Have you ever wondered how a visit to space would be? In the last few years, there has been a lot of hype surrounding commercial space travel. However, it is still far out of an ordinary person’s reach due to long waiting periods and astronomical costs. The Space Coin Project is a decentralised community trying to change this. It aims to open up the possibility of space travel to everyone.
What is The Space Coin Project?
Launched on 31st May 2022, the Space Coin Project (SPJ) is a community of enthusiasts that wish to make space travel accessible for ordinary people. By creating an indexable market value for a trip to space, they are bringing transparency and fair pricing to the industry.
The SPJ also intends to lower the barrier of entry through other ways. Not only a trip to space, but they even help you with your airfare and hotel accommodations. It is a guided experience in multiple languages to increase access. They describe themselves as the first concierge service for space travel.
How Does SPJ Work?
The very first step of this process is to purchase the SPJ token. This can be done by swapping it for ETH. Once you have purchased enough tokens, you can instantly redeem them on the platform for tickets and their concierge services.
Upon redeeming your ticket, the team then talks to several space travel companies on your behalf. You are then presented with trip options. When you select an option, the SPJ from the contract and the ones you own are burned. The team then extracts liquidity in the form of USDC or ETH. This crypto is liquidated into fiat currency to pay for the tickets.
Read about: USDT vs USDC
In this process, the platform takes care of all requirements. You do not have to go through the inconvenience of finding several options and booking them. You simply redeem your tokens to receive your tickets.
Apart from tickets to space, the SPJ team takes care of your hotel and airfare requirements. Redeeming your tokens also grants you a commemorative NFT.
Read about: The First NFT Project Minted From Space
The SpaceDAO Community
The founders of SPJ believe that decentralisation is essential for creating a community of space enthusiasts. This led to the creation of the SpaceDAO, a Decentralised Autonomous Organisation. SpaceDAO is responsible for burning tokens in exchange for liquidity.
SpaceDAO intends to be the first decentralised organisation to join the Commercial Spaceflight Federation. This step ensures members of SpaceDAO are better represented in the most important areas of the industry.
The SPJ token gives owners the right to participate in SpaceDAO decision-making. As an SPJ holder, you can decide essential matters such as the number of tokens needed for a ticket to space. Apart from this, you can also vote on future changes to the liquidation process.
A DAO is important for space travel to make sure individuals get a chance to engage with the industry. Apart from government actions, private players will enable the industry to thrive. SpaceDAO also enables decision-making and ticket purchasing to be transparent and fair. The use of smart contracts can increase trust with the public and make SpaceDAO the default option in space travel.
Tokenomics of Space Coin Project
The token used by the Space Coin Project is called SPJ. It is based on the Ethereum Blockchain, with SPJ being an ERC-20 token. It is a utility token in the ecosystem enabling interaction with the community. Owners can stake their SPJ immediately to earn more tokens. It also allows you to grow your token amount over time. Even if you do not have enough capital to redeem a ticket today, it may be in your reach through staking.
Staking also acts as a proof-of-lock. This proof gives you voting rights, allowing you to determine the direction the project takes. Locking is also helpful for the ecosystem, as it indicates community commitment to the project.
SPJ has an initial total supply of 5 billion tokens and a circulating supply of 2 billion. It has an initial market cap of $10,000,000 with a public sale price of $0.000016.
Final Thoughts
The SpaceDAO is a novel initiative bringing space closer to us all. It makes the process and the cost of space travel easier for ordinary citizens. The DAO also allows you to vote on the direction the community takes. Staking enables you to earn more tokens over time, making it even easier to redeem the required amount. If you ever wanted to go to space, the Space Coin Project may be here to answer your prayers.
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