions, can be a competitive disadvantage, potentially raising costs and reducing product efficiency compared to competitors with less "green" initiatives.

5. Wallet and Explorer: Blockstream offers hardware wallets like Jade, with Liquid Network support, and the Blockstream Explorer blockchain explorer.