NOTE: I did not write or find this out. All credits to thingHACKER!
Not tested on multiplayer only singleplayer because my game isn't 100% legit so I can't go online. No screenshots because Fraps doesn't like CE. I just found out can still die if a enemy is a higher level or a if a enemy has a really good gun they can onehit you so any enemy that does less then 100 damage can't kill you.
Open Starbound, open Cheat Engine select Starbound.exe (not the launcher) press on 4 bytes under exact value. Select float, then type in 100 then teleport to a world go to a enemy that doesn't do so much damage example I got 100 health a enemy hits me with -10 points I teleport quick back to my spaceship and type in CE 90. If you do like my example you will get one address at the left if you get more repeat it till you get one. Select the one and drop it under to the white open field. Press 2 times on the numer at the right change to what ever you like I recommend to do 100 because if you do 999999 it will go all over you screen lol. Then press on the box next to the address to get no damage anymore. You can also do this with other stuff like blockes but you have to use 4 bytes instead of float. (haven't tested it on guns because I haven't one )
Credits:
thingHACKER for finding this out and posting this
The makers of CE
The makers of Starbound
The makers of computers
I appreciate your post here but I have to say that, when you find the value it isn't exactly gonna freeze at 90000 or whatever you set it to.
The game resets the value and cheat engine just "tries" to keep it at said value.
As for your ill-legitimate game, you can play online on whatever server you want. I personally tested it out for you.