Lockheed Martin, Filecoin team up to host Space Network

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Lockheed Martin, Filecoin team up to host Space Network

Lockheed Martin Corporation LMT and Filecoin FIL USD are looking into hosting a network in outer space.

The partnership between Lockheed Martin and the Filecoin Foundation was announced at the World Economic Forum's annual meeting on Monday, according to a Monday report from CoinDesk.

The two organizations have plans to identify a satellite or other space-faring platform that can support an InterPlanetary File System IPFS node. The next steps will be to assess the platform's needs and select a test mission.

FIL IPFS is a peer-to- peer network that is used to store and share data in a distributed file system. An incentive layer is described as an incentive layer for the IPFS system. The network is focused on the decentralization of data by incentivizing participants to earn block rewards by increasing storage capacity.

According to Joe Landon, Lockheed's vice president of advanced programs development, the partnership is centered around an emerging space economy. We'll have one satellite fueling another in the future. It's a transaction that takes place entirely in space that doesn't have a nexus back on Earth. He told CoinDesk that decentralization makes sense.

Protocol Labs Marta Belcher said the idea is to use satellites to reduce the latency when downloading data from remote locations, including the moon.

Price Action: According to data from Benzinga Pro, FIL was trading at $8.39 at press time, down 0.26% in the last 24 hours.

The price ofBTCUSD was trading at $29,300, and the price of ether was trading at $1,988.