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Moon colonization. The very idea whips up images of interconnected biodomes, hovercrafts cruising the pockmarked surface, and ships darting to Earth and back again. The moon is the only planetary object whose features can be seen without the aid of a telescope. It's also the closest object to our planet large enough for humans to inhabit. When considering long-term space exploration and living, building a moon colony seems like the next logical step. We have the technology to get there and the innovative thinking to be successful. But what are the benefits of a moon colony? Do the risks outweigh the gains? How is such an expensive undertaking feasible in uncertain economic climates? Will we build on the moon in the next decade, or will the dream of a moon colony continue to hang on the horizon, just out of reach?

Let's take a look at some of the pros -- and cons -- of colonizing the moon.

Humans have been fascinated with the moon for millennia. From the discoveries of Aristotle and Galileo to modern science explorations, the moon has held profound mysteries and endless possibilities. In recent decades, the desire to tackle this new frontier, and to travel through the galaxy in search of sentient life, has prompted scientists and entrepreneurs alike to tackle head-on what many believe to be the first step in interstellar travel: a colony on the moon.

Many feel a moon outpost -- not a full-fledged colony -- will be built within the next 10 years. Human spirit alone, however, can't meet the considerable barriers that stand in the way. The costs associated with building a colony are prohibitive, but the private sector may be able to pay for what governments can't afford. Safety is a paramount concern, and state-of-the-art technologies -- including nanostructures -- are creating viable solutions for life in space. Although public attitude and the willingness to support expensive space programs waxes and wanes, the human desire to explore is constant.

In 1835, John Herschel wrote a series of six articles claiming the discovery of life on the moon. It later became known as the Great Moon Hoax [source: Gizmodo].

That a moon colony would need to be self-sufficient is perhaps stating the obvious. When you're 238,855 miles (384,400 kilometers) away from Earth, you would want to have the upper hand when it comes to necessities like food and water.

Dehydrated food is one option. Although it's not the freshest, it's compact, comes in minimal packaging and stores for years. But is it a realistic expectation that colonists would be satisfied with such fare for months on end? If the taste factor alone isn't enough of a turnoff, limited choices may make it less than ideal. Hydroponic farming] is a smart alternative to freeze-dried space food. NASA has been experimenting with it for more than 20 years as a way to provide fresh fruits and vegetables for astronauts. It's efficient -- a must considering the limited supply of water -- and food would be fresh. Transportation costs would disappear. And there's another perk: Farming in space can also supplement another precious resource: oxygen.

When we believed that the moon was just a dusty mass, the lack of water was a huge argument against colonization. The weight alone would make transporting water from Earth prohibitively expensive. However, scientists have recently discovered approximately one billion gallons (3.8 billion liters) of water ice in one moon crater [source: Potter]. Conceivably, colonies built near ice deposits would have a natural supply of water. There would have to be purifying systems for removing toxins like mercury, as well as systems for reclaiming gray water. When melted and broken down into its components, water ice could also be used as fuel for rockets.

Astronauts, leave the shakers at home: In space, salt and pepper come in liquid form only.

Why buy an around-the-world ticket when a few million dollars will take you to the moon? Entrepreneurs are banking on space as the next wave in travel. With the expectation that it will amount to billions of dollars in revenue, companies like Virgin, with its prototype space plane Virgin Galactic, are leading the way in private space travel. Space Adventures is developing what it hopes will be the first private lunar expedition. They anticipate ferrying thousands of travelers to the moon and eventually beyond. Hotel chains, such as Hilton Hotels, are looking into the feasibility of providing travelers with accommodations on the moon that feature all the comforts of home.

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10 Pros (and Cons) of Colonizing the Moon : Discovery Channel